Eaton Vance Tax-Advantaged Global Dividend Opportu
Table of Contents

 
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
 
January 31, 2010
Date of Reporting Period
 

TABLE OF CONTENTS

Item 1. Schedule of Investments
Item 2. Controls and Procedures
Signatures
EX-99.CERT Section 302 Certification

Table of Contents

 
Item 1. Schedule of Investments

Table of Contents

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of January 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 96.9%(1)
 
                 
Security   Shares     Value  
Capital Markets — 2.0%
               
Franklin Resources, Inc. 
    59,000     $ 5,842,775  
                 
            $ 5,842,775  
                 
Chemicals — 3.8%
               
Monsanto Co. 
    80,000     $ 6,070,400  
Potash Corp. of Saskatchewan, Inc. 
    52,000       5,166,200  
                 
            $ 11,236,600  
                 
Commercial Banks — 10.0%
               
Banco Bradesco SA ADR
    217,800     $ 3,606,768  
Fifth Third Bancorp
    500,000       6,220,000  
Itau Unibanco Holding SA ADR
    304,000       5,824,640  
PNC Financial Services Group, Inc. 
    125,000       6,928,750  
Wells Fargo & Co. 
    240,000       6,823,200  
                 
            $ 29,403,358  
                 
Computers & Peripherals — 2.0%
               
International Business Machines Corp. 
    48,000     $ 5,874,720  
                 
            $ 5,874,720  
                 
Diversified Telecommunication Services — 2.6%
               
Telefonos de Mexico SA de CV ADR
    200,000     $ 3,230,000  
Verizon Communications, Inc. 
    153,000       4,501,260  
                 
            $ 7,731,260  
                 
Electric Utilities — 4.8%
               
Iberdrola SA
    650,000     $ 5,534,021  
Red Electrica Corp. SA
    59,000       2,957,861  
Southern Co. 
    176,222       5,639,104  
                 
            $ 14,130,986  
                 
Energy Equipment & Services — 4.2%
               
Diamond Offshore Drilling, Inc. 
    56,966     $ 5,214,098  
Halliburton Co. 
    150,000       4,381,500  
National-Oilwell Varco, Inc. 
    71,000       2,903,900  
                 
            $ 12,499,498  
                 
Food Products — 3.1%
               
Nestle SA ADR
    96,000     $ 4,560,960  
Unilever PLC ADR
    151,000       4,608,520  
                 
            $ 9,169,480  
                 
Health Care Equipment & Supplies — 2.5%
               
Covidien PLC
    146,000     $ 7,381,760  
                 
            $ 7,381,760  
                 
Health Care Providers & Services — 2.1%
               
Fresenius Medical Care AG & Co. KGaA
    125,000     $ 6,335,832  
                 
            $ 6,335,832  
                 
Hotels, Restaurants & Leisure — 3.2%
               
McDonald’s Corp. 
    104,000     $ 6,492,720  
Sodexo
    56,000       3,067,322  
                 
            $ 9,560,042  
                 
Household Durables — 1.2%
               
Whirlpool Corp. 
    48,000     $ 3,608,640  
                 
            $ 3,608,640  
                 
 
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Table of Contents

                 
Security   Shares     Value  
Household Products — 1.5%
               
Kimberly-Clark de Mexico SA de CV
    1,000,000     $ 4,464,832  
                 
            $ 4,464,832  
                 
Industrial Conglomerates — 1.8%
               
Siemens AG
    60,000     $ 5,350,047  
                 
            $ 5,350,047  
                 
Insurance — 2.6%
               
Lincoln National Corp. 
    126,000     $ 3,097,080  
Prudential Financial, Inc. 
    89,000       4,449,110  
                 
            $ 7,546,190  
                 
Internet Software & Services — 0.1%
               
AOL, Inc.(2)
    14,545     $ 348,644  
                 
            $ 348,644  
                 
IT Services — 1.7%
               
MasterCard, Inc., Class A
    20,000     $ 4,998,000  
                 
            $ 4,998,000  
                 
Machinery — 7.4%
               
Danaher Corp. 
    46,000     $ 3,282,100  
Illinois Tool Works, Inc. 
    75,000       3,269,250  
Komatsu, Ltd. 
    224,000       4,507,492  
PACCAR, Inc. 
    160,000       5,764,800  
Parker Hannifin Corp. 
    90,000       5,031,900  
                 
