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)
Alan R. Dynner
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: March 31
--------------------------
Date of reporting period: September 30, 2004
-------------------------
ITEM 1. REPORTS TO STOCKHOLDERS
[EV LOGO]
[GRAPHIC IMAGE]
SEMIANNUAL REPORT SEPTEMBER 30, 2004
[GRAPHIC IMAGE]
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND
[GRAPHIC IMAGE]
EATON VANCE FUNDS
EATON VANCE MANAGEMENT
BOSTON MANAGEMENT AND RESEARCH
EATON VANCE DISTRIBUTORS, INC.
PRIVACY NOTICE
The Eaton Vance organization is committed to ensuring your financial privacy.
This notice is being sent to comply with privacy regulations of the Securities
and Exchange Commission. Each of the above financial institutions has in effect
the following 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.
- 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).
- Policies and procedures (including physical, electronic and procedural
safeguards) are in place that are designed to protect the confidentiality
of such information.
For more information about Eaton Vance's privacy policies, call: 1-800-262-1122.
IMPORTANT NOTICE
REGARDING DELIVERY OF
SHAREHOLDER DOCUMENTS
The Securities and Exchange Commission 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.
The Fund will file a schedule of its portfolio holdings on Form N-Q with the
Securities and Exchange Commission (the "SEC") for the first and third quarters
of each fiscal year. The Fund's 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).
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 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 without charge, upon request, by calling 1-800-262-1122. This
description is also available on the Securities and Exchange Commission's
website at http://www.sec.gov.
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND as of
September 30, 2004
MANAGEMENT DISCUSSION
[PHOTO OF MICHAEL R. MACH]
MICHAEL R. MACH, CFA
CO-PORTFOLIO MANAGER
[PHOTO OF JUDITH A. SARYAN]
JUDITH A. SARYAN, CFA
CO-PORTFOLIO MANAGER
[PHOTO OF THOMAS H. LUSTER]
THOMAS H. LUSTER, CFA
CO-PORTFOLIO MANAGER
MANAGEMENT DISCUSSION
- We are pleased to welcome shareholders of Eaton Vance Tax-Advantaged Global
Dividend Opportunities Fund (the "Fund"), a closed-end fund traded on the
New York Stock Exchange under the symbol ETO. The Fund is designed to take
advantage of favorable tax rates on dividend income. The Fund's investment
objective is to provide a high level of after-tax total return. The Fund
invests primarily in a diversified portfolio of common and preferred stocks
of U.S. and foreign issuers that management believes may pay dividends that
qualify for lower federal income tax rates.
- The Fund posted positive returns in its first five months of existence,
benefiting from a recovery during that time in the broad equity markets.
Factors helping to drive stocks higher included a strengthening U.S. and
world economy, an improved outlook for corporate earnings, low interest
rates and low inflation.
- The Fund was primarily invested in securities that generated a relatively
high level of qualifying dividend income (QDI). The Fund emphasized
investments in common stocks of issuers whose businesses were related to
"hard assets," such as energy and natural resources. Growing demand and
increasing commodity prices generally benefited the Fund's holdings in the
energy and material sectors. The Fund also had significant holdings of
utility and telecommunication stocks, which provided attractive levels of
QDI and also appreciated in price.
- On September 15, 2004 the Fund increased its monthly dividend from $0.1000
to $0.1050 per share. This increase reflected both the effective
implementation of the Fund's dividend capture strategy and the significant
number of dividend increases announced by companies held in the Fund's
common stock portfolio.
- Preferred stocks owned by the Fund returned 4.4% for the period vs. 4.93%
for the Merrill Lynch Fixed Rate Preferred Stock Index.(1) During the
period, the preferred portion of the Fund performed well in providing a
high rate of qualified dividend income, while minimizing the interest rate
risk of the Portfolio.
- The Fund also uses financial leverage through the issuance of Auction Rate
Preferred Shares (APS). 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 net asset value and
market price of the common shares).
THE FUND
- Based on net asset value (NAV) per share for the period from inception on
April 30, 2004, through September 30, 2004, the Fund had a total return of
10.77%. This return resulted from an increase in NAV per share from $19.10
(offering price, less all commissions and fees) on April 30, 2004, to
$20.70 on September 30, 2004, and the distribution of $0.405 per share in
dividend income.(2)
- Based on share price trading on the New York Stock Exchange for the period
from inception on April 30, 2004, through September 30, 2004, the Fund had
a total return of 3.22%. This return resulted from an increase in share
price from $19.10 (offering price, less all commissions and fees) on April
30, 2004, to $19.29 on September 30, 2004, and the distribution of $0.405
per share in dividend income.(2) Based on the most recent dividend of
$0.105 and a share price of $19.29, the Fund had a market yield of 6.53% as
of September 30, 2004.(3)
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 ADVISOR 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.
(1) IT IS NOT POSSIBLE TO INVEST DIRECTLY IN AN INDEX. THE 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. (2)SHARE PRICE AND NET ASSET VALUE ON 9/30/04 ARE CALCULATED
ASSUMING AN OFFERING PRICE OF $20.00, LESS THE SALES LOAD OF $0.90 PER
SHARE PAID BY THE SHAREHOLDER. PERFORMANCE RESULTS REFLECT THE EFFECTS OF
LEVERAGE RESULTING FROM THE FUND'S ISSUANCE OF AUCTION PREFERRED SHARES IN
JULY 2004. (3)THE FUND'S MARKET YIELD IS CALCULATED BY DIVIDING THE MOST
RECENT DIVIDEND PER SHARE BY THE SHARE PRICE AT THE END OF THE RIOD AND
ANNUALIZING THE RESULT.
