UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number

811-21519

 

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

(Exact name of registrant as specified in charter)

 

The Eaton Vance Building, 255 State Street, Boston, Massachusetts

 

02109

(Address of principal executive offices)

 

(Zip code)

 

Maureen A. Gemma

The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

(617) 482-8260

 

 

Date of fiscal year end:

October 31

 

 

Date of reporting period:

October 31, 2007

 

 



 

Item 1. Reports to Stockholders

 



Annual Report October 31, 2007

EATON VANCE TAX-
ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND



IMPORTANT NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each of the financial institutions identified below has in effect the following policy ("Privacy Policy") with respect to nonpublic personal information about its customers:

•  Only such information received from you, through application forms or otherwise, and information about your Eaton Vance fund transactions will be collected. This may include information such as name, address, social security number, tax status, account balances and transactions.

•  None of such information about you (or former customers) will be disclosed to anyone, except as permitted by law (which includes disclosure to employees necessary to service your account). In the normal course of servicing a customer's account, Eaton Vance may share information with unaffiliated third parties that perform various required services such as transfer agents, custodians and broker/dealers.

•  Policies and procedures (including physical, electronic and procedural safeguards) are in place that are designed to protect the confidentiality of such information.

•  We reserve the right to change our Privacy Policy at any time upon proper notification to you. Customers may want to review our Policy periodically for changes by accessing the link on our homepage: www.eatonvance.com.

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Boston Management and Research, and Eaton Vance Distributors, Inc.

In addition, our Privacy Policy only applies to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer's account (i.e., fund shares) is held in the name of a third-party financial adviser/ broker-dealer, it is likely that only such adviser's privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures.

For more information about Eaton Vance's Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (the "SEC") permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called "householding" and it helps eliminate duplicate mailings to shareholders.

Eaton Vance, or your financial adviser, may household the mailing of your documents indefinitely unless you instruct Eaton Vance, or your financial adviser, otherwise.

If you would prefer that your Eaton Vance documents not be householded, please contact Eaton Vance at 1-800-262-1122, or contact your financial adviser.

Your instructions that householding not apply to delivery of your Eaton Vance documents will be effective within 30 days of receipt by Eaton Vance or your financial adviser.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio (if applicable) will file a schedule of its portfolio holdings on Form N-Q with the SEC for the first and third quarters of each fiscal year. The Form N-Q will be available on the Eaton Vance website www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC's website at www.sec.gov. Form N-Q may also be reviewed and copied at the SEC's public reference room in Washington, D.C. (call 1-800-732-0330 for information on the operation of the public reference room).

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds' and Portfolios' Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12 month period ended June 30, without charge, upon request, by calling 1-800-262-1122. This description is also available on the SEC's website at www.sec.gov.




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE

Aamer Khan, CFA
Co-Portfolio Manager

Thomas H. Luster, CFA
Co-Portfolio Manager

Michael R. Mach, CFA
Co-Portfolio Manager

Judith A. Saryan, CFA
Co-Portfolio Manager

The Fund

Performance for the Past Year

·      Based on share price (traded on the New York Stock Exchange under the symbol ETO), the Fund had a total return of 35.65% for the year ended October 31, 2007.(1) This return resulted from an increase in share price to $35.97 on October 31, 2007, from $28.34 on October 31, 2006, plus the reinvestment of $2.123 per share in distributions paid to common shareholders. Based on the Fund’s most recent dividend and a closing share price of $35.97 on October 31, 2007, the Fund had a market yield of 5.99%.(2)

·      Based on net asset value (NAV), the Fund had a total return of 35.13% for the same period.(1) That return was the result of an increase in NAV per share to $37.49 on October 31, 2007, from $29.65 on October 31, 2006, plus the reinvestment of $2.123 per share in distributions paid to common shareholders.

·      For the same period, the Russell 1000 Value Index (the “Index”), an unmanaged index of large-capitalization U.S. value stocks, had a total return of 10.83%, while the Fund’s closed-end Lipper Classification, Global Funds, had average total returns of 17.32% at share price and 23.28% at NAV.(3)

Management Discussion

·      During the year ended October 31, 2007, U.S. and international stock markets moved higher amid a significant increase in volatility. In the first half of the period, investors were cautiously optimistic about the economy, inflation, interest rates, and corporate profits, although markets both in the U.S. and abroad saw sharp declines from late February through mid-March 2007. Markets recovered strongly through mid-July 2007, only to decline again more dramatically in late July and August 2007 due to fallout from the sub-prime mortgage crisis in the U.S., which contributed to a broader tightening of credit globally. The U.S. Federal Reserve Board (the “Fed”) responded to the subprime situation by lowering the Fed Funds Rate — a key short-term interest rate benchmark — to 4.50% by period’s end. This cased some concerns about the U.S. economy and helped move markets higher through early October 2007, though another decline, caused in part by a spike in oil prices, occurred in the final weeks of the period.

·      Based on the Fund’s objective of providing a high level of after-tax total return, which consists primarily of tax-favored dividend income and capital appreciation, the Fund was invested primarily in securities that generated a relatively high level of qualified dividend income (QDI) during the period. Since the Fund’s inception, all of the distributions made to common shareholders have been QDI, subject to tax at the favorable 15% rate. At the end of the year ended October 31, 2007, the Fund had approximately 87% of total investments in common stocks and approximately 12% of total investments in preferred stocks. Within the common stock portfolio, the Fund had a significant exposure to the higher-yielding energy, financials, materials, and utilities sectors.(4)

·      The portfolio managers believe that U.S. and global companies are in the process of transitioning from a 20-year-plus cycle of disinflation to a new cycle of generally rising inflation. To take advantage of the potential effects of rising inflation, the Fund has made significant investments in “hard asset” stocks — companies with significant assets such as plant, equipment, and land on


(1) Performance results reflect the effect of leverage resulting from the Fund’s issuance of Auction Preferred Shares.

(2) The Fund’s market yield is calculated by dividing the most recent dividend per share by the share price at the end of the period and annualizing the result.

(3) It is not possible to invest directly in an Index or Lipper Classification. An index’s total return does not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Unlike the Fund, an Index’s return does not reflect the effect of leverage, such as the issuance of Auction Preferred Shares. The Lipper return is the average total return, at net asset value and at share price, of the funds that are in the same Lipper Classification as the Fund. Lipper Classifications may include leveraged and unleveraged funds.

(4) Sector weightings are subject to change due to active management.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Fund performance during certain periods reflects the strong stock market performance and/or the strong performance of stocks held during those periods. This performance is not typical and may not be repeated. For performance as of the most recent month end, please refer to www.eatonvance.com.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

1




their balance sheets — including those in the materials, utilities, and real estate sectors. During the period, Fund holdings in these sectors outperformed their counterparts in the Index.(1), (2)

·      During the year ended October 31, 2007, the Fund’s returns at share price and NAV were ahead of both the Index and the average returns, at share price and NAV, of the Lipper Global Funds Classification.(2) Stock selection was a key driver of the Fund’s performance, although sector allocation decisions were also beneficial. The strongest performance came from the materials sector, where both allocation and selection were beneficial. The Fund was heavily overweighted in this sector, and selections in the metals and mining industry significantly outperformed those in the Index. Financials made the second-strongest sector contribution, with banking stocks, including holdings in Europe, making solid contributions. The Fund’s common stock holdings were under-weighted in the financials sector, an allocation decision that was beneficial because this group underperformed within the Index (the Fund’s preferred financial holdings increased its overall financial weighting). Finally, overweighted positions in oil and gas and electric utility stocks — with solid performance in both industries — also contributed positively.(1), (2)

·      Limiting the Fund’s relative performance over the past year were holdings in the industrials sector, where aerospace and defense stocks held back performance, and health care, where pharmaceutical holdings detracted relative to the Index.(1), (2)

·      As mentioned, 13% of the Fund’s total investments was invested in preferred stocks, which are influenced, to some degree, by the Fed’s monetary policy. In the final months of the year ended October 31, 2007, the Fed lowered the benchmark Federal Funds Rate to 4.50% from 5.25% — the first Fed interest rate reductions since the Fed stopped raising rates in June 2006 (the last rate cut was in June 2003). Volatility returned to the credit markets during the second half of the period as subprime mortgage securities experienced considerably higher-than-expected delinquencies. Poor performance in the mortgage sector led to an increase in risk aversion across the broader bond market. Spreads widened dramatically in preferred stocks, driving returns into negative territory for the second half of the year ended October 31, 2007. However, the Fund’s preferred stock holdings performed well amid the market turbulence because management generally avoided issuers directly associated with the subprime mortgage meltdown. As a result, the performance of the the Merrill Lynch Fixed Rate Preferred Stock Index, an unmanaged, broad-based index of preferred stocks, during the period.(2)

·      As of October 31, 2007, the Fund’s $145 million issued and outstanding Auction Preferred Shares (APS) equaled approximately 21% of total assets and maintained a weighted average reset period of 15 days. The current reset period on the Fund’s APS is comparable to what it was when the Fund’s leverage was Orginally issued.(3)

·      During the year, the Fund increased its distribution twice, from $0.1425 to $0.1496 per share in December 2006, and again from $0.1496 to $0.1795 per share in April 2007. These increases, and the continued payment of the Fund’s monthly distribution since inception, reflected the Fund’s dividend capture strategy, which is a trading strategy designed to enhance the level of QDI earned by the Fund. By using this strategy, the Fund has been able to collect a greater number of dividend payments than it would have collected by simply adhering to a buy-and-hold strategy.(4)

·      As always, we thank you for your continued confidence and participation in the Fund.