            $ 21,855,542  
                 
Media — 3.7%
               
Time Warner, Inc. 
    160,000     $ 4,392,000  
Walt Disney Co. (The)
    220,000       6,501,000  
                 
            $ 10,893,000  
                 
Metals & Mining — 3.9%
               
BHP Billiton, Ltd. ADR
    130,000     $ 9,018,100  
Newmont Mining Corp. 
    60,000       2,571,600  
                 
            $ 11,589,700  
                 
Multiline Retail — 2.4%
               
Target Corp. 
    140,000     $ 7,177,800  
                 
            $ 7,177,800  
                 
Oil, Gas & Consumable Fuels — 14.4%
               
Chevron Corp. 
    50,000     $ 3,606,000  
ConocoPhillips
    119,000       5,712,000  
Enbridge, Inc. 
    52,000       2,260,440  
Exxon Mobil Corp. 
    30,000       1,932,900  
Hess Corp. 
    84,000       4,854,360  
Occidental Petroleum Corp. 
    105,000       8,225,700  
Royal Dutch Shell PLC, Class A
    211,000       5,831,974  
Suncor Energy, Inc. 
    138,000       4,367,700  
Total SA ADR
    102,000       5,874,180  
                 
            $ 42,665,254  
                 
Pharmaceuticals — 8.2%
               
AstraZeneca PLC
    123,000     $ 5,709,222  
Bristol-Myers Squibb Co. 
    167,000       4,068,120  
Roche Holding AG
    22,000       3,690,962  
Sanofi-Aventis
    85,000       6,285,267  
Teva Pharmaceutical Industries, Ltd. ADR
    80,000       4,537,600  
                 
            $ 24,291,171  
                 
 
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Security   Shares     Value  
Software — 2.1%
               
Microsoft Corp. 
    215,000     $ 6,058,700  
                 
            $ 6,058,700  
                 
Specialty Retail — 1.0%
               
Home Depot, Inc. 
    100,000     $ 2,801,000  
                 
            $ 2,801,000  
                 
Tobacco — 1.5%
               
Philip Morris International, Inc. 
    100,000     $ 4,551,000  
                 
            $ 4,551,000  
                 
Wireless Telecommunication Services — 3.1%
               
Rogers Communications, Inc., Class B
    155,000     $ 4,845,300  
Vodafone Group PLC ADR
    198,000       4,249,080  
                 
            $ 9,094,380  
                 
                 
Total Common Stocks
(identified cost $238,130,675)
          $ 286,460,211  
                 
 
Preferred Stocks — 22.8%
 
                 
Security   Shares     Value  
Capital Markets — 1.4%
               
Morgan Stanley, 4.00%(3)
    200,000     $ 4,120,000  
                 
            $ 4,120,000  
                 
Commercial Banks — 9.4%
               
Abbey National Capital Trust I, 8.963%(3)
    750     $ 802,373  
ABN AMRO North America Capital Funding Trust, 6.968%(3)(4)
    950       577,125  
Barclays PLC, 7.434%(3)(4)
    1,500       1,450,343  
BBVA International SA Unipersonal, 5.919%(3)
    1,250       1,056,955  
BNP Paribas, 7.195%(3)(4)
    25       2,455,290  
BNP Paribas Capital Trust, 9.003%(3)(4)
    4,000       4,110,668  
Credit Agricole SA/London, 6.637%(3)(4)
    2,100       1,839,986  
DB Contingent Capital Trust II, 6.55%
    25,000       549,500  
Den Norske Bank, 7.729%(3)(4)
    3,600       3,480,826  
JPMorgan Chase & Co., 7.90%(3)
    2,500       2,619,012  
Landsbanki Islands HF, 7.431%(3)(4)(5)
    2,150       5,590  
Lloyds Banking Group PLC, 6.657%(2)(3)(4)
    1,900       1,166,997  
PNC Financial Services Group, Inc., Series L, 9.875%(3)
    90,000       2,542,500  
Royal Bank of Scotland Group PLC, 7.25%
    26,852       349,076  
Royal Bank of Scotland Group PLC, 7.64%(2)(3)
    9       545,682  
Santander Finance SA Unipersonal, 10.50%
    12,147       342,545  
Standard Chartered PLC, 6.409%(3)(4)
    11       956,387  
Wells Fargo & Co., 7.98%(3)
    1,200       1,254,241  
Wells Fargo & Co., Class A, 7.50%
    1,800       1,696,680  
                 
