Eaton Vance Tax-Advantaged Global Dividend Opportu
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-21519
Investment Company Act File Number
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
October 31
Date of Fiscal Year End
July 31, 2010
Date of Reporting Period
 
 

 

 

Item 1. Schedule of Investments

 

 

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of July 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 96.4%(1)
 
                 
Security   Shares     Value  
Aerospace & Defense — 1.0%
               
Lockheed Martin Corp. 
    39,000     $ 2,930,850  
                 
            $ 2,930,850  
                 
Commercial Banks — 6.9%
               
Fifth Third Bancorp
    500,000     $ 6,355,000  
PNC Financial Services Group, Inc. 
    125,000       7,423,750  
Wells Fargo & Co. 
    240,000       6,655,200  
                 
            $ 20,433,950  
                 
Commercial Services & Supplies — 1.7%
               
Covanta Holding Corp. 
    331,000     $ 4,988,170  
                 
            $ 4,988,170  
                 
Communications Equipment — 0.9%
               
Telefonaktiebolaget LM Ericsson, Class B
    248,000     $ 2,736,472  
                 
            $ 2,736,472  
                 
Computers & Peripherals — 1.9%
               
International Business Machines Corp. 
    44,000     $ 5,649,600  
                 
            $ 5,649,600  
                 
Construction Materials — 0.9%
               
Lafarge SA
    50,000     $ 2,722,479  
                 
            $ 2,722,479  
                 
Diversified Telecommunication Services — 5.1%
               
Cable & Wireless Communication PLC
    3,217,000     $ 2,988,388  
Tele2 AB
    196,000       3,476,802  
Telefonos de Mexico SA de CV ADR
    200,000       2,890,000  
Telekomunikacja Polska SA
    604,000       3,128,316  
Telkom South Africa, Ltd. 
    573,000       2,678,855  
                 
            $ 15,162,361  
                 
Electric Utilities — 1.0%
               
Enel SpA
    609,000     $ 2,985,635  
                 
            $ 2,985,635  
                 
Energy Equipment & Services — 3.3%
               
Halliburton Co. 
    78,000     $ 2,330,640  
Schlumberger, Ltd. 
    76,000       4,534,160  
TGS Nopec Geophysical Co. ASA
    221,000       2,925,657  
                 
            $ 9,790,457  
                 
Food & Staples Retailing — 2.0%
               
Wal-Mart Stores, Inc. 
    113,000     $ 5,784,470  
                 
            $ 5,784,470  
                 
Food Products — 4.1%
               
Nestle SA ADR
    63,000     $ 3,109,050  
Tate & Lyle PLC
    438,000       3,088,015  
Unilever PLC ADR
    203,000       5,811,890  
                 
            $ 12,008,955  
                 
Health Care Equipment & Supplies — 0.9%
               
Covidien PLC
    74,000     $ 2,761,680  
                 
            $ 2,761,680  
                 
 
1

 

                 
Security   Shares     Value  
Health Care Providers & Services — 2.3%
               
Fresenius Medical Care AG & Co. KGaA
    125,000     $ 6,856,251  
                 
            $ 6,856,251  
                 
Hotels, Restaurants & Leisure — 2.5%
               
McDonald’s Corp. 
    104,000     $ 7,251,920  
                 
            $ 7,251,920  
                 
Household Durables — 1.4%
               
Whirlpool Corp. 
    48,000     $ 3,998,400  
                 
            $ 3,998,400  
                 
Household Products — 4.1%
               
Colgate-Palmolive Co. 
    73,000     $ 5,765,540  
Kimberly-Clark de Mexico SA de CV
    1,000,000       6,281,233  
                 
            $ 12,046,773  
                 
Independent Power Producers & Energy Traders — 0.7%
               
Huaneng Power International, Inc., Class H
    3,673,051     $ 2,141,029  
                 
            $ 2,141,029  
                 
Industrial Conglomerates — 2.0%
               
Siemens AG
    60,000     $ 5,869,219  
                 
            $ 5,869,219  
                 
Insurance — 4.2%
               
Aflac, Inc. 
    80,000     $ 3,935,200  
Lincoln National Corp. 
    126,000       3,281,040  
Prudential Financial, Inc. 
    89,000       5,098,810  
                 