(1) Sector weightings are subject to change due to active management.

(2) It is not possible to invest directly in an Index or Lipper Classification. An Index’s total return does not reflect commissions or expenses that would have been incurred if an investor individually purchased or sold the securities represented in the Index. Unlike the Fund, an Index’s return does not reflect the effect of leverage, such as the issuance of Auction Preferred Shares. The Lipper return is the average total return, at net asset value and at share price, of the funds that are in the same Lipper Classification as the Fund. Lipper Classifications may include leveraged and unleveraged funds.

(3) Use of financial leverage creates an opportunity for increased income but, at the same time, creates special risks (including the likelihood of greater volatility of NAV and share price of the common shares). In the event of a rise in long-term interest rates, the value of the Fund’s portfolio could decline, which would reduce the asset coverage for its Auction Preferred Shares.

(4) There can be no assurance that the dividend capture strategy will continue to be successful in the future. The use of this strategy exposes the Fund to increased trading costs and the potential for capital loss or gain. The amount of monthly dividend distributions may vary depending on a number of factors. As portfolio and market conditions change, the rate of distributions on Fund common shares could change

 

The views expressed throughout this report are those of the portfolio managers and are current only through the end of the period of the report as stated on the cover. These views are subject to change at any time based upon market or other conditions, and the investment adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on many factors, may not be relied on as an indication of trading intent on behalf of any Eaton Vance fund.

2




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

f u n d  p e r f o r m a n c e

Performance(1)

 

 

 

Symbol

 

ETO

 

Average Annual Total Returns (by share price, New York Stock Exchange)

 

 

 

One Year

 

35.65

%

Life of Fund (4/30/04)

 

27.96

 

 

 

 

 

Average Annual Total Returns (at net asset value)

 

 

 

One Year

 

35.13

%

Life of Fund (4/30/04)

 

29.48

 

 


(1)Performance results reflect the effects of leverage resulting from the Fund’s issuance of Auction Preferred Shares.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value or share price (as applicable) with all distributions reinvested. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance is for the stated time period only; due to market volatility, the Fund’s current performance may be lower or higher than the quoted return. Fund performance during certain periods reflects the strong stock market performance and/or the strong performance of stocks held during those periods. This performance is not typical and may not be repeated. For performance as of the most recent month end, please refer to www.eatonvance.com.

Industry Sectors(3)

By total investments


(3)As a percentage of the Fund’s total investments as of 10/31/07. Fund information may not be representative of the Fund’s current or future investments and may change due to active management.

Top Ten Equity Holdings(2)

By total investments

Freeport-McMoran Copper & Gold, Inc., Class B

 

4.7

%

Southern Copper Corp.

 

4.1

 

BHP Billiton, Ltd. ADR

 

3.2

 

Occidental Petroleum Corp.

 

3.0

 

Veolia Environnement

 

2.9

 

Suncor Energy Inc.

 

2.8

 

Rio Tinto PLC ADR

 

2.7

 

ChevronTexaco Corp.

 

2.7

 

Enbridge Inc.

 

2.5

 

ConocoPhillips

 

2.5

 

 


(2)Top Ten Equity Holdings represented 31.1% of total investments as of 10/31/07. Holdings are subject to change due to active management.

3




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

PORTFOLIO OF INVESTMENTS

Common Stocks — 109.9%  
Security   Shares   Value  
Chemicals — 1.3%  
BASF AG     50,000     $ 6,913,220    
    $ 6,913,220    
Commercial Banks — 6.9%  
Bank of Nova Scotia     250,000     $ 14,055,000    
Danske Bank A/S     250,000       11,051,413    
Wachovia Corp.     275,000       12,575,750    
    $ 37,682,163    
Computer Peripherals — 2.1%  
IBM Corp.     100,000     $ 11,612,000    
    $ 11,612,000    
Containers & Packaging — 1.7%  
Temple-Inland, Inc.     175,000     $ 9,392,250    
    $ 9,392,250    
Diversified Financial Services — 2.7%  
Bank of America Corp.     300,000     $ 14,484,000    
    $ 14,484,000    
Diversified Telecommunication Services — 6.6%  
AT&T, Inc.     350,000     $ 14,626,500    
BT Group PLC     1,000,000       6,790,855    
Telefonos de Mexico SA ADR     200,000       7,314,000    
Verizon Communications, Inc.     150,000       6,910,500    
    $ 35,641,855    
Electric Utilities — 6.9%  
Edison International     100,000     $ 5,809,000    
Entergy Corp.     125,000       14,983,750    
Exelon Corp.     200,000       16,556,000    
    $ 37,348,750    
Energy Equipment & Services — 2.2%  
Halliburton Co.     300,000     $ 11,826,000    
    $ 11,826,000    

 

Security   Shares   Value  
Food Products — 2.7%  
Kraft Foods, Inc., Class A     100,000     $ 3,341,000    
Nestle SA ADR     100,000       11,415,000    
    $ 14,756,000    
Household Products — 1.4%  
Kimberly-Clark de Mexico SA de C.V.     1,750,000     $ 7,586,516    
    $ 7,586,516    
Insurance — 1.7%  
American International Group, Inc.     150,000     $ 9,468,000    
    $ 9,468,000    
Leisure Equipment & Products — 1.2%  
Mattel, Inc.     300,000     $ 6,267,000    
    $ 6,267,000    
Machinery — 2.7%  
Caterpillar, Inc.     200,000     $ 14,922,000    
    $ 14,922,000    
Metals & Mining — 20.0%  
Anglo American PLC ADR     227,500     $ 7,951,125    
BHP Billiton, Ltd. ADR     250,000       21,815,000    
Freeport-McMoRan Copper & Gold, Inc., Class B     275,250       32,391,420    
Rio Tinto PLC ADR     50,000       18,750,000    
Southern Copper Corp.     200,000       27,940,000    
    $ 108,847,545    
Metals-Industrial — 2.2%  
Mittal Steel Co. NV, Class A     150,000     $ 11,992,500    
    $ 11,992,500    
Multi-Utilities — 6.2%  
Dominion Resources, Inc.     150,000     $ 13,744,500    
Veolia Environnement     225,000       20,118,960    
    $ 33,863,460    
Oil, Gas & Consumable Fuels — 29.8%  
BP PLC ADR     100,000     $ 7,799,000    
ChevronTexaco Corp.     200,000       18,302,000    

 

See notes to financial statements
4



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Security   Shares   Value  
Oil, Gas & Consumable Fuels (continued)  
ConocoPhillips     200,000     $ 16,992,000    
Enbridge, Inc.     400,000       17,124,000    
Exxon Mobil Corp.     100,000       9,199,000    
Occidental Petroleum Corp.     300,000       20,715,000    
Peabody Energy Corp.     100,000       5,575,000    
Statoil ASA     500,000       16,955,704    
Suncor Energy, Inc.     175,000       19,115,250    
Total SA ADR     200,000       16,122,000    
Valero Energy Corp.     200,000       14,086,000    
    $ 161,984,954    
Pharmaceuticals — 1.9%  
GlaxoSmithKline PLC ADR     200,000     $ 10,250,000    
    $ 10,250,000    
Real Estate Investment Trusts (REITs) — 5.4%  
AvalonBay Communities, Inc.     25,000     $ 3,066,250    
Boston Properties, Inc.     25,000       2,708,500    
Federal Realty Investment Trust     50,000       4,411,000    
Plum Creek Timber Co., Inc.     175,000       7,817,250    
Public Storage, Inc.     75,000       6,072,750    
Rayonier, Inc.     112,500       5,432,625    
    $ 29,508,375    
Road & Rail — 1.4%  
Norfolk Southern Corp.     150,000     $ 7,747,500    
    $ 7,747,500    
Textiles, Apparel & Luxury Goods — 1.6%  
VF Corp.     100,000     $ 8,713,000    
    $ 8,713,000    
Tobacco — 1.3%  
Altria Group, Inc.     100,000       7,293,000    
    $ 7,293,000    
Total Common Stocks
(identified cost $327,055,568)
  $ 598,100,088    

 

