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: 811-21470
Eaton Vance Tax-Advantaged Global Dividend Income Fund
(Exact Name of Registrant as Specified in Charter)
Two
International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Deidre E. Walsh
Two
International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrants Telephone Number)
October 31 Date of Fiscal Year End
October 31, 2023 Date of Reporting Period
Item 1. Reports to Stockholders
Eaton Vance
Tax-Advantaged Global Dividend Income Fund (ETG)
Annual Report
October 31, 2023
Commodity Futures Trading Commission Registration. The Commodity Futures Trading Commission (“CFTC”) has adopted regulations that subject registered investment companies and advisers to regulation
by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC-regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The
investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the
operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading
advisor.
Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year.
Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.
The Fund currently distributes monthly cash distributions
equal to $0.1001 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular
periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the
termination of the MDP.
The Fund may distribute more
than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be
confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related
information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to
shareholders on Form 1099-DIV for each calendar year.
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.
Annual Report October 31, 2023
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Management’s Discussion of Fund Performance†
Economic and Market Conditions
For global equity investors, the 12-month period ended October
31, 2023, was a roller-coaster ride, driven largely by shifting perceptions of whether the U.S. Federal Reserve (the Fed) could bring the world’s largest economy in for a soft landing, and changing expectations of how long interest rates might
remain high.
During the opening month of the period,
stocks rallied on strong corporate earnings, attractive valuations, and hope the Fed might slow the pace of its interest rate hikes. But in December 2022, equities lost ground as “higher for longer” interest rate fears returned. A
continuing irony throughout the period was that good economic news -- record low unemployment, strong job creation, and robust consumer spending -- was viewed as bad news for inflation and fuel for future rate hikes that could weigh on stock
prices.
In January 2023, however, global equities began a
rally that lasted through July. The initial tailwind was ChatGPT, an artificial intelligence (AI) application that led investors to perceive AI might become the next big innovation to drive the information technology (IT) sector. As a result, IT --
one of the worst-performing sectors in 2022 -- became the standout sector of the first half of 2023.
Earlier recession fears that had weighed on stock prices
receded as many investors came around to the view that the U.S. and global economies were doing surprisingly well. European equities received an additional boost as feared continent-wide energy shortages failed to materialize during the
winter.
But in the final three months of the period, the
bond market halted the stock market’s momentum. As it became clear the Fed would keep rates higher for longer than investors had anticipated just a few months earlier, longer-term bond interest rates rose