            $ 12,315,050  
                 
IT Services — 2.4%
               
Accenture PLC, Class A
    71,000     $ 2,814,440  
MasterCard, Inc., Class A
    20,000       4,200,800  
                 
            $ 7,015,240  
                 
Machinery — 3.3%
               
Caterpillar, Inc. 
    46,000     $ 3,208,500  
Danaher Corp. 
    92,000       3,533,720  
Parker Hannifin Corp. 
    47,000       2,919,640  
                 
            $ 9,661,860  
                 
Media — 1.7%
               
Time Warner, Inc. 
    160,000     $ 5,033,600  
                 
            $ 5,033,600  
                 
Metals & Mining — 6.1%
               
BHP Billiton, Ltd. ADR
    109,103     $ 7,880,510  
Freeport-McMoRan Copper & Gold, Inc. 
    93,000       6,653,220  
Newmont Mining Corp. 
    60,000       3,354,000  
                 
            $ 17,887,730  
                 
Multi-Utilities — 3.7%
               
National Grid PLC
    574,000     $ 4,597,936  
United Utilities Group PLC
    690,000       6,333,256  
                 
            $ 10,931,192  
                 
Multiline Retail — 2.4%
               
Target Corp. 
    140,000     $ 7,184,800  
                 
            $ 7,184,800  
                 
Oil, Gas & Consumable Fuels — 9.0%
               
Chevron Corp. 
    50,000     $ 3,810,500  
Enbridge, Inc. 
    52,000       2,529,280  
Exxon Mobil Corp. 
    30,000       1,790,400  
 
2

 

                 
Security   Shares     Value  
Hess Corp. 
    84,000     $ 4,501,560  
Occidental Petroleum Corp. 
    80,000       6,234,400  
Royal Dutch Shell PLC, Class A
    221,000       6,086,407  
Total SA ADR
    35,000       1,772,050  
                 
            $ 26,724,597  
                 
Paper & Forest Products — 2.7%
               
UPM-Kymmene Oyj
    548,000     $ 7,952,482  
                 
            $ 7,952,482  
                 
Pharmaceuticals — 7.2%
               
Bristol-Myers Squibb Co. 
    167,000     $ 4,161,640  
Merck & Co., Inc. 
    80,000       2,756,800  
Novartis AG
    113,000       5,493,287  
Sanofi-Aventis
    85,000       4,941,261  
Teva Pharmaceutical Industries, Ltd. ADR(2)
    80,000       3,908,000  
                 
            $ 21,260,988  
                 
Road & Rail — 2.2%
               
Canadian Pacific Railway, Ltd. 
    63,000     $ 3,762,044  
Firstgroup PLC
    494,000       2,851,396  
                 
            $ 6,613,440  
                 
Semiconductors & Semiconductor Equipment — 4.0%
               
Intel Corp. 
    288,000     $ 5,932,800  
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
    575,000       5,807,500  
                 
            $ 11,740,300  
                 
Software — 0.9%
               
Microsoft Corp. 
    107,000     $ 2,761,670  
                 
            $ 2,761,670  
                 
Specialty Retail — 1.0%
               
Home Depot, Inc. 
    100,000     $ 2,851,000  
                 
            $ 2,851,000  
                 
Wireless Telecommunication Services — 2.9%
               
Millicom International Cellular SA
    35,430     $ 3,302,785  
Rogers Communications, Inc., Class B
    155,000       5,381,600  
                 