            $ 27,801,776  
                 
Diversified Financial Services — 1.1%
               
Bank of America Corp., 6.70%
    58,000     $ 1,189,580  
Bank of America Corp., Series I, 6.625%
    46,000       943,000  
CoBank, ACB, 11.00%(4)
    20,000       1,066,876  
                 
            $ 3,199,456  
                 
Electric Utilities — 1.3%
               
Dominion Resources, Inc., 8.375%
    100,000     $ 2,731,000  
Entergy Arkansas, Inc., 6.45%
    22,000       485,375  
Southern California Edison Co., 6.00%
    6,000       531,300  
                 
            $ 3,747,675  
                 
 
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Security   Shares     Value  
Food Products — 1.1%
               
Archer-Daniels-Midland Co., 6.25%
    40,000     $ 1,716,000  
Dairy Farmers of America, 7.875%(4)
    18,500       1,458,610  
                 
            $ 3,174,610  
                 
Insurance — 5.6%
               
Aegon NV, 6.375%
    95,000     $ 1,748,000  
Arch Capital Group, Ltd., Series B, 7.875%
    15,000       371,100  
AXA SA, 6.379%(3)(4)
    500       414,655  
AXA SA, 6.463%(3)(4)
    4,400       3,539,439  
Endurance Specialty Holdings, Ltd., 7.75%
    14,750       345,003  
ING Capital Funding Trust III, 8.439%(3)
    1,200       1,106,624  
MetLife, Inc., 6.50%
    100,000       2,388,000  
PartnerRe, Ltd., 6.50%
    20,000       452,000  
Prudential PLC, 6.50%
    2,600       2,196,639  
RenaissanceRe Holdings, Ltd., Series C, 6.08%
    113,000       2,236,270  
Zurich Regcaps Fund Trust VI, 0.959%(3)(4)
    2,427       1,830,868  
                 
            $ 16,628,598  
                 
Oil, Gas & Consumable Fuels — 1.6%
               
Kinder Morgan GP, Inc., 8.33%(3)(4)
    5,000     $ 4,894,063  
                 
            $ 4,894,063  
                 
Real Estate Investment Trusts (REITs) — 1.3%
               
Regency Centers Corp., 7.45%
    80,000     $ 1,866,400  
Vornado Realty, LP, 7.875%
    80,000       1,987,200  
                 
            $ 3,853,600  
                 
                 
Total Preferred Stocks
(identified cost $69,785,830)
          $ 67,419,778  
                 
 
Corporate Bonds & Notes — 5.4%
 
                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Commercial Banks — 2.8%
               
American Express Co., 6.80%, 9/1/66(3)
  $ 1,031     $ 963,985  
Capital One Capital V, 10.25%, 8/15/39
    2,500       2,869,355  
General Electric Capital Corp., 6.375%, 11/15/67(3)
    3,500       3,097,500  
SunTrust Capital VIII, 6.10%, 12/1/36(3)
    2,000       1,472,050  
                 
            $ 8,402,890  
                 
Insurance — 0.9%
               
MetLife, Inc., 10.75%, 8/1/69
  $ 2,000     $ 2,506,238  
                 
            $ 2,506,238  
                 
Retail-Drug Stores — 1.0%
               
CVS Caremark Corp., 6.302%, 6/1/62(3)
  $ 2,000     $ 1,860,982  
Macy’s Retail Holdings, Inc., 7.45%, 7/15/17
    1,000       1,055,000  
                 