Preferred Stocks — 14.6%  
Security   Shares   Value  
Commercial Banks — 8.8%  
Abbey National Capital Trust I, 8.963%(1)(2)     15,000     $ 1,880,790    
ABN AMRO North America Capital Funding
Trust, 6.968%(1)(3)
    950       1,011,750    
Barclays Bank PLC, 8.55%(1)(2)(3)     55,000       6,099,016    
BNP Paribas Capital Trust, 9.003%(1)(2)(3)     105,000       11,836,881    
CA Preferred Fund Trust, 7.00%(2)     55,000       5,420,624    
Den Norske Bank, 7.729%(1)(2)(3)     36,000       3,914,032    
Deutsche Bank Contingent Capital Trust II, 6.55%     25,000       598,750    
HBOS PLC, 6.657%(1)(2)(3)     19,000       1,749,856    
HSBC Capital Funding LP, 9.547%(1)(2)(3)     70,000       7,868,287    
Landsbanki Islands HF, 7.431%(1)(2)(3)     15,000       1,481,865    
Lloyds TSB Bank PLC, 6.90%(2)     40,000       3,990,320    
Merrill Lynch & Co., Inc., 6.70%     8,000       194,080    
Royal Bank of Scotland Group PLC, 4.53%(2)     6,500       678,786    
Standard Chartered PLC, 7.014%(1)(2)(3)     8,000       820,954    
US Bancorp, Series B, 5.84%(1)     15,000       375,000    
    $ 47,920,991    
Diversified Financial Services — 0.5%  
ING Group NV, 6.125%     35,000     $ 768,250    
ING Group NV, 7.375%     30,000       763,200    
Santander Finance SA UNIP, 6.80%(3)     30,000       705,000    
Santander Finance UNIP, 6.50%(3)     28,500       671,531    
    $ 2,907,981    
Food Products — 0.4%  
Dairy Farmers of America, 7.875%(3)     18,500     $ 1,933,250    
    $ 1,933,250    
Gas Utilities — 0.6%  
Southern Union Co., 7.55%     123,300     $ 3,130,587    
    $ 3,130,587    
Insurance — 2.8%  
Aegon NV, 6.375%     95,000     $ 2,183,100    
Arch Capital Group, Ltd., Series B, 7.875%     15,000       370,650    
AXA SA, 6.463%(1)(2)(3)     24,000       2,295,228    
AXA SA, 7.10%(2)     31,000       3,174,685    
Endurance Specialty Holdings, Ltd., 7.75%     14,750       374,207    
PartnerRe, Ltd., 6.50%     20,000       453,200    

 

See notes to financial statements
5



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Security   Shares   Value  
Insurance (continued)  
Prudential PLC, 6.50%(2)     18,000     $ 1,710,497    
RenaissanceRe Holdings, Ltd., 6.08%     113,000       2,237,400    
Zurich Regcaps Fund Trust V, 6.26750%(1)(3)     2,500       2,550,781    
    $ 15,349,748    
Oil, Gas & Consumable Fuels — 0.9%  
Kinder Morgan GP, Inc., 8.33%(1)     5,000     $ 5,194,063    
    $ 5,194,063    
Thrifts & Mortgage Finance — 0.6%  
Federal National Mortgage Association, 6.75%     80,000     $ 2,010,000    
Indymac Bank FSB, 8.50%(3)     75,000       1,057,035    
    $ 3,067,035    
Total Preferred Stocks
(identified cost $81,392,765)
  $ 79,503,655    
Other Investments — 0.0%  
Description   Shares   Value  
Cairn Energy PLC, Class B, Deferred Shares(2)(4)     150,000     $ 0    
Kelda Group PLC, Deferred Shares(2)(4)     700,000       0    
Total Other Investments
(identified cost $0)
  $ 0    

 

Short-Term Investments — 1.8%  
Description   Interest
(000's omitted)
  Value  
Investment in Cash Management Portfolio, 4.83%(5)   $ 9,558     $ 9,558,228    
Total Short-Term Investments
(identified cost $9,558,228)
  $ 9,558,228    
Total Investments — 126.3%
(identified cost $418,006,561)
  $ 687,161,971    
Other Assets, Less Liabilities — 0.4%   $ 2,271,994    
Auction Preferred Shares Plus Cumulative
Unpaid Dividends — (26.7)%
  $ (145,167,042 )  
Net Assets — 100.0%   $ 544,266,923    

 

ADR - American Depository Receipt

(1)  Variable rate security. The stated interest rate represents the rate in effect at October 31, 2007.

(2)  Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

(3)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2007, the aggregate value of the securities is $43,995,466 or 8.1% of the Fund's net assets.

(4)  Non-income producing security.

(5)  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 October 31, 2007.

See notes to financial statements
6



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

PORTFOLIO OF INVESTMENTS CONT'D

Country Concentration of Portfolio  
Country   Percentage of
Total Investments
  Value  
United States     59.9 %   $ 411,732,364    
United Kingdom     11.3       77,894,153    
Canada     7.4       50,294,250    
France     6.1       41,710,873    
Australia     3.2       21,815,000    
Norway     3.0       20,869,736    
Mexico     2.2       14,900,516    
Luxembourg     1.8       11,992,500    
Switzerland     1.6       11,415,000    
Denmark     1.6       11,051,413    
Germany     1.0       6,913,220    
Other Countries, each less than 1%     0.9       6,572,946    
      100.0 %   $ 687,161,971    

 

See notes to financial statements
7




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

As of October 31, 2007

Assets  
Unaffiliated investments, at value (identified cost, $408,448,333)   $ 677,603,743    
Affiliated investment, at value (identified cost, $9,558,228)     9,558,228    
Receivable for investments sold     12,729,663    
Dividends receivable     813,165    
Interest receivable from affiliated investment     52,444    
Tax reclaims receivable     62,904    
Total assets   $ 700,820,147    
Liabilities  
Payable for investments purchased   $ 10,766,855    
Payable to affiliate for investment advisory fee     369,669    
Payable to affiliate for Trustees' fees     1,688    
Accrued expenses     247,970    
Total liabilities   $ 11,386,182    
Auction preferred shares (5,800 shares outstanding) at
liquidation value plus cumulative unpaid dividends
  $ 145,167,042    
Net assets applicable to common shares   $ 544,266,923    
Sources of Net Assets  
Common shares, $0.01 par value, unlimited number of shares
authorized, 14,519,257 shares issued and outstanding
  $ 145,193    
Additional paid-in capital     275,026,709    
Accumulated net realized loss (computed on the basis of identified cost)     (4,525,084 )  
Undistributed net investment income     4,463,953    
Net unrealized appreciation (computed on the basis of identified cost)     269,156,152    
Net assets applicable to common shares   $ 544,266,923    
Net Asset Value Per Common Share  
($544,266,923 ÷ 14,519,257 common shares issued and outstanding)   $ 37.49    

 

Statement of Operations

For the year ended October 31, 2007

Investment Income  
Dividends (net of foreign taxes, $891,098)   $ 41,052,535    
Interest     2,975    
Interest income allocated from affiliated investment     650,707    
Expenses allocated from affliated investment     (61,107 )  
Total investment income   $ 41,645,110    
Expenses  
Investment adviser fee   $ 5,245,073    
Trustees' fees and expenses     21,726    
Preferred shares remarketing agent fee     362,500    
Custodian fee     312,713    
Legal and accounting services     94,706    
Printing and postage     87,719    
Transfer and dividend disbursing agent fees     59,264    
Miscellaneous     103,698    
Total expenses   $ 6,287,399    
Deduct —
Reduction of investment adviser fee
  $ 1,248,025    
Reduction of custodian fee     29    
Total expense reductions   $ 1,248,054    
Net expenses   $ 5,039,345    
Net investment income   $ 36,605,765    
Realized and Unrealized Gain (Loss)  
Net realized gain (loss) —
Investment transactions (identified cost basis)
  $ (711,132 )  
Foreign currency transactions     (28,589 )  
Net realized loss   $ (739,721 )  
Change in unrealized appreciation (depreciation) —
Investments (identified cost basis)
  $ 115,284,475    
Foreign currency     (527 )  
Net change in unrealized appreciation (depreciation)   $ 115,283,948    
Net realized and unrealized gain   $ 114,544,227    
Distributions to preferred shareholders     (6,657,075 )  
Net increase in net assets from operations   $ 144,492,917    

 

See notes to financial statements
8



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

FINANCIAL STATEMENTS CONT'D

Statements of Changes in Net Assets

Increase (Decrease) in Net Assets   Year Ended
October 31, 2007
  Period Ended
October 31, 2006(1) 
  Year Ended
March 31, 2006
 
From operations —
Net investment income
  $ 36,605,765     $ 21,124,141     $ 28,005,111    
Net realized loss from investment and foreign currency transactions     (739,721 )     (3,031,906 )     (1,856,789 )  
Net change in unrealized appreciation (depreciation) from investments and foreign currency     115,283,948       23,539,138       69,234,873    
Distributions to preferred shareholders     (6,657,075 )     (3,813,649 )     (4,936,473 )  
Net increase in net assets from operations   $ 144,492,917     $ 37,817,724     $ 90,446,722    
Distributions to common shareholders —
From net investment income
  $ (30,809,619 )   $ (14,323,688 )   $ (24,643,995 )  
From net realized gain                 (34,812 )  
Total distributions to common shareholders   $ (30,809,619 )   $ (14,323,688 )   $ (24,678,807 )  
Capital share transactions —
Reinvestment of distributions to common shareholders
  $ 453,592     $     $    
Net increase in net assets from capital share transactions   $ 453,592     $     $    
Net increase in net assets   $ 114,136,890     $ 23,494,036     $ 65,767,915    
Net Assets Applicable to Common Shares  
At beginning of period   $ 430,130,033     $ 406,635,997     $ 340,868,082    
At end of period   $ 544,266,923     $ 430,130,033     $ 406,635,997    
Undistributed net investment income
included in net assets applicable to common shares
 
At end of period   $ 4,463,953     $ 6,010,310     $ 3,093,023    

 

(1)  For the seven months ended October 31, 2006.