            $ 8,684,385  
                 
                 
Total Common Stocks
(identified cost $235,052,418)
          $ 284,737,005  
                 
 
Preferred Stocks — 22.9%
 
                 
Security   Shares     Value  
Commercial Banks — 11.2%
               
Abbey National Capital Trust I, 8.963%(3)
    750     $ 779,213  
Bank of America Corp., 6.70%
    58,000       1,280,640  
Bank of America Corp., 8.125%(3)
    1,000       1,024,621  
Bank of America Corp., Series I, 6.625%
    46,000       1,018,900  
Barclays Bank PLC, 7.434%(3)(4)
    1,500       1,491,514  
BBVA International SA Unipersonal, 5.919%(3)
    1,250       1,028,029  
BNP Paribas, 7.195%(3)(4)
    25       2,405,192  
CoBank, ACB, 11.00%(4)
    20,000       1,115,000  
Credit Agricole SA/London, 6.637%(3)(4)
    2,100       1,803,232  
DB Contingent Capital Trust II, 6.55%
    25,000       562,750  
HSBC Holdings PLC, 8.00%
    134,000       3,481,320  
JPMorgan Chase & Co., 7.90%(3)
    2,500       2,669,845  
KeyCorp Capital X, 8.00%
    15,000       381,750  
Landsbanki Islands HF, 7.431%(2)(3)(4)(5)
    2,150       0  
Lloyds Banking Group PLC, 6.657%(2)(3)(4)
    1,900       1,111,500  
 
3

 

                 
Security   Shares     Value  
Rabobank Nederland, 11.00%(3)(4)
    1,390     $ 1,772,210  
Royal Bank of Scotland Group PLC, 7.648%(3)
    244       211,790  
Royal Bank of Scotland Group PLC, Series F, 7.65%
    3,978       82,464  
Royal Bank of Scotland Group PLC, Series L, 5.75%
    174,080       2,839,245  
Santander Finance SA Unipersonal, 10.50%
    80,147       2,244,116  
Standard Chartered PLC, 6.409%(3)(4)
    10.5       954,881  
UBS Preferred Funding Trust I, 8.622%(3)
    1,800       1,861,279  
Wells Fargo & Co., 7.98%(3)
    1,200       1,277,910  
Wells Fargo & Co., Class A, 7.50%
    1,800       1,755,000  
                 
            $ 33,152,401  
                 
Electric Utilities — 0.4%
               
Entergy Arkansas, Inc., 6.45%
    22,000     $ 525,250  
Southern California Edison Co., 6.00%
    6,000       603,000  
                 
            $ 1,128,250  
                 
Food Products — 0.6%
               
Dairy Farmers of America, 7.875%(4)
    18,500     $ 1,509,485  
Ocean Spray Cranberries, Inc., 6.25%(4)
    4,250       317,953  
                 
            $ 1,827,438  
                 
Insurance — 5.8%
               
Aegon NV, 6.375%
    95,000     $ 1,914,250  
AXA SA, 6.379%(3)(4)
    500       406,509  
AXA SA, 6.463%(3)(4)
    4,400       3,555,741  
Endurance Specialty Holdings, Ltd., Series A, 7.75%
    56,750       1,379,025  
ING Capital Funding Trust III, 8.439%(3)
    5,130       4,987,119  
Prudential PLC, 6.50%
    2,600       2,298,951  
RenaissanceRe Holdings, Ltd., Series C, 6.08%
    113,000       2,464,530  
                 
            $ 17,006,125  
                 
Oil, Gas & Consumable Fuels — 1.7%
               
Kinder Morgan GP, Inc., 8.33%(3)(4)
    5,000     $ 5,022,188  
                 
            $ 5,022,188  
                 
Real Estate Investment Trusts (REITs) — 3.2%
               
CapLease, Inc., 8.125%
    75,000     $ 1,782,000  
Developers Diversified Realty Corp., Series I, 7.50%
    159,500       3,553,660  
Regency Centers Corp., Series C, 7.45%
    80,000       1,988,000  
Vornado Realty, LP, 7.875%
    80,000       2,085,600  
                 