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.
YIELDS WILL VARY.
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.
2
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND as of
September 30, 2004
PERFORMANCE
ASSET ALLOCATION+
By total investments
[CHART]
COMMON STOCKS PREFERRED STOCKS SHORT-TERM INVESTMENTS
78.4% 18.1% 3.5%
+ As of September 30, 2004. Asset Allocation subject to change due to active
management.
PERFORMANCE(1)
Cumulative Total Returns
(by share price, New York
Stock Exchange)
Life of Fund (4/30/04) 3.22%
Cumulative Total Returns
(at net asset value)
Life of Fund (4/30/04) 10.77%
(1) SHARE PRICE AND NET ASSET VALUE ON 9/30/04 ARE CALCULATED ASSUMING AN
OFFERING PRICE OF $20.00, LESS THE SALES LOAD OF $0.90 PER SHARE PAID BY
THE SHAREHOLDER. PERFORMANCE RESULTS REFLECT THE EFFECTS OF LEVERAGE
RESULTING FROM THE FUND'S ISSUANCE OF AUCTION PREFERRED SHARES IN JULY
2004.
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.
3
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND as of
September 30, 2004
PORTFOLIO OF INVESTMENTS (Unaudited)
SECURITY SHARES VALUE
------------------------------------------------------------------------------------------
COMMON STOCKS -- 116.0%
AUTO AND PARTS -- 0.8%
Adesa, Inc. 150,000 $ 2,464,500
------------------------------------------------------------------------------------------
$ 2,464,500
------------------------------------------------------------------------------------------
BANKING -- 3.1%
Bank of Nova Scotia(1) 150,000 $ 4,387,500
Canadian Imperial Bank of Commerce(1) 35,000 1,871,479
HSBC Holdings PLC(1) 125,000 1,985,165
Wachovia Corp. 25,000 1,173,750
------------------------------------------------------------------------------------------
$ 9,417,894
------------------------------------------------------------------------------------------
BEVERAGES -- 0.4%
Diageo PLC(1) 100,000 $ 1,248,672
------------------------------------------------------------------------------------------
$ 1,248,672
------------------------------------------------------------------------------------------
BUILDING MATERIALS -- 1.2%
Florida Rock Industries, Inc. 50,000 $ 2,449,500
Stanley Works 25,000 1,063,250
------------------------------------------------------------------------------------------
$ 3,512,750
------------------------------------------------------------------------------------------
CHEMICALS -- 1.5%
Lyondell Chemical Co. 200,000 $ 4,492,000
------------------------------------------------------------------------------------------
$ 4,492,000
------------------------------------------------------------------------------------------
COAL -- 1.4%
Fording Canadian Coal Trust(1) 50,000 $ 2,798,500
Peabody Energy Corp. 25,000 1,487,500
------------------------------------------------------------------------------------------
$ 4,286,000
------------------------------------------------------------------------------------------
COMMERCIAL BANKS -- 0.5%
Bank of America Corp. 35,000 $ 1,516,550
------------------------------------------------------------------------------------------
$ 1,516,550
------------------------------------------------------------------------------------------
COMPUTERS AND BUSINESS EQUIPMENT -- 0.7%
Pitney Bowes, Inc. 50,000 $ 2,205,000
------------------------------------------------------------------------------------------
$ 2,205,000
------------------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING -- 0.6%
Tomkins PLC(1) 400,000 $ 1,922,120
------------------------------------------------------------------------------------------
$ 1,922,120
------------------------------------------------------------------------------------------
DIVERSIFIED MINERALS -- 1.7%
BHP Billiton Ltd. ADR(1) 250,000 $ 5,187,500
------------------------------------------------------------------------------------------
$ 5,187,500
------------------------------------------------------------------------------------------
DIVERSIFIED TELECOMMUNICATION SERVICES -- 17.8%
BCE, Inc. 250,000 $ 5,412,500
BellSouth Corp. 200,000 5,424,000
BT Group PLC(1) 2,000,000 6,514,550
Citizens Communications Co. 650,000 8,703,500
SBC Communications, Inc. 200,000 5,190,000
Sprint Corp. (FON Group) 400,000 8,052,000
Telefonos de Mexico SA ADR(1) 100,000 3,227,000
Telstra Corp. Ltd.(1) 2,000,000 6,733,210
Verizon Communications, Inc. 100,000 3,938,000
------------------------------------------------------------------------------------------
$ 53,194,760
------------------------------------------------------------------------------------------
DRUGS -- 0.7%
GlaxoSmithKline PLC ADR(1) 50,000 $ 2,186,500
------------------------------------------------------------------------------------------
$ 2,186,500
------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT -- 1.3%
Emerson Electric Co. 65,000 $ 4,022,850
------------------------------------------------------------------------------------------
$ 4,022,850
------------------------------------------------------------------------------------------
ENGINEERING AND CONSTRUCTION -- 0.6%
Bouygues SA(1) 50,000 $ 1,880,639
------------------------------------------------------------------------------------------
$ 1,880,639
------------------------------------------------------------------------------------------
FOODS -- 0.9%
ConAgra Foods, Inc. 50,000 $ 1,285,500
H J Heinz Co. 35,000 1,260,700