See notes to financial statements
9




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated  
    Year Ended
October 31, 2007(4) 
  Period Ended
October 31, 2006(1)(4) 
  Year Ended
March 31, 2006(4) 
  Period Ended
March 31, 2005(2)(4) 
 
Net asset value — Beginning of period (Common shares)   $ 29.650     $ 28.030     $ 23.500     $ 19.100 (3)   
Income (loss) from operations  
Net investment income   $ 2.522     $ 1.456     $ 1.931     $ 1.670    
Net realized and unrealized gain     7.900       1.415       4.640       4.136    
Distributions to preferred shareholders     (0.459 )     (0.263 )     (0.340 )     (0.152 )  
Total income from operations   $ 9.963     $ 2.608     $ 6.231     $ 5.654    
Less distributions to common shareholders  
From net investment income   $ (2.123 )   $ (0.988 )   $ (1.699 )   $ (1.095 )  
From net realized gain                 (0.002 )        
Total distributions to common shareholders   $ (2.123 )   $ (0.988 )   $ (1.701 )   $ (1.095 )  
Preferred and Common shares offering costs charged to paid-in capital   $     $     $     $ (0.059 )  
Preferred shares underwriting discounts   $     $     $     $ (0.100 )  
Net asset value — End of period (Common shares)   $ 37.490     $ 29.650     $ 28.030     $ 23.500    
Market value — End of period (Common shares)   $ 35.970     $ 28.340     $ 26.000     $ 20.080    
Total Investment Return on Net Asset Value(5)      35.13 %     9.70 %(11)      28.18 %     30.16 %(6)(11)   
Total Investment Return on Market Value(5)      35.65 %     13.04 %(11)      39.14 %     11.21 %(6)(11)   

 

See notes to financial statements
10



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

FINANCIAL STATEMENTS CONT'D

Financial Highlights

Selected data for a common share outstanding during the periods stated  
    Year Ended
October 31, 2007(4) 
  Period Ended
October 31, 2006(1)(4) 
  Year Ended
March 31, 2006(4) 
  Period Ended
March 31, 2005(2)(4) 
 
Ratios/Supplemental Data          
Net assets applicable to common shares, end of period (000's omitted)   $ 544,267     $ 430,130     $ 406,636     $ 340,868    
Ratios (As a percentage of average net assets applicable to common shares):(7)                                  
Expenses before custodian fee reduction     1.06 %     1.13 %(8)     1.17 %     1.14 %(8)  
Expenses after custodian fee reduction     1.06 %     1.13 %(8)     1.17 %     1.14 %(8)  
Net investment income     7.64 %     8.71 %(8)     7.52 %     8.64 %(8)  
Portfolio Turnover     78 %     29 %     116 %     110 %  

 

The ratios reported above are based on net assets applicable solely to common shares. The ratios based on net assets, including amounts related to preferred shares, are as follows:

Ratios (As a percentage of average total net assets applicable to common shares and preferred shares):(7)  
Expenses before custodian fee reduction     0.82 %     0.84 %(8)     0.84 %     0.83 %(8)  
Expenses after custodian fee reduction     0.82 %     0.84 %(8)     0.84 %     0.83 %(8)  
Net investment income     5.86 %     6.45 %(8)     5.41 %     6.34 %(8)  
Senior Securities:                                  
Total preferred shares outstanding     5,800       5,800       5,800       5,800    
Asset coverage per preferred share(9)   $ 118,868     $ 99,182     $ 95,119     $ 83,774    
Involuntary liquidation preference per preferred share(10)   $ 25,000     $ 25,000     $ 25,000     $ 25,000    
Approximate market value per preferred share(10)   $ 25,000     $ 25,000     $ 25,000     $ 25,000    

 

(1)  For the seven-month period ended October 31, 2006. The Fund changed its fiscal year-end from March 31 to October 31.

(2)  For the period from the start of business, April 30, 2004, to March 31, 2005.

(3)  Net asset value at beginning of period reflects the deduction of the sales load of $0.90 per share paid by the shareholder from the $20.00 offering price.

(4)  Computed using average shares outstanding.

(5)  Returns are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested.

(6)  Total investment return on net asset value is calculated assuming a purchase price at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the net asset value on the last day of the period reported with all distributions reinvested. Total investment return on market value is calculated assuming a purchase price at the offering price of $20.00 less the sales load of $0.90 per share paid by the shareholder on the first day and a sale at the current market price on the last day of the period reported with all distributions reinvested.

(7)  Ratios do not reflect the effect of dividend payments to preferred shareholders.

(8)  Annualized.

(9)  Calculated by subtracting the Fund's total liabilities (not including the preferred shares) from the Fund's total assets, and dividing this by the number of preferred shares outstanding.

(10)  Plus accumulated and unpaid dividends.

(11)  Not annualized.

See notes to financial statements
11




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

NOTES TO FINANCIAL STATEMENTS

1  Significant Accounting Policies

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the Fund) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a closed-end management investment company. The Fund was organized under the laws of the Commonwealth of Massachusetts by an Agreement and Declaration of Trust dated February 27, 2004. The Fund's investment objective is to provide a high level of after-tax total return. Such return is expected to consist primarily of tax-advantaged dividend income and capital appreciation. The Fund seeks to acheive its objective by investing primarily in dividend-paying common and preferred stocks. The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America.

A  Investment Valuation — Securities listed on a U.S. securities exchange generally are valued at the last sale price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the official NASDAQ closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and asked prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by an independent pricing service. The value of preferred equity securities that are valued by a pricing service on a bond basis will be adjusted by an income factor, to be determined by the investment adviser, to reflect the next anticipated regular dividend. Exchange-traded options are valued at the last sale price for the day of valuation as quoted on the principal exchange or board of trade on which the options are traded or, in the absence of sales on such date, at the mean between the latest bid and asked prices therefore. Futures positions on securities and currencies generally are valued at closing settlement prices. Short-term debt securities with a remaining maturity of 60 days or less are valued at amortized cost. If short-term debt securities are acquired with a remaining maturity of more than 60 days, they will be valued by a pricing service. Other fixed income and debt securities, including listed securities and securities for which price quotations are available, will normally be valued on the basis of valuations furnished by a pricing service. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by an independent quotation service. The daily valuation of exchange traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair valued securities. Investments held by the Fund for which valuations or market quotations are unavailable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund considering relevant factors, data and information including the market value of freely tradable securities of the same class in the principal market on which such securities are normally traded.

The Fund may invest in Cash Management Portfolio (Cash Management), an affiliated investment company managed by Boston Management and Research (BMR), a subsidiary of Eaton Vance Management (EVM). Cash Management values its investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 of the 1940 Act. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium.

B  Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount.

C  Federal Taxes — The Fund's policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its taxable income, including any net realized capital gain on investments. Accordingly, no provision for federal income or excise tax is necessary. At October 31, 2007, the Fund, for federal income tax purposes, had a capital loss carryforward of $4,125,964, which will reduce the Fund's taxable income arising from future net realized


12



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

gain on investments, if any, to the extent permitted by the Internal Revenue Code, and thus will reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Fund of any liability for federal income tax. Such capital loss carryforward will expire on October 31, 2013 ($1,109,278), October 31, 2014 ($2,962,393) and October 31, 2015 ($54,293).

D  Use of Estimates — The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

E  Other — Investment transactions are accounted for on a trade date basis. Realized gains and losses are computed on the specific identification of the securities sold.