            $ 9,409,260  
                 
                 
Total Preferred Stocks
(identified cost $69,328,109)
          $ 67,545,662  
                 
 
Corporate Bonds & Notes — 7.1%
 
                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Commercial Banks — 3.0%
               
Banco Industriale Comercial SA, 8.50%, 4/27/20(4)
  $ 1,975     $ 2,034,250  
Capital One Capital V, 10.25%, 8/15/39
    791       861,201  
Citigroup Capital XXI, 8.30% to 12/21/37, 12/21/57, 12/21/77(6)(7)
    2,440       2,525,400  
Fifth Third Capital Trust IV, 6.50% to 4/15/17, 4/15/37, 4/15/67(6)(7)
    2,000       1,735,000  
SunTrust Capital VIII, 6.10% to 12/15/36, 12/1/66(6)
    2,000       1,670,326  
                 
            $ 8,826,177  
                 
Diversified Financial Services — 1.1%
               
GE Capital Trust I, 6.375% to 11/15/17, 11/15/67(6)
  $ 3,500     $ 3,346,875  
                 
            $ 3,346,875  
                 
 
4

 

                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Insurance — 2.4%
               
Everest Reinsurance Holdings, Inc., 6.60% to 5/15/17, 5/15/37, 5/15/67(6)(7)
  $ 1,530     $ 1,369,350  
MetLife, Inc., 10.75%, 8/1/69
    2,000       2,474,706  
QBE Capital Funding II LP, 6.797% to 6/1/17, 6/29/49(4)(6)
    465       383,878  
XL Capital, Ltd., 6.50% to 4/15/17, 12/29/49(6)
    3,600       2,772,000  
                 
            $ 6,999,934  
                 
Retail-Food and Drug — 0.6%
               
CVS Caremark Corp., 6.302% to 6/1/12, 6/1/37, 6/1/62(6)(7)
  $ 2,000     $ 1,840,762  
                 
            $ 1,840,762  
                 
                 
Total Corporate Bonds & Notes
(identified cost $19,375,886)
          $ 21,013,748  
                 
 
Short-Term Investments — 2.6%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Eaton Vance Cash Reserves Fund, LLC, 0.25%(8)
  $ 7,800     $ 7,800,476  
                 
                 
Total Short-Term Investments
(identified cost $7,800,476)
          $ 7,800,476  
                 
                 
Total Investments — 129.0%
(identified cost $331,556,889)
          $ 381,096,891  
                 
                 
Other Assets, Less Liabilities — (29.0)%
          $ (85,630,224 )
                 
                 
Net Assets — 100.0%
          $ 295,466,667  
                 
             
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
ADR
  -   American Depositary Receipt
         
(1)
      Security has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.
         
(2)
      Non-income producing security.
         
(3)
      Variable rate security. The stated interest rate represents the rate in effect at July 31, 2010.
         
(4)
      Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2010, the aggregate value of these securities is $23,883,533 or 8.1% of the Fund’s net assets.
         
(5)
      Defaulted security.
         
(6)
      Security converts to floating rate after the indicated fixed-rate coupon period.
         
(7)
      The maturity dates shown are the scheduled maturity date and final maturity date, respectively. The scheduled maturity date is earlier than the final maturity date due to the possibility of earlier repayment.
         
(8)
      Affiliated investment company available to Eaton Vance portfolios and funds which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of July 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC and Cash Management Portfolio, an affiliated investment company, for the fiscal year to date ended July 31, 2010 was $8,716 and $0, respectively.
 
5

 

Country Concentration of Portfolio
 
                 
    Percentage of
 		       
Country   Total Investments     Value  
United States
    55.1 %   $ 209,926,515  
United Kingdom
    10.9       41,570,768  
France
    4.0       15,201,272  
Germany
    3.3       12,725,470  
Canada
    3.1       11,672,924  
Mexico
    2.4       9,171,233  
Switzerland
    2.3       8,602,337  
Australia
    2.1       8,264,388  
Finland
    2.1       7,952,482  
Netherlands
    1.7       6,448,410  
Sweden
    1.6       6,213,274  
Taiwan
    1.5       5,807,500  
Ireland
    1.5       5,576,120  
Israel
    1.0       3,908,000  
Bermuda
    1.0       3,843,555  
Luxembourg
    0.9       3,302,785  
Poland
    0.8       3,128,316  
Italy
    0.8       2,985,635  
Norway
    0.8       2,925,657  
Cayman Islands
    0.7       2,772,000  
South Africa
    0.7       2,678,855  
Spain
    0.6       2,244,116  
China
    0.6       2,141,029  
Brazil
    0.5       2,034,250  
Iceland
    0.0       0  
                 