------------------------------------------------------------------------------------------
$ 2,546,200
------------------------------------------------------------------------------------------
INSURANCE -- 0.4%
XL Capital Ltd., Class A(1) 15,000 $ 1,109,850
------------------------------------------------------------------------------------------
$ 1,109,850
------------------------------------------------------------------------------------------
LODGING AND GAMING -- 0.4%
Harrah's Entertainment, Inc. 25,000 $ 1,324,500
------------------------------------------------------------------------------------------
$ 1,324,500
------------------------------------------------------------------------------------------
See notes to financial statements
4
SECURITY SHARES VALUE
------------------------------------------------------------------------------------------
MACHINERY -- 1.3%
Caterpillar, Inc. 50,000 $ 4,022,500
------------------------------------------------------------------------------------------
$ 4,022,500
------------------------------------------------------------------------------------------
METALS-GOLD -- 3.0%
Freeport-McMoran Copper & Gold Inc., Class B 225,000 $ 9,112,500
------------------------------------------------------------------------------------------
$ 9,112,500
------------------------------------------------------------------------------------------
METALS-INDUSTRIAL -- 6.0%
Alcoa, Inc. 125,000 $ 4,198,750
Anglo American PLC ADR(1) 100,000 2,425,000
Phelps Dodge Corp. 20,000 1,840,600
Rio Tinto PLC ADR(1) 40,000 4,346,000
Southern Peru Copper Corp.(1) 100,000 5,166,000
------------------------------------------------------------------------------------------
$ 17,976,350
------------------------------------------------------------------------------------------
OIL AND GAS -- 16.0%
Amerada Hess Corp. 85,000 $ 7,565,000
BP PLC ADR(1) 155,000 8,917,150
ChevronTexaco Corp. 110,000 5,900,400
ConocoPhillips 125,000 10,356,250
Enbridge, Inc.(1) 200,000 8,328,000
Exxon Mobil Corp. 40,000 1,933,200
Statoil ASA(1) 350,000 5,040,725
------------------------------------------------------------------------------------------
$ 48,040,725
------------------------------------------------------------------------------------------
OIL AND GAS-EQUIPMENT AND SERVICES -- 3.9%
Halliburton Co. 150,000 $ 5,053,500
Marathon Oil Corp. 65,000 2,683,200
Valero Energy Corp. 50,000 4,010,500
------------------------------------------------------------------------------------------
$ 11,747,200
------------------------------------------------------------------------------------------
OIL AND GAS-EXPLORATION AND PRODUCTION -- 6.7%
Kerr-McGee Corp. 180,000 $ 10,305,000
Occidental Petroleum Corp. 175,000 9,787,750
------------------------------------------------------------------------------------------
$ 20,092,750
------------------------------------------------------------------------------------------
PAPER AND FOREST PRODUCTS -- 1.1%
Weyerhaeuser Co. 50,000 $ 3,324,000
------------------------------------------------------------------------------------------
$ 3,324,000
------------------------------------------------------------------------------------------
PHARMACEUTICALS -- 0.6%
Wyeth Corp. 50,000 $ 1,870,000
------------------------------------------------------------------------------------------
$ 1,870,000
------------------------------------------------------------------------------------------
PRINTING AND BUSINESS PRODUCTS -- 0.8%
Donnelley (R.R.) & Sons Co. 75,000 $ 2,349,000
------------------------------------------------------------------------------------------
$ 2,349,000
------------------------------------------------------------------------------------------
PUBLISHING -- 0.1%
West Australian Newspapers Holdings Ltd.(1) 31,000 $ 171,303
------------------------------------------------------------------------------------------
$ 171,303
------------------------------------------------------------------------------------------
REITS -- 8.7%
AvalonBay Communities, Inc. 25,000 $ 1,505,500
Boston Properties, Inc. 50,000 2,769,500
Developers Diversified Realty Corp. 50,000 1,957,500
Federal Realty Investment Trust 50,000 2,200,000
Liberty Property Trust, Inc. 50,000 1,992,000
Plum Creek Timber Co., Inc. 175,000 6,130,250
Public Storage, Inc. 81,400 4,033,370
Rayonier, Inc. 75,000 3,393,000
Simon Property Group, Inc. 25,000 1,340,750
Washington REIT 25,000 757,500
------------------------------------------------------------------------------------------
$ 26,079,370
------------------------------------------------------------------------------------------
RESTAURANTS -- 1.4%
McDonald's Corp. 150,000 $ 4,204,500
------------------------------------------------------------------------------------------
$ 4,204,500
------------------------------------------------------------------------------------------
SOFTWARE -- 1.4%
Microsoft Corp. 150,000 $ 4,147,500
------------------------------------------------------------------------------------------
$ 4,147,500
------------------------------------------------------------------------------------------
See notes to financial statements
5
SECURITY SHARES VALUE
------------------------------------------------------------------------------------------
TOBACCO COMPANY -- 0.9%
Altria Group, Inc. 55,000 $ 2,587,200