F  Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses are converted into U.S. dollars based upon currency exchange rates prevailing on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

G  Indemnifications — Under the Fund's organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund, and shareholders are indemnified against personal liability for obligations of the Fund. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H  Expense Reduction — State Street Bank and Trust Company (SSBT) serves as custodian of the Fund. Pursuant to the custodian agreement, SSBT receives a fee reduced by credits, which are determined based on the average daily cash balance the Fund maintains with SSBT. All credit balances, if any, used to reduce the Fund's custodian fees are reported as a reduction of expenses in the Statement of Operations.

2  Auction Preferred Shares

The Fund issued Auction Preferred Shares (APS) on July 19, 2004 in a public offering. The underwriting discount and other costs incurred in connection with the offering were recorded as a reduction of the paid-in capital of the common shares of the Fund. Dividends of the APS, which accrue daily, are cumulative at rates which are reset by an auction based on the dividend period of each Series. Rates are reset weekly for Series A and Series B and approximately monthly for Series C. Series of APS are identical in all respects except for the reset dates of the dividend rates.

The number of APS issued and outstanding as of October 31, 2007 is as follows:

Series   APS Issued and
Outstanding
 
Series A     2,000    
Series B     2,000    
Series C     1,800    

 

The APS are redeemable at the option of the Fund at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, on any dividend payment date. The APS are also subject to mandatory redemption at a redemption price equal to $25,000 per share, plus accumulated and unpaid dividends, if the Fund is in default for an extended period on its asset maintenance requirements with respect to the APS. If the dividends on the APS remain unpaid in an amount equal to two full years' dividends, the holders of the APS as a class have the right to elect a majority of the Board of Trustees. In general, the holders of the APS and the common shares have equal voting rights of one vote per share, except that the holders of the APS, as a separate class, have the right to elect at least two members of the Board of Trustees. The APS have a liquidation preference of $25,000 per share, plus accumulated and unpaid dividends. The Fund is required to maintain certain asset coverage with respect to the APS as defined in the Fund's By-Laws and the 1940 Act. The Fund pays an annual fee


13



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

equivalent to 0.25% of the liquidation value of the APS for the remarketing efforts associated with the APS auctions.

3  Distributions to Shareholders

The Fund intends to make monthly distributions of net investment income to common shareholders, after payment of any dividends on any outstanding APS. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gain, if any. Distributions to common shareholders are recorded on the ex-dividend date. Distributions to preferred shareholders are recorded daily and are payable at the end of each dividend period. The dividend rates for APS at October 31, 2007, and the amount of dividends paid to APS shareholders, average APS dividend rates, and dividend rate ranges, for the year ended October 31, 2007 were as follows:

Series   APS
Dividend Rates
as of
October 31,
2007
  Dividends Paid
to APS
Shareholders
  Average APS
Dividend
Rates
  Dividend
Rate
Ranges
 
Series A     4.45 %   $ 2,257,073       4.51 %     2.00 % – 5.60%  
Series B     4.45 %   $ 2,249,441       4.50 %     3.00 % – 6.75%  
Series C     5.40 %   $ 2,150,561       4.78 %     4.43 % – 5.50%  

 

The Fund distinguishes between distributions on a tax basis and a financial reporting basis. Accounting principles generally accepted in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital.

The tax character of distributions paid was as follows:

    Year Ended
October 31,
2007
  Period Ended
October 31,
2006(1) 
  Year Ended
March 31,
2006
 
Distributions declared from:
Ordinary income
  $ 37,466,694     $ 18,137,337     $ 29,577,181    
Long-Term capital gains   $     $     $ 38,099    

 

(1)  For the period from April 1, 2006 to October 31, 2006.

During the year ended October 31, 2007, the following amounts were reclassified due to differences between book and tax accounting relating to foreign currency and Real Estate Investment Trusts.

Increase (decrease):  
Accumulated net realized gain (loss)   $ 685,428    
Accumulated undistributed net investment income   $ (685,428 )  

 

These reclassifications had no effect on the net assets or net asset value per share of the Fund.

As of October 31, 2007, the components of distributable earnings (accumulated losses) and unrealized appreciation (depreciation) on a tax basis were as follows:

Undistributed ordinary income   $ 4,436,057    
Capital loss carryforward   $ (4,125,964 )  
Unrealized appreciation (depreciation)   $ 268,951,970    
Other temporary differences   $ (167,042 )  

 

The differences between components of distributable earnings (accumulated losses) on a tax basis and the amounts reflected in the Statement of Assets and Liabilities are primarily due to wash sales, the timing of recognizing distributions to shareholders and differences between book and tax accounting for investments in real estate investment trusts.

4  Investment Adviser Fee and Other
Transactions with Affiliates  

The investment adviser fee is earned by EVM, as compensation for management and investment advisory services rendered to the Fund. Pursuant to the advisory agreement, EVM receives a monthly fee at the annual rate of 0.85% of the Fund's average daily gross assets. The portion of the advisory fee payable by Cash Management on the Fund's investment of cash therein is credited against the Fund's advisory fee. For the year ended October 31, 2007, the Fund's advisory fee totaled $5,304,103, of which $59,030 was allocated from Cash Management and $5,245,073 was paid or accrued directly by the Fund. EVM serves as the administrator of the Fund, but currently receives no compensation for providing administrative services to the Fund.

In addition, the investment adviser has contractually agreed to reimburse the Fund for fees and other expenses in the amount of 0.20% per annum of the average daily gross assets for the first five full years of the Fund's operations, 0.15% per annum of average daily gross assets in year six, 0.10% per annum in year seven and 0.05% per annum in year eight. For the year ended October 31, 2007, the investment adviser waived $1,248,025 of its advisory fee. The investment adviser has also agreed to reduce the investment adviser fee by an amount equal to that portion of commissions paid to broker dealers in execution of Fund portfolio transactions that is consideration for third-party research services. For the year ended October 31, 2007, the investment adviser had no such reductions.


14



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

Except for Trustees of the Fund who are not members of EVM's organization, officers and Trustees receive remuneration for their services to the Funds out of the investment adviser fee. Certain officers and one Trustee of the Funds are officers of EVM.

During the year ended October 31, 2007, the Fund engaged in purchases and sales transactions in the amounts of $32,896,587 and $40,939,530, respectively with a Fund which utilizes EVM as investment adviser. These transactions complied with Rule 17a-7 under the 1940 Act.

Certain officers and Trustees of the Fund are officers of the above organization.

5  Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations, aggregated $478,500,456 and $489,368,753 respectively, for the year ended October 31, 2007.

6  Federal Income Tax Basis of Unrealized
Appreciation (Depreciation)

The cost and unrealized appreciation (depreciation) in value of investments owned by the Fund at October 31, 2007, as computed on a federal income tax basis, were as follows:

Aggregate cost   $ 418,210,743    
Gross unrealized appreciation   $ 271,828,082    
Gross unrealized depreciation     (2,876,854 )  
Net unrealized appreciation   $ 268,951,228    

 

The unrealized appreciation on foreign currency at October 31, 2007 on a federal income tax basis was $742.

7  Common Shares

The Fund may issue shares pursuant to its dividend reinvestment plan. Transactions in common shares were as follows:

    Year Ended
October 31,
2007
  Period Ended
October 31,
2006(1) 
  Year Ended
March 31,
2006
 
Issued to shareholders electing to
receive payments of distributions
in Fund shares
    14,257                
Net increase     14,257                

 

(1)  For the period from April 1, 2006 to October 31, 2006.

8  Financial Instruments

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities to assist in managing exposure to various market risks. These financial instruments may include written options, forward foreign currency exchange contracts and financial futures contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and does not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. The Fund did not have any open obligations under these financial instruments at October 31, 2007.

9  Risks Associated with Foreign Investments

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign stock markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker-dealers and issuers than in the United States.


15



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

NOTES TO FINANCIAL STATEMENTS CONT'D

10  Recently Issued Accounting Pronouncements

In June 2006, the Financial Accounting Standards Board (FASB) issued FASB Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes – an interpretation of FASB Statement No. 109". FIN 48 clarifies the accounting for uncertainty in income taxes recognized in accordance with FASB Statement No. 109, "Accounting for Income Taxes". This interpretation prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. It also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. FIN 48 is effective on the last business day of the first required financial reporting period for fiscal years beginning after December 15, 2006. Management is currently evaluating the impact of applying the various provisions of FIN 48.

In September 2006, the FASB issued Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements". FAS 157 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosure about fair value measurements. FAS 157 is effective for fiscal years beginning after November 15, 2007. Management is currently evaluating the impact the adoption of FAS 157 will have on the Fund's financial statement disclosures.