Total Investments
    100.0 %   $ 381,096,891  
                 
 
A summary of financial instruments outstanding at July 31, 2010 is as follows:
 
Forward Foreign Currency Exchange Contracts
 
Sales
 
                 
Settlement
 		          Net Unrealized
 		 
Date   Deliver   In Exchange For   Depreciation  
8/6/10
  Euro
8,051,387 		  United States Dollar
9,980,700 		  $ (511,454 )
8/6/10
  Euro
8,630,321 		  United States Dollar
10,730,466 		    (516,125 )
8/6/10
  Euro
8,086,682 		  United States Dollar
9,972,091 		    (566,057 )
8/6/10
  Euro
9,204,768 		  United States Dollar
11,348,200 		    (646,982 )
8/6/10
  Euro
10,725,307 		  United States Dollar
13,274,230 		    (702,440 )
                 
            $ (2,943,058 )
                 
 
6

 

At July 31, 2010, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
 
The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund may enter into forward foreign currency exchange contracts. The Fund may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing.
 
At July 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is foreign exchange risk was $2,943,058.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2010, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 332,974,479  
         
Gross unrealized appreciation
  $ 55,470,426  
Gross unrealized depreciation
    (7,348,014 )
         
Net unrealized appreciation
  $ 48,122,412  
         
 
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •   Level 1 — quoted prices in active markets for identical investments
 
  •   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
7

 

At July 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
   
Common Stocks
                               
Consumer Discretionary
  $ 26,319,720     $ —     $ —     $ 26,319,720  
Consumer Staples
    26,752,183       3,088,015       —       29,840,198  
Energy
    27,502,990       9,012,064       —       36,515,054  
Financials
    32,749,000       —       —       32,749,000  
Health Care
    13,588,120       17,290,799       —       30,878,919  
Industrials
    17,580,879       12,482,660       —       30,063,539  
Information Technology
    27,166,810       2,736,472       —       29,903,282  
Materials
    17,887,730       10,674,961       —       28,562,691  
Telecommunication Services
    14,562,773       9,283,973       —       23,846,746  
Utilities
    —       16,057,856       —       16,057,856  
 
 
Total Common Stocks
  $ 204,110,205     $ 80,626,800 *   $ —     $ 284,737,005  
 
 
                                 
Preferred Stocks
                               
Consumer Staples
  $ —     $ 1,827,438     $ —     $ 1,827,438  
Energy
    —       5,022,188       —       5,022,188  
Financials
    30,585,460       28,982,326       —       59,567,786  
Utilities
    603,000       525,250       —       1,128,250  
 
 
Total Preferred Stocks
  $ 31,188,460     $ 36,357,202     $ —     $ 67,545,662  
 
 
                                 
Corporate Bonds & Notes
  $ —     $ 21,013,748     $ —     $ 21,013,748  
Short-Term Investments
    —       7,800,476       —       7,800,476  
 
 
Total Investments
  $ 235,298,665     $ 145,798,226     $ —     $ 381,096,891  
 
 
                                 
Liability Description                        
   
Forward Foreign Currency Exchange
                               
Contracts
  $ —     $ (2,943,058 )   $ —     $ (2,943,058 )
 
 
Total
  $ —     $ (2,943,058 )   $ —     $ (2,943,058 )
 
 
 
* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.
 
The Fund held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.
 
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
 
8

 

Item 2. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

 

 

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
         
By:
  /s/ Duncan W. Richardson    
 
       
 
  Duncan W. Richardson    
 
  President    
 
        
Date:
  September 24, 2010    
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
By:
  /s/ Duncan W. Richardson
 
Duncan W. Richardson 		   
 
  President    
 
        
Date:
  September 24, 2010    
 
        
By:
  /s/ Barbara E. Campbell    
 
       
 
  Barbara E. Campbell    
 
  Treasurer    
 
        
Date:
  September 24, 2010