------------------------------------------------------------------------------------------
$ 2,587,200
------------------------------------------------------------------------------------------
UTILITIES-ELECTRIC & GAS -- 27.1%
ALLETE, Inc. 50,000 $ 1,625,000
American Electric Power Co., Inc. 200,000 6,392,000
Dominion Resources, Inc. 150,000 9,787,500
Duke Energy Corp. 50,000 1,144,500
Edison International 175,000 4,639,250
Enel SPA 400,000 3,266,778
Entergy Corp. 125,000 7,576,250
Exelon Corp. 200,000 7,338,000
FirstEnergy Corp. 200,000 8,216,000
National Grid Transco PLC(1) 400,000 3,382,399
NiSource, Inc. 100,000 2,101,000
Pepco Holdings, Inc. 100,000 1,990,000
Pinnacle West Capital Corp. 225,000 9,337,500
Scottish Power PLC(1) 1,250,000 9,561,368
Wisconsin Energy Corp. 150,000 4,785,000
------------------------------------------------------------------------------------------
$ 81,142,545
------------------------------------------------------------------------------------------
UTILITIES-WATER -- 3.0%
Severn Trent PLC(1) 200,000 $ 3,181,045
Veolia Environment(1) 200,000 5,765,391
------------------------------------------------------------------------------------------
$ 8,946,436
------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST $323,655,547) $ 348,332,164
------------------------------------------------------------------------------------------
PREFERRED STOCKS -- 26.8%
BANKING -- 17.6%
Abbey National PLC, 7.375%(1) 120,500 $ 3,210,120
ABN AMRO Capital Funding Trust VII, 6.08%(1) 150,000 3,640,500
Banco Santander, 6.41%(1)(2) 140,000 3,451,560
Barclays Bank PLC, 8.55%(1)(3)(4) 55,000 6,883,058
BNP Paribas Capital Trust, 9.003%(1)(2)(3)(4) 35,000 $ 4,430,797
CA Preferred Fund Trust, 7.00%(1)(4) 55,000 5,768,917
Den Norske Bank, 7.729%(1)(3)(4) 36,000 4,283,528
First Republic Bank, 6.70% 30,000 750,000
HSBC Capital Funding LP, 9.547%(1)(3)(4) 40,000 5,139,120
Lloyds TSB Bank PLC, 6.90%(1)(4) 40,000 4,184,520
Royal Bank of Scotland Group PLC, 9.118%(1)(4) 50,000 6,153,785
UBS Preferred Funding Trust I, 8.622%(1)(4) 40,000 5,006,488
------------------------------------------------------------------------------------------
$ 52,902,393
------------------------------------------------------------------------------------------
FOODS -- 1.6%
Dairy Farmers of America, 7.875% 45,000 $ 4,680,000
------------------------------------------------------------------------------------------
$ 4,680,000
------------------------------------------------------------------------------------------
INSURANCE -- 6.5%
AXA, 7.10%(1)(4) 45,000 $ 4,687,506
ING Capital Funding Trust III, 8.439%(1)(4) 37,500 4,613,936
ING Group NV, 7.20%(1) 80,000 2,128,000
Prudential PLC, 6.50%(1)(4) 20,000 1,953,542
RenaissanceRe Holdings Ltd., 6.08%(1) 148,000 3,489,840
XL Capital Ltd., 7.625%(1) 12,000 324,600
Zurich Regcaps Fund Trust V(1)(2) 2,500 2,350,000
------------------------------------------------------------------------------------------
$ 19,547,424
------------------------------------------------------------------------------------------
INVESTMENT SERVICES -- 0.7%
Lehman Brothers Holdings, Inc., 6.50%(2) 85,000 $ 2,233,800
------------------------------------------------------------------------------------------
$ 2,233,800
------------------------------------------------------------------------------------------
UTILITIES-GAS -- 0.4%
Southern Union Co., 7.55% 40,000 $ 1,077,600
------------------------------------------------------------------------------------------
$ 1,077,600
------------------------------------------------------------------------------------------
TOTAL PREFERRED STOCKS
(IDENTIFIED COST $79,437,654) $ 80,441,217
------------------------------------------------------------------------------------------
See notes to financial statements
6
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
------------------------------------------------------------------------------------------
COMMERCIAL PAPER -- 2.2%
Nestle Capital, 1.85%, 10/1/04 $ 6,531 $ 6,531,000
------------------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER
(AT AMORTIZED COST, $6,531,000) $ 6,531,000
------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
------------------------------------------------------------------------------------------
SHORT-TERM INVESTMENTS -- 3.0%
Investors Bank & Trust Company
Time Deposit, 1.90%, 10/1/04 $ 9,000 $ 9,000,000
------------------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST, $9,000,000) $ 9,000,000
------------------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 148.0%
(IDENTIFIED COST $418,624,201) $ 444,304,381
------------------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- 0.3% $ 985,874
------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES PLUS CUMULATIVE
UNPAID DIVIDENDS -- (48.3)% $ (145,045,311)
------------------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 300,244,944
------------------------------------------------------------------------------------------
ADR - American Depositary Receipt
REIT - Real Estate Investment Trust
(1) Foreign security.
(2) Variable rate security.
(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 September 30,
2004, the aggregate value of the securities is $26,505,420 or 8.8% of the
Fund's net assets.
(4) Security valued at fair value using methods determined in good faith by or
at the direction of the Trustees.