16




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Trustees and Shareholders
of Eaton Vance Tax-Advantaged
Global Dividend Opportunities Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the "Fund"), including the portfolio of investments, as of October 31, 2007, and the related statement of operations for the year then ended, the statements of changes in net assets for the year ended October 31, 2007, for the period ended October 31, 2006, and for the year ended March 31, 2006, and the financial highlights for the year ended October 31, 2007, for the period ended October 31, 2006, the year ended March 31, 2006 and for the period from the start of business, April 30, 2004, to March 31, 2005. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of October 31, 2007, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007, the results of its operations for the year then ended, the changes in its net assets for the year ended October 31, 2007, for the period ended October 31, 2006, and for the year ended March 31, 2006, and the financial highlights for the year ended October 31, 2007, for the period ended October 31, 2006, the year ended March 31, 2006 and for the period from the start of business, April 30, 2004, to March 31, 2005, in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 14, 2007


17



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund as of October 31, 2007

FEDERAL TAX INFORMATION (Unaudited)

The Form 1099-DIV you receive in January 2008 will show the tax status of all distributions paid to your account in calendar 2007. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code regulations, shareholders must be notified within 60 days of the Fund's fiscal year-end regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income. The Fund designates approximately $39,677,211, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund's dividend distribution that qualifies under tax law. For the Fund's fiscal 2007 ordinary income dividends, 42.9% qualifies for the corporate dividends received deduction.


18




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

DIVIDEND REINVESTMENT PLAN

The Fund offers a dividend reinvestment plan (the Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (the Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate you will receive all distributions in cash paid by check mailed directly to you by PFPC, Inc. as dividend paying agent. On the distribution payment date, if the net asset value per Share is equal to or less than the market price per Share plus estimated brokerage commissions then new Shares will be issued. The number of Shares shall be determined by the greater of the net asset value per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by the Plan Agent. Distributions subject to income tax (if any) are taxable whether or not shares are reinvested.

If your shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that your shares be re-registered in your name with the Fund's transfer agent, PFPC, Inc. or you will not be able to participate.

The Plan Agent's service fee for handling distributions will be paid by the Fund. Each participant will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Plan Agent at the address noted on the following page. If you withdraw, you will receive shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Plan Agent to have the Plan Agent sell part or all of his or her Shares and remit the proceeds, the Plan Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your shares are held in your own name, you may complete the form on the following page and deliver it to the Plan Agent.

Any inquires regarding the Plan can be directed to the Plan Agent, PFPC, Inc., at 1-800-331-1710.


19



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

APPLICATION FOR PARTICIPATION IN DIVIDEND REINVESTMENT PLAN

This form is for shareholders who hold their common shares in their own names. If your common shares are held in the name of a brokerage firm, bank, or other nominee, you should contact your nominee to see if it will participate in the Plan on your behalf. If you wish to participate in the Plan, but your brokerage firm, bank, or nominee is unable to participate on your behalf, you should request that your common shares be re-registered in your own name which will enable your participation in the Plan.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

  Please print exact name on account:

  Shareholder signature  Date

  Shareholder signature  Date

  Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DIVIDENDS AND DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
c/o PFPC, Inc.
P.O. Box 43027
Providence, RI 02940-3027
800-331-1710

Number of Employees

The Fund is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended, as a diversified closed-end management investment company and has no employees.

Number of Shareholders

As of October 31, 2007, our records indicate that there are 21 registered shareholders and approximately 15,146 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.

If you are a street name shareholder and wish to receive our reports directly, which contain important information about the Fund, please write or call:

Eaton Vance Distributors, Inc.
The Eaton Vance Building
255 State Street
Boston, MA 02109
1-800-225-6265

New York Stock Exchange symbol

The New York Stock Exchange Symbol is ETO.


20



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT

Overview of the Contract Review Process

The Investment Company Act of 1940, as amended (the "1940 Act"), provides, in substance, that each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuance is approved at least annually by the fund's board of trustees, including by a vote of a majority of the trustees who are not "interested persons" of the fund ("Independent Trustees"), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a "Board") of the Eaton Vance group of mutual funds (the "Eaton Vance Funds") held on April 23, 2007, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of the Special Committee of the Board, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Special Committee reviewed information furnished for a series of meetings of the Special Committee held in February, March and April 2007. Such information included, among other things, the following:

Information about Fees, Performance and Expenses

•  An independent report comparing the advisory and related fees paid by each fund with fees paid by comparable funds;

•  An independent report comparing each fund's total expense ratio and its components to comparable funds;

•  An independent report comparing the investment performance of each fund to the investment performance of comparable funds over various time periods;

•  Data regarding investment performance in comparison to relevant peer groups of funds and appropriate indices;

•  Comparative information concerning fees charged by each adviser for managing other mutual funds and institutional accounts using investment strategies and techniques similar to those used in managing the fund;

•  Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management

•  Descriptions of the investment management services provided to each fund, including the investment strategies and processes employed;

•  Information concerning the allocation of brokerage and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through "soft dollar" benefits received in connection with the funds' brokerage, and the implementation of a soft dollar reimbursement program established with respect to the funds;

•  Data relating to portfolio turnover rates of each fund;

•  The procedures and processes used to determine the fair value of fund assets and actions taken to monitor and test the effectiveness of such procedures and processes;

Information about each Adviser

•  Reports detailing the financial results and condition of each adviser;

•  Descriptions of the qualifications, education and experience of the individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and information relating to their compensation and responsibilities with respect to managing other mutual funds and investment accounts;

•  Copies of the Codes of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

•  Copies of or descriptions of each adviser's proxy voting policies and procedures;

•  Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates on behalf of the funds (including descriptions of various compliance programs) and their record of compliance with investment policies and restrictions, including policies with respect to market-timing, late trading and selective portfolio disclosure, and with policies on personal securities transactions;

•  Descriptions of the business continuity and disaster recovery plans of each adviser and its affiliates;

Other Relevant Information

•  Information concerning the nature, cost and character of the administrative and other non-investment management services provided by Eaton Vance Management and its affiliates;

•  Information concerning management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds' administrator; and

•  The terms of each advisory agreement.


21



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D

In addition to the information identified above, the Special Committee considered information provided from time to time by each adviser throughout the year at meetings of the Board and its committees. Over the course of the twelve-month period ended April 30, 2007, the Board met ten times and the Special Committee, the Audit Committee and the Governance Committee, each of which is a Committee comprised solely of Independent Trustees, met twelve, fourteen and eight times, respectively. At such meetings, the Trustees received, among other things, presentations by the portfolio managers and other investment professionals of each adviser relating to the investment performance of each fund and the investment strategies used in pursuing the fund's investment objective.

For funds that invest through one or more underlying portfolios, the Board considered similar information about the portfolio(s) when considering the approval of advisory agreements. In addition, in cases where the fund's investment adviser has engaged a sub-adviser, the Board considered similar information about the sub-adviser when considering the approval of any sub-advisory agreement.

The Special Committee was assisted throughout the contract review process by Goodwin Procter LLP, legal counsel for the Independent Trustees. The members of the Special Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Special Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each advisory and sub-advisory agreement.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Special Committee concluded that the continuance of the investment advisory agreement between the Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the "Fund"), and Eaton Vance Management (the "Adviser"), including its fee structure, is in the interests of shareholders and, therefore, the Special Committee recommended to the Board approval of the agreement. The Board accepted the recommendation of the Special Committee as well as the factors considered and conclusions reached by the Special Committee with respect to the agreement. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the advisory agreement for the Fund.

Nature, Extent and Quality of Services

In considering whether to approve the investment advisory agreement of the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser.

The Board considered the Adviser's management capabilities and investment process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund, and recent changes in the identity of such personnel. In particular, the Board evaluated the abilities and experience of such investment personnel in analyzing factors such as credit risk, tax efficiency, and special considerations relevant to investing in particular foreign markets or industries. Specifically, the Board considered the Adviser's in-house research capabilities as well as other resources available to personnel of the Adviser, including research services. The Board also took into account the resources dedicated to portfolio management and other services, including the compensation paid to recruit and retain investment personnel, and the time and attention devoted to the Fund by senior management. The Special Committee specifically noted the Adviser's experience in managing funds that seek to maximize after-tax-returns.

The Board reviewed the compliance programs of the Adviser and relevant affiliates thereof. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment personnel, selective disclosure of portfolio holdings, late trading, frequent trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also evaluated the responses of the Adviser and its affiliates to requests from regulatory authorities such as the Securities and Exchange Commission and the National Association of Securities Dealers.

The Board also considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large family of funds.

After consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser, taken as a whole, are appropriate and consistent with the terms of the investment advisory agreement.


22



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

BOARD OF TRUSTEES' ANNUAL APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT CONT'D

Fund Performance

The Board compared the Fund's investment performance to a relevant universe of similarly managed funds identified by an independent data provider and appropriate benchmark indices. The Board reviewed comparative performance data for the period from inception (April 2004) until September 30, 2006 for the Fund. On the basis of the foregoing and other relevant information, the Board concluded that the performance of the Fund is satisfactory.