            $ 2,915,982  
                 
Utilities — 0.7%
               
Dominion Resources, Inc., 7.50%, 6/30/66(3)
  $ 2,000     $ 1,992,496  
                 
            $ 1,992,496  
                 
                 
Total Corporate Bonds & Notes
(identified cost $14,640,502)
          $ 15,817,606  
                 
 
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Short-Term Investments — 3.2%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Cash Management Portfolio, 0.00%(6)
  $ 1,483     $ 1,483,359  
Eaton Vance Cash Reserves Fund, LLC, 0.11%(6)
    8,127       8,127,290  
                 
                 
Total Short-Term Investments
(identified cost $9,610,649)
          $ 9,610,649  
                 
                 
Total Investments — 128.3%
(identified cost $332,167,656)
          $ 379,308,244  
                 
                 
Other Assets, Less Liabilities — (28.3)%
          $ (83,770,738 )
                 
                 
Net Assets — 100.0%
          $ 295,537,506  
                 
 
             
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 January 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 and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $29,247,723 or 9.9% of the Fund’s net assets.
         
(5)
      Defaulted security.
         
(6)
      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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $142, respectively.
 
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Country Concentration of Portfolio
 
                 
    Percentage of
 		       
Country   Total Investments     Value  
United States
    63.1 %   $ 239,307,256  
United Kingdom
    6.2       23,416,938  
France
    5.5       21,020,849  
Canada
    4.4       16,639,640  
Germany
    3.1       11,685,879  
Brazil
    2.5       9,431,408  
Australia
    2.4       9,018,100  
Spain
    2.2       8,491,882  
Switzerland
    2.2       8,251,922  
Mexico
    2.0       7,694,832  
Ireland
    1.9       7,381,760  
Israel
    1.2       4,537,600  
Japan
    1.2       4,507,492  
Norway
    0.9       3,480,826  
Bermuda
    0.7       2,688,270  
Netherlands
    0.5       1,748,000  
Iceland
    0.0       5,590  
                 
Total Investments
    100.0 %   $ 379,308,244  
                 
 
The Fund did not have any open financial instruments at January 31, 2010.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2010, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 333,567,998  
         
Gross unrealized appreciation
  $ 57,777,661  
Gross unrealized depreciation
    (12,037,415 )
         
Net unrealized appreciation
  $ 45,740,246  
         
 
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.
 
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At January 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
  $ 30,973,160     $ 3,067,322     $ —     $ 34,040,482  
Consumer Staples
    18,185,312       —       —       18,185,312  
Energy
    49,332,778       5,831,974       —       55,164,752  
Financials
    42,792,323       —       —       42,792,323  
Health Care
    15,987,480       22,021,283       —       38,008,763  
Industrials
    17,348,050       9,857,539       —       27,205,589  
Information Technology
    17,280,064       —       —       17,280,064  
Materials
    22,826,300       —       —       22,826,300  
Telecommunication Services
    16,825,640       —       —       16,825,640  
Utilities
    5,639,104       8,491,882       —       14,130,986  
 
 
Total Common Stocks
  $ 237,190,211     $ 49,270,000 *   $ —     $ 286,460,211  
 
 
Preferred Stocks
                               
Consumer Staples
  $ 1,716,000     $ 1,458,610     $ —     $ 3,174,610  
Energy
    —       4,894,063       —       4,894,063  
Financials
    23,126,854       32,476,576       —       55,603,430  
Utilities
    3,262,300       485,375       —       3,747,675  
 
 
Total Preferred Stocks
  $ 28,105,154     $ 39,314,624     $ —     $ 67,419,778  
 
 
Corporate Bonds & Notes
  $ —     $ 15,817,606     $ —     $ 15,817,606  
Short-Term Investments
    1,483,359       8,127,290       —       9,610,649  
 
 
Total Investments
  $ 266,778,724     $ 112,529,520     $ —     $ 379,308,244  
 
 
 
* Includes foreign equity securities whose values were adjusted to reflect market trading 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.
 
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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.

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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:
  March 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:
  March 24, 2010    
         
By:
  /s/ Barbara E. Campbell    
         
    Barbara E. Campbell    
    Treasurer    
         
Date:
  March 24, 2010