COUNTRY CONCENTRATION OF PORTFOLIO
PERCENTAGE OF
COUNTRY TOTAL INVESTMENTS VALUE
----------------------------------------------------------------
United States 59.66% $ 265,063,708
United Kingdom 15.32 68,054,993
Canada 5.13 22,797,979
France 3.77 16,764,333
Australia 2.72 12,092,013
Netherlands 2.34 10,382,436
Norway 2.10 9,324,254
Switzerland 1.99 8,881,000
Peru 1.16 5,166,000
Bermuda 0.79 3,489,840
Spain 0.78 3,451,560
Italy 0.74 3,266,778
Mexico 0.72 3,227,000
Cayman Islands 0.32 1,434,450
Other 2.46 10,908,037
----------------------------------------------------------------
100% $ 444,304,381
See notes to financial statements
7
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND as of
September 30, 2004
FINANCIAL STATEMENTS (Unaudited)
STATEMENT OF ASSETS AND LIABILITIES
AS OF SEPTEMBER 30, 2004
ASSETS
Investments, at value (identified cost, $418,624,201) $ 444,304,381
Cash 1,302
Foreign currency, at value (cost $4,654) 4,716
Receivable for investments sold 1,688,252
Receivable from the Investment Adviser 7,500
Dividends and interest receivable 1,405,127
Prepaid expenses 129,899
Tax reclaim receivable 138,596
----------------------------------------------------------------------------------------------------
TOTAL ASSETS $ 447,679,773
----------------------------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased $ 1,760,136
Payable to affiliate for Trustees' fees 11,396
Accrued expenses 617,986
----------------------------------------------------------------------------------------------------
TOTAL LIABILITIES $ 2,389,518
----------------------------------------------------------------------------------------------------
AUCTION PREFERRED SHARES (5,800 SHARES OUTSTANDING) AT LIQUIDATION
VALUE PLUS CUMULATIVE UNPAID DIVIDENDS 145,045,311
----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 300,244,944
----------------------------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Common Shares, $0.01 par value, unlimited number of shares authorized,
14,505,000 shares issued and outstanding $ 145,050
Additional paid-in capital 274,316,578
Accumulated net realized loss (computed on the basis of identified cost) (4,717,781)
Accumulated undistributed net investment income 4,811,885
Net unrealized appreciation (computed on the basis of identified cost) 25,689,212
----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES $ 300,244,944
----------------------------------------------------------------------------------------------------
NET ASSET VALUE PER COMMON SHARE
($300,244,944 DIVIDED BY 14,505,000 COMMON SHARES ISSUED AND OUTSTANDING) $ 20.70
----------------------------------------------------------------------------------------------------
STATEMENT OF OPERATIONS
FOR THE PERIOD ENDED
SEPTEMBER 30, 2004(1)
INVESTMENT INCOME
Dividends (net of foreign taxes, $590,510) $ 12,303,627
Interest 139,560
----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME $ 12,443,187
----------------------------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 1,247,921
Trustees' fees and expenses 11,396
Preferred shares remarketing agent fee 72,055
Legal and accounting services 61,026
Custodian fee 58,726
Printing and postage 32,184
Transfer and dividend disbursing agent fees 25,256
Amortization of organization expenses 7,500
Miscellaneous 56,615
----------------------------------------------------------------------------------------------------
TOTAL EXPENSES $ 1,572,679
----------------------------------------------------------------------------------------------------
Deduct --
Expense reimbursement $ 7,500
Reductions of investment adviser fee 310,221
----------------------------------------------------------------------------------------------------
TOTAL EXPENSE REDUCTIONS $ 317,721
----------------------------------------------------------------------------------------------------
NET EXPENSES $ 1,254,958
----------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME $ 11,188,229
----------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ (4,674,241)
Foreign currency transactions (43,540)
----------------------------------------------------------------------------------------------------
NET REALIZED LOSS $ (4,717,781)
----------------------------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 25,680,180
Foreign currency 9,032
----------------------------------------------------------------------------------------------------
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) $ 25,689,212
----------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN $ 20,971,431
----------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO PREFERRED SHAREHOLDERS FROM INCOME $ (501,819)
----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 31,657,841
----------------------------------------------------------------------------------------------------
(1) For the period from the start of business, April 30, 2004, to September 30,
2004.
See notes to financial statements
8
STATEMENT OF CHANGES IN NET ASSETS
INCREASE (DECREASE) PERIOD ENDED
IN NET ASSETS SEPTEMBER 30, 2004(1)
-----------------------------------------------------------------------------------------------------
From operations --
Net investment income $ 11,188,229
Net realized loss from investments and foreign
currency transactions (4,717,781)
Net change in unrealized appreciation (depreciation) from
investments and foreign currency 25,689,212
Distributions to preferred shareholders from net
investment income (501,819)
-----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS $ 31,657,841
-----------------------------------------------------------------------------------------------------
Distributions to common shareholders --
From net investment income $ (5,874,525)
-----------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (5,874,525)
-----------------------------------------------------------------------------------------------------
Capital share transactions --
Proceeds from sale of common shares(2) $ 276,950,000
Offering costs and preferred shares underwriting discounts (2,588,372)
-----------------------------------------------------------------------------------------------------
$ 274,361,628
-----------------------------------------------------------------------------------------------------
NET INCREASE IN NET ASSETS $ 300,144,944
-----------------------------------------------------------------------------------------------------
NET ASSETS APPLICABLE TO COMMON SHARES
At beginning of period $ 100,000
-----------------------------------------------------------------------------------------------------
AT END OF PERIOD $ 300,244,944
-----------------------------------------------------------------------------------------------------
ACCUMULATED UNDISTRIBUTED NET
INVESTMENT INCOME INCLUDED IN NET
ASSETS APPLICABLE TO COMMON SHARES
AT END OF PERIOD $ 4,811,885
-----------------------------------------------------------------------------------------------------
(1) For the period from the start of business, April 30, 2004, to September 30,
2004.