Management Fees and Expenses

The Board reviewed contractual investment advisory fee rates, including any administrative fee rates, payable by the Fund (referred to as "management fees"). As part of its review, the Board considered the Fund's management fee and total expense ratio for the year ended September 30, 2006, as compared to a group of similarly managed funds. The Board considered the fact that the Adviser had waived fees and/or paid expenses of the Fund.

After reviewing the foregoing information, and in light of the nature, extent and quality of the services provided by the Adviser, the Board concluded with respect to the Fund that the management fee charged to the Fund for advisory and related services and the total expense ratio of the Fund are reasonable.

Profitability

The Board reviewed the level of profits realized by the Adviser and, if applicable, its affiliates in providing investment advisory and administrative services to the Fund and to all Eaton Vance Funds as a group. The Board considered the level of profits realized without regard to revenue sharing or other payments by the Adviser and its affiliates to third parties in respect of distribution services. The Board also considered other direct or indirect benefits received by the Adviser and its affiliates in connection with their relationship with the Fund, including the benefits of research services that may be available to the Adviser as a result of securities transactions effected for the Fund and other investment advisory clients.

The Board concluded that, in light of the foregoing factors and the nature, extent and quality of the services rendered, the profits realized by the Adviser and its affiliates are reasonable.

Economies of Scale

In reviewing management fees and profitability, the Board also considered the extent to which the Adviser and its affiliates, on the one hand, and the Fund, on the other hand, can expect to realize benefits from economies of scale as the assets of the Fund and the Eaton Vance Funds increase. The Board acknowledged the difficulty in accurately measuring the benefits resulting from the economies of scale with respect to the management of any specific fund or group of funds. The Board also considered the fact that the Fund is not continuously offered and concluded that, in light of the level of the adviser's profits with respect to the Fund, the implementation of breakpoints in the advisory fee schedule is not appropriate. Based upon the foregoing, the Board concluded that the benefits from economies of scale are currently being shared equitably by the Adviser and the Fund.


23




Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

MANAGEMENT AND ORGANIZATION

Fund Management. The Trustees of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the Fund) are responsible for the overall management and supervision of the Fund's affairs. The Trustees and officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. Trustees and officers of the Fund hold indefinite terms of office. The "noninterested Trustees" consist of those Trustees who are not "interested persons" of the Fund, as that term is defined under the 1940 Act. The business address of each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV" refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR" refers to Boston Management and Research, and "EVD" refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. EVD is the Fund's principal underwriter and a wholly-owned subsidiary of EVM. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below.

Name and
Date of Birth
  Position(s)
with the
Fund
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
  Number of Portfolios
in Fund Complex
Overseen By
Trustee(1) 
  Other Directorships Held  
Noninterested Trustee(s)                          
Benjamin C. Esty(A) 1/2/63   Trustee   Until 2008. 3 years. Trustee since 2005   Roy and Elizabeth Simmons Professor of Business Administration, Harvard University Graduate School of Business Administration (since 2003). Formerly, Associate Professor, Harvard University Graduate School of Business Administration (2000-2003).     176     None  
William H. Park 9/19/47   Trustee   Until 2009. 3 years. Trustee since 2004   Vice Chairman, Commercial Industrial Finance Corp. (specialty finance company) (since 2006). Formerly, President and Chief Executive Officer, Prizm Capital Management, LLC (investment management firm) (since 2002-2005).     176     None  
Ronald A. Pearlman 7/10/40   Trustee   Until 2010. 3 years. Trustee since 2004   Professor of Law, Georgetown University Law Center.     176     None  
Norton H. Reamer(A) 9/21/35   Trustee   Until 2010. 3 years. Trustee since 2004   President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) (since October 2003). President, Unicorn Corporation (an investment and financial advisory services company) (since September 2000). Formerly, Chairman and Chief Operating Officer, Hellman, Jordan Management Co., Inc. (an investment management company) (2000-2003). Formerly, Advisory Director of Berkshire Capital Corporation (investment banking firm) (2002-2003).     176     None  
Heidi L. Steiger 7/8/53   Trustee   Until 2009. 2 years. Trustee since 2007   President, Lowenhaupt Global Advisors, LLC (global wealth management firm) (since 2005); Formerly, President and Contributing Editor, Worth Magazine (2004); Formerly, Executive Vice President and Global Head of Private Asset Management (and various other positions), Neuberger Berman (investment firm) (1986-2004).     173     Director of Nuclear Electric Insurance Ltd. (nuclear insurance provider) and Aviva USA (insurance provider)  
Lynn A. Stout 9/14/57   Trustee   Until 2008. 3 years. Trustee since 2004   Paul Hastings Professor of Corporate and Securities Law, University of California at Los Angeles School of Law.     176     None  
Ralph F. Verni 1/26/43   Chairman of the Board and Trustee   Chairman of the Board since 2007. Trustee until 2010. 3 years. Trustee since 2005   Consultant and private investor.     176     None  

 


24



Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund

MANAGEMENT AND ORGANIZATION CONT'D

Principal Officers who are not Trustees  

 

Name and
Date of Birth
  Position(s)
with the
Fund
  Term of
Office and
Length of
Service
  Principal Occupation(s)
During Past Five Years
 
Duncan W. Richardson 10/26/57   President   Since 2004   Executive Vice President and Chief Equity Investment Officer of EVC, EVM and BMR. Officer of 80 registered investment companies managed by EVM or BMR.  
Thomas E. Faust Jr. 5/31/58   Vice President   Since 2004   Chairman, Chief, Executive Officer and President of EVC, President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or Officer of 76 registered investment companies and 5 private investment companies in the Eaton Vance Fund Complex. Mr. Faust is an interested person because of his position with EVM, BMR, EVC and EV which are affiliates of the Fund.  
Aamer Khan 6/7/60   Vice President   Since 2005   Vice President of EVM and BMR. Officer of 32 registered investment companies managed by EVM or BMR.  
Thomas H. Luster 4/8/62   Vice President   Since 2004   Vice President of EVM and BMR. Officer of 48 registered investment companies managed by EVM or BMR.  
Michael R. Mach 7/15/47   Vice President   Since 2004   Vice President of EVM and BMR. Officer of 54 registered investment companies managed by EVM and BMR.  
Judith A. Saryan 8/21/54   Vice President   Since 2004   Vice President of EVM and BMR. Officer of 53 registered investment companies managed by EVM or BMR.  
Barbara E. Campbell 6/19/57   Treasurer   Since 2005   Vice President of EVM and BMR. Officer of 176 registered investment companies managed by EVM or BMR.  
Maureen A. Gemma 5/24/60   Secretary   Since 2007   Vice President and Deputy Chief Legal Officer of EVM and BMR. Officer of 176 registered investment companies managed by EVM or BMR.  
Paul M. O'Neil 7/11/53   Chief Compliance Officer   Since 2004   Vice President of EVM and BMR. Officer of 176 registered investment companies managed by EVM or BMR.  

 

(1)  Includes both master and feeder funds in a master-feeder structure.

(A)  APS Trustee.

In accordance with Section 303A. 12(a) of the New York Stock Exchange Listed Company Manual, the Fund's annual CEO Certification certifying as to compliance with NYSE's Corporate Governance Listing Standards was submitted to the Exchange on March 15, 2007.


25



This Page Intentionally Left Blank



This Page Intentionally Left Blank



This Page Intentionally Left Blank




Investment Adviser of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Administrator of Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
Eaton Vance Management

The Eaton Vance Building
255 State Street
Boston, MA 02109

Custodian
State Street Bank and Trust Company

200 Clarendon Street
Boston, MA 02116

Transfer Agent
PFPC Inc.

Attn: Eaton Vance Funds
P.O. Box 43027
Providence, RI 02940-3027
(800) 262-1122

Independent Registered Public Accounting Firm
Deloitte & Touche LLP

200 Berkeley Street
Boston, MA 02116-5022

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund
The Eaton Vance Building
255 State Street
Boston, MA 02109



2159-12/07  CE-TAGDOSRC




 

Item 2. Code of Ethics

 

The registrant has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.  The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122.

 

Item 3. Audit Committee Financial Expert

 

The registrant’s Board has designated William H. Park and Norton H. Reamer, each an independent trustee, as its audit committee financial experts.  Mr. Park is a certified public accountant who is the Vice Chairman of Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (“UAM”) (a holding company owning institutional investment management firms). Mr. Reamer is the President, Chief Executive Officer and a Director of Asset Management Finance Corp. (a specialty finance company serving the investment management industry) and is President of Unicorn Corporation (an investment and financial advisory services company).  Formerly, Mr. Reamer was Chairman and Chief Operating Officer of Hellman, Jordan Management Co., Inc. (an investment management company) and Advisory Director of Berkshire Capital Corporation (an investment banking firm), Chairman of the Board of UAM and Chairman, President and Director of the UAM Funds (mutual funds).