(2) Proceeds from sales of shares net of sales load paid of $13,050,000.
See notes to financial statements
9
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND as of
September 30, 2004
FINANCIAL STATEMENTS CONT'D
FINANCIAL HIGHLIGHTS
Selected data for a common share outstanding during the periods stated
SIX MONTHS ENDED
SEPTEMBER 30, 2004
(UNAUDITED)(1)(2)
-----------------------------------------------------------------------------------------------------
Net asset value -- Beginning of period (Common shares)(3) $ 19.100
-----------------------------------------------------------------------------------------------------
INCOME (LOSS) FROM OPERATIONS
Net investment income $ 0.771
Net realized and unrealized gain 1.447
Distribution to preferred shareholders (0.035)
-----------------------------------------------------------------------------------------------------
TOTAL INCOME FROM OPERATIONS $ 2.183
-----------------------------------------------------------------------------------------------------
LESS DISTRIBUTIONS TO COMMON SHAREHOLDERS
From net investment income $ (0.405)
-----------------------------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS $ (0.405)
-----------------------------------------------------------------------------------------------------
PREFERRED AND COMMON SHARES OFFERING COSTS CHARGED TO PAID-IN CAPITAL $ (0.078)
-----------------------------------------------------------------------------------------------------
PREFERRED SHARES UNDERWRITING DISCOUNTS $ (0.100)
-----------------------------------------------------------------------------------------------------
NET ASSET VALUE -- END OF PERIOD (COMMON SHARES) $ 20.700
-----------------------------------------------------------------------------------------------------
MARKET VALUE -- END OF PERIOD (COMMON SHARES) $ 19.290
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN ON NET ASSET VALUE(4) 10.77%
-----------------------------------------------------------------------------------------------------
TOTAL INVESTMENT RETURN ON MARKET VALUE(4) 3.22%
-----------------------------------------------------------------------------------------------------
See notes to financial statements
10
Selected data for a common share outstanding during the periods stated
SIX MONTHS ENDED
SEPTEMBER 30, 2004
(UNAUDITED)(1)(2)
-----------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA+ ++
Net assets applicable to common shares, end of period (000's omitted) $ 300,245
Ratios (As a percentage of average net assets applicable to common shares):
Net expenses(5) 1.06%(6)
Net investment income(5) 9.50%(6)
Portfolio Turnover 74%
-----------------------------------------------------------------------------------------------------
+ The operating expenses of the Fund reflect reductions of the investment
adviser fee and a reimbursement of expenses by the Adviser. Had such actions
not been taken, the ratios and net investment income per share would have
been as follows:
Ratios (As a percentage of average net assets applicable to common shares):
Expenses(5) 1.33%(6)
Net investment income(5) 9.23%(6)
Net investment income per share $ 0.771(6)
-----------------------------------------------------------------------------------------------------
++ The ratios reported 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):+++
Net expenses 0.85%(6)
Net investment income 7.60%(6)
-----------------------------------------------------------------------------------------------------
+++ The operating expenses of the Fund reflect reductions of the investment
adviser fee and a reimbursement of expenses by the Adviser. Had such actions
not been taken, the ratios would have been as follows:
Ratios (As a percentage of average total net assets):
Expenses 1.07%(6)
Net investment income 7.38%(6)
-----------------------------------------------------------------------------------------------------
Senior Securities:
Total preferred shares outstanding 5,800
Asset coverage per preferred share(7) $ 76,774
Involuntary liquidation preference per preferred share(8) $ 25,000
Approximate market value per preferred share(8) $ 25,000
-----------------------------------------------------------------------------------------------------
(1) For the period from the start of business, April 30, 2004, to September 30,
2004.
(2) Computed using average shares outstanding.
(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) 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. 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. Total investment return on net asset value
and total investment return on market value are not computed on an
annualized basis.
(5) Ratios do not reflect the effect of dividend payments to preferred
shareholders. Ratios to average net assets applicable to common shares
reflect the Fund's leveraged capital structure.
(6) Annualized.
(7) 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.
(8) Plus accumulated and unpaid dividends.
See notes to financial statements
11
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND as of
September 30, 2004
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1 SIGNIFICANT ACCOUNTING POLICIES
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (the Fund) is
registered under the Investment Company Act of 1940 (the 1940 Act), as
amended, as a diversified, 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
consisting primarily of tax-advantaged dividend income and capital
appreciation. The Fund seeks to achieve 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 National Market
System 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 were acquired with a remaining maturity of more than 60
days, their amortized cost value will be based on their value on the
sixty-first day prior to maturity. 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. The daily valuation of 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. The Fund may rely on an
independent fair valuation service in adjusting the valuations of foreign
securities. Foreign securities and currencies are valued in U.S. dollars,
based on foreign currency exchange rate quotations supplied by an
independent quotation service. 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.
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 accrual basis.
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 all of its taxable income,
including any net realized gain on investments. Accordingly, no provision
for federal income or excise tax is necessary.
D OFFERING COSTS -- Costs incurred by the Fund in connection with the
offering of the common shares were recorded as a reduction of capital paid
in excess of par applicable to common shares.
E WRITTEN OPTIONS -- Upon the writing of a call or a put option, an amount
equal to the premium received by the Fund is included in the Statement of
Assets and Liabilities as a liability. The amount of the liability is
subsequently marked-to-market to reflect the current value of the option
written in accordance with the Fund's policies on investment valuations
discussed above. Premiums received from writing options which expire are
treated as realized gains. Premiums received from writing options which are
exercised or are closed are added to or offset against the proceeds or
amount paid on the transaction to determine the realized gain or loss. If a
put option is exercised, the premium reduces the cost basis of the
12
securities purchased by the Fund. The Fund, as writer of an option, may
have no control over whether the underlying securities may be sold (call)
or purchased (put) and, as a result, bears the market risk of an
unfavorable change in the price of the securities underlying the written
option.
F PURCHASED OPTIONS -- Upon the purchase of a call or put option, the
premium paid by the Fund is included in the Statement of Assets and
Liabilities as an investment. The amount of the investment is subsequently
marked-to-market to reflect the current market value of the option
purchased, in accordance with the Fund's policies on investment valuations
discussed above. If an option which the Fund has purchased expires on the
stipulated expiration date, the Fund will realize a loss in the amount of
the cost of the option. If the Fund enters into a closing sale transaction,
the Fund will realize a gain or loss, depending on whether the sales
proceeds from the closing sale transaction are greater or less than the
cost of the option. If a Fund exercises a put option, it will realize a
gain or loss from the sale of the underlying security, and the proceeds
from such sale will be decreased by the premium originally paid. If the
Fund exercises a call option, the cost of the security which the Fund
purchases upon exercise will be increased by the premium originally paid.
G SWAP AGREEMENTS -- The Fund may enter into swap agreements to hedge
against fluctuations in securities prices, interest rates or market
conditions, to change the duration of the overall portfolio, to mitigate
non-payment or default risk, or to gain exposure to particular securities,
baskets of securities, indices or currencies. In a standard swap
transaction, two parties agree to exchange the returns (or differentials in
rates of return) to be exchanged or swapped between the parties, which
returns are calculated with respect to a notional amount (i.e., the return
on or increase in value of a particular dollar amount invested at a
particular interest rate or in a "basket" of securities representing a
particular index). The Fund will enter into swaps on a net basis. If the
other party to a swap defaults, the Fund's risk of loss consists of the net
amount of payments that the Fund is contractually entitled to receive. The
Fund will not enter into any swap unless the claims-paying ability of the
other party thereto is considered to be investment grade by the Adviser.
These instruments are traded in the over-the-counter market. If the Adviser
is incorrect in its forecasts of market values, interest rates and other
applicable factors, the investment performance of the Fund would be
unfavorably affected.
H 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.
I 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.
J 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 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.
K INTERIM FINANCIAL STATEMENTS -- The interim financial statements relating
to September 30, 2004 and for the period then ended have not been audited
by independent certified public accountants, but in the opinion of the
Fund's management reflect all adjustments, consisting only of normal
recurring adjustments, necessary for the fair presentation of the financial
statements.
L 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.
2 AUCTION PREFERRED SHARES
The Fund issued 2,000 shares of Auction Preferred Shares (APS) Series A,
2,000 shares of APS Series B and 1,800 shares of APS Series C on July 19,
2004 in a public offering. The underwriting discount and other offering
costs were
13
recorded as a reduction of the capital of the common shares. Dividends of
the APS, which accrue daily, are cumulative at a rate which was established
at the offering of the APS and have been 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. Dividends are generally
paid on the day following the end of the dividend period for Series A,
Series B and Series C.
Dividend rate ranges for the period from the commencement of the offering,
July 19, 2004, to September 30, 2004 are as indicated below:
SERIES DIVIDEND RATE RANGES
--------------------------------------------------------
Series A 1.36% - 1.95%
Series B 1.55% - 2.45%
Series C 1.65% - 1.87%
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 shall 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 Investment Company Act of 1940. The Fund pays an
annual fee equivalent to 0.25% of the preferred shares' liquidation value
for the remarketing efforts associated with the preferred auctions.
3 DISTRIBUTION TO SHAREHOLDERS
The Fund intends to make monthly distributions of net investment income. In
addition, at least annually, the Fund intends to distribute net capital
gain, if any.
Distributions are recorded on the ex-dividend date. The applicable dividend
rates for APS on September 30, 2004 are listed below. For the period from
the commencement of the offering, the amount of dividends each Series paid
to Auction Preferred shareholders and average APS dividend rates for such
period were as follows:
DIVIDENDS PAID TO
APS PREFERRED AVERAGE APS
DIVIDEND RATES SHAREHOLDERS DIVIDEND RATES
AS OF FOR THE PERIOD ENDED FOR THE PERIOD ENDED
SERIES SEPTEMBER 30, 2004 SEPTEMBER 30, 2004(1) SEPTEMBER 30, 2004(1)
-----------------------------------------------------------------------------
Series A 1.90% $ 164,957 1.620%
Series B 2.45% $ 179,840 1.734%
Series C 1.87% $ 157,022 1.723%
(1) For the period from the commencement of offering, July 19, 2004, to
September 30, 2004.
4 INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee is earned by Eaton Vance Management (EVM), as
compensation for management and investment advisory services rendered to
the Fund. Under the advisory agreement, EVM receives a monthly advisory fee
in the amount equal to 0.85% annually of average daily gross assets of the
Fund. For the period from the start of business, April 30, 2004 to
September 30, 2004, the advisory fee amounted to $1,247,921. EVM serves as
the administrator of the Fund , but currently receives no compensation for
providing administrative services to the Fund.