 

Item 4. Principal Accountant Fees and Services

 

(a) –(d)

 

The following table presents the aggregate fees billed to the registrant for the fiscal year ended March 31, 2006, the fiscal period from April1, 2006 to October 31, 2006 and the fiscal year ended October 31, 2007 by the Fund’s principal accountant for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by the principal accountant during such period.

 

Fiscal Years Ended

 

03/31/06

 

4/1/06 to
10/31/06

 

10/31/07

 

 

 

 

 

 

 

 

 

Audit Fees

 

$

63,670

 

$

67,720

 

$

71,720

 

 

 

 

 

 

 

 

 

Audit-Related Fees(1)

 

$

3,640

 

$

3,675

 

$

3,785

 

 

 

 

 

 

 

 

 

Tax Fees(2)

 

$

8,400

 

9,620

 

$

9,957

 

 

 

 

 

 

 

 

 

All Other Fees(3)

 

$

0

 

$

0

 

$

0

 

 

 

 

 

 

 

 

 

Total

 

$

75,710

 

$

81,815

 

$

85,462

 

 


(1)                                 Audit-related fees consist of the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit of financial statements and are not reported under the category of audit fees.

(2)                                 Tax fees consist of the aggregate fees billed for professional services rendered by the principal accountant relating to tax compliance, tax advice, and tax planning and specifically include fees for tax return preparation.

(3)                                 All other fees consist of the aggregate fees billed for products and services provided by the principal accountant other than audit, audit-related, and tax services.

 



 

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”).  The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities.  As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees.  Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

 

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually.  The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

 

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01(c)(7)(i)(C) of Regulation S-X.

 

(f) Not applicable.

 

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by the registrant’s principal accountant for the registrant’s fiscal year ended March 31, 2006, the fiscal period from April1, 2006 to October 31, 2006 and the fiscal year ended October 31, 2007; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed for services rendered to the Eaton Vance organization for the registrant’s principal accountant for the same time periods, respectively.

 

Fiscal Years Ended

 

03/31/06

 

4/1/06 to
10/31/06

 

10/31/07

 

 

 

 

 

 

 

 

 

Registrant(1)

 

$

12,040

 

$

13,295

 

$

13,742

 

 

 

 

 

 

 

 

 

Eaton Vance(2)

 

$

140,600

 

$

83,600

 

$

286,446

 

 


(1) The Investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp.

 

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

 



 

Item 5.  Audit Committee of Listed registrants

 

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended.  Norton H. Reamer (Chair), William H. Park, Lynn A. Stout, Heidi L. Steiger and Ralph E. Verni are the members of the registrant’s audit committee.

 

Item 6. Schedule of Investments

 

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

 



 

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

 

The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the Trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below.  The Trustees will review the Fund’s proxy voting records from time to time and will annually consider approving the Policies for the upcoming year.  In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board’s Special Committee except as contemplated under the Fund Policy.  The Board’s Special Committee will instruct the investment adviser on the appropriate course of action.

 

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the provision of vote analysis, implementation and recordkeeping and disclosure services.  The investment adviser will generally vote proxies through the Agent.  The Agent is required to vote all proxies and/or refer then back to the investment adviser pursuant to the Policies.  It is generally the policy of the investment adviser to vote in accordance with the recommendation of the Agent.  The Agent shall refer to the investment adviser proxies relating to mergers and restructurings, and the disposition of assets, termination, liquidation and mergers contained in mutual fund proxies.  The investment adviser will normally vote against anti-takeover measures and other proposals designed to limit the ability of shareholders to act on possible transactions, except in the case of closed-end management investment companies.  The investment adviser generally supports management on social and environmental proposals.  The investment adviser may abstain from voting from time to time where it determines that the costs associated with voting a proxy outweighs the benefits derived from exercising the right to vote or the economic effect on shareholders interests or the value of the portfolio holding is indeterminable or insignificant.

 

In addition, the investment adviser will monitor situations that may result in a conflict of interest between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund by maintaining a list of significant existing and prospective corporate clients.  The investment adviser’s personnel responsible for reviewing and voting proxies on behalf of the Fund will report any proxy received or expected to be received from a company included on that list to the personal of the investment adviser identified in the Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel will consult with members of senior management of the investment adviser to determine if a material conflict of interests exists.  If it is determined that a material conflict does exist, the investment adviser will seek instruction on how to vote from the Special Committee.

 



 

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

 

Item 8. Portfolio Managers of Closed-End Management Investment Companies

 

Aamer Khan, Thomas H. Luster, Michael R. Mach, Judith A. Saryan and other Eaton Vance Management (“EVM”) investment professionals comprise the investment team responsible for the overall management of the Fund’s investments as well as allocations of the Fund’s assets between common and preferred stocks.  Messrs. Luster, Kahn, Mach and Ms. Saryan are the portfolio managers responsible for the day-to-day management of specific segments of the Fund’s investment portfolio.

 

Mr. Khan has been an Eaton Vance analyst for more than five years and is a Vice President of EVM and Boston Management and Research, an Eaton Vance subsidiary (“BMR”).  Mr. Luster has been an Eaton Vance portfolio manager and analyst since 1994 and is a Vice President of EVM and BMR. He is co-head of Eaton Vance’s Investment Grade Fixed Income Group.  Mr. Mach has been an Eaton Vance portfolio manager since 1999 and is a Vice President of EVM and BMR.  Ms. Saryan has been an Eaton Vance portfolio manager since 1999 and is a Vice President of EVM and BMR.  This information is provided as of the date of filing of this report.

 

The following tables show, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets in the accounts managed within each category.  The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets in those accounts.

 

 

 

Number
of All
Accounts

 

Total Assets
of All
Accounts*

 

Number of
Accounts
Paying a
Performance
Fee

 

Total Assets of
Accounts Paying
a Performance
Fee*

 

Aamer Khan

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

6

 

$

9,321.0

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

Thomas H. Luster

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

5

 

$

9,434.3

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

6

 

$

221.0

 

0

 

$

0

 

 



 

Michael R. Mach

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

9

 

$

18,623.5

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

2

 

$

179.6

 

0

 

$

0

 

Other Accounts

 

13

 

$

329.7

 

0

 

$

0

 

 

 

 

 

 

 

 

 

 

 

 

 

Judith A. Saryan

 

 

 

 

 

 

 

 

 

Registered Investment Companies

 

7

 

$

11,091.5

 

0

 

$

0

 

Other Pooled Investment Vehicles

 

0

 

$

0

 

0

 

$

0

 

Other Accounts

 

0

 

$

0

 

0

 

$

0

 

 


*In millions of dollars. For registered investment companies, assets represent net assets of all open-end investment companies and gross assets of all closed-end investment companies.

 

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.

 

Portfolio
Manager

 

Dollar Range of
Equity Securities
Owned in the
Fund

 

Aamer Khan

 

None

 

Thomas H. Luster

 

$10,001 - $50,000

 

Michael R. Mach

 

$100,001-$500,000

 

Judith A. Saryan

 

$10,001-$50,000

 

 

Potential for Conflicts of Interest.  The portfolio managers manage multiple investment portfolios.  Conflicts of interest may arise between a portfolio manager’s management of the Fund and his or her management of these other investment portfolios. Potential areas of conflict may include allocation of a portfolio manager’s time, investment opportunities and trades among investment portfolios, including the Fund, personal securities transactions and use of Fund portfolio holdings information.   In addition, some investment portfolios may compensate the investment adviser or sub-adviser based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for a portfolio manager in the allocation of management time and investment opportunities.  Eaton Vance Management has adopted policies and procedures that it believes are reasonably designed to address these conflicts.  There is no guarantee that such policies and procedures will be effective or that all potential conflicts will be anticipated.

 



 

Portfolio Manager Compensation Structure

 

Compensation of EVM’s portfolio managers and other investment professionals has three primary components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation consisting of options to purchase shares of EVC’s nonvoting common stock and/or restricted shares of EVC’s nonvoting common stock. EVM’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to all EVM’s employees. Compensation of EVM’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

 

Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus appropriate peer groups or benchmarks. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to risk-adjusted performance. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance.

 

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

 

EVM seeks to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM participates in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and its parent company. The overall annual cash bonus pool is based on a substantially fixed percentage of pre-bonus operating income. While the salaries of EVM’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

 



 

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

No such purchases this period.

 

Item 10. Submission of Matters to a Vote of Security Holders.

 

No Material Changes.

 

Item 11. 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 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 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 12. Exhibits

 

(a)(1)

 

Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)

 

Treasurer’s Section 302 certification.

(a)(2)(ii)

 

President’s Section 302 certification.

(b)

 

Combined Section 906 certification.

 



 

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:

December 14, 2007

 

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/ Barbara E. Campbell

 

 

Barbara E. Campbell

 

Treasurer

 

 

 

 

Date:

December 14, 2007

 

 

By:

/s/ Duncan W. Richardson

 

 

Duncan W. Richardson

 

President

 

 

 

 

Date:

December 14, 2007