In addition, the Adviser has contractually agreed to reimburse the Fund for
fees and other expenses in the amount of 0.20% of the average daily gross
assets for the first five years of the Fund's operations, 0.15% of average
daily gross assets in year six, 0.10% in year seven and 0.05% in year
eight. For the period from the start of business, April 30, 2004 to
September 30, 2004 the Investment Adviser waived $293,628 of its advisory
fee. In addition, the Adviser has agreed to reimburse the Fund for all
organizational costs, estimated at $7,500, which is payable by the Adviser
at September 30, 2004.
The 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 period from May 1, 2004, to
September 30, 2004, the Investment Adviser waived $16,593 of its advisory
fee.
Trustees of the Fund who are not affiliated with EVM may elect to defer
receipt of all or a percentage of their annual
14
fees in accordance with the terms of the Trustees Deferred Compensation
Plan. For the period from the start of business, April 30, 2004, to
September 30, 2004, no significant amounts have been deferred.
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 $627,239,121 and $219,471,678 respectively, for the period from
the start of business, April 30, 2004, to September 30, 2004.
6 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation (depreciation) in value of investments
owned by the Fund at September 30, 2004, as computed on a federal income
tax basis, were as follows:
AGGREGATE COST $ 418,624,201
---------------------------------------------------------
Gross unrealized appreciation $ 28,012,801
Gross unrealized depreciation (2,332,621)
---------------------------------------------------------
NET UNREALIZED APPRECIATION $ 25,680,180
---------------------------------------------------------
7 COMMON SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Fund to issue an unlimited number of
full and fractional $0.01 par value common shares of beneficial interest.
Transactions in common shares were as follows:
PERIOD ENDED
SEPTEMBER 30, 2004
(UNAUDITED)(1)
-----------------------------------------------------------
Sales 14,505,000
-----------------------------------------------------------
NET INCREASE 14,505,000
-----------------------------------------------------------
(1) For the period from the start of business, April 30, 2004 to September
30, 2004.
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 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
September 30, 2004.
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
Portfolio, 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 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
DIVIDEND REINVESTMENT PLAN
The Fund offers a dividend reinvestment plan (the Plan) pursuant to which
shareholders may elect to have dividends and capital gains 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.
16
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 September 30, 2004, our records indicate that there are 17 registered
shareholders and approximately 11,709 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.
17
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND
INVESTMENT MANAGEMENT
OFFICERS
Duncan W. Richardson
President
James B. Hawkes
Vice President and Trustee
Thomas E. Faust, Jr.
Vice President
Thomas H. Luster
Vice President
Michael R. Mach
Vice President
Judith A. Saryan
Vice President
James L. O'Connor
Treasurer
Alan R. Dynner
Secretary
Paul M. O'Neil
Chief Compliance Officer
TRUSTEES
Samuel L. Hayes, III
William H. Park
Ronald A. Pearlman
Norton H. Reamer
Lynn A. Stout
18
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
INVESTORS BANK & 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
EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND OPPORTUNITIES FUND
THE EATON VANCE BUILDING
255 STATE STREET
BOSTON, MA 02109
2159-11/04 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, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (investment management
firm). Previously, he served as Executive Vice President and Chief Financial
Officer of United Asset Management Corporation ("UAM") (a holding company owning
institutional investment management firms). Mr. Hayes is the Jacob H. Schiff
Professor of Investment Banking Emeritus of the Harvard University Graduate
School of Business Administration. 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 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
Not required in this filing
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
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 of the Fund 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. The investment adviser will generally support company management
on proposals relating to environmental and social policy issues and on matters
regarding the state of organization of the company. On all other matters, the
investment adviser will take management's proposals under advisement but will
consider each matter in light of the guidelines set forth in the Policies.
Except in the instance of routine matters related to corporate administration
which are not expected to have a significant economic impact on the company or
its shareholders (on which the investment adviser will routinely vote with
management), the investment adviser will review each matter on a case-by-case
basis and reserves the right to deviate from the Policies guidelines when it
believes the situation warrants such a deviation. The Policy includes voting
guidelines for matters relating to, among other things, the election of
directors, approval of independent auditors, executive compensation, corporate
structure and anti-takeover defenses. 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.
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 investment adviser's general counsel
or chief equity investment officer. The general counsel or chief equity
investment officer will determine if a conflict exists. If a conflict does
exist, the proxy will either be voted strictly in accordance with the Policy or
the investment adviser will seek instruction on how to vote from the Board.
Effective August 31, 2004, information on how the Fund voted proxies relating to
portfolio securities during the 12 month period ended June 30, 2004 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. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
None
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Effective February 9, 2004, the Governance Committee of the Board of Trustees
formalized the procedures by which a Fund's shareholders may recommend nominees
to the registrant's Board of Trustees. The Governance Committee shall, when
identifying candidates for the position of Independent Trustee, consider any
such candidate recommended by a shareholder of a Fund if such recommendation
contains sufficient background information concerning the candidate, and is
received in a sufficiently timely manner (and in any event no later than the
date specified for receipt of shareholder proposals in any applicable proxy
statement with respect to a Fund). Shareholders shall be directed to address any
such recommendations to the attention of the Governance Committee, c/o the
Secretary of the Fund.
ITEM 10. 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 period that has materially affected, or is
reasonably likely to materially affect the registrant's internal control over
financial reporting.
ITEM 11. 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: November 17, 2004
-----------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /S/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: November 17, 2004
-----------------
By: /S/ James L. O'Connor
---------------------
James L. O'Connor
Treasurer
Date: November 17, 2004
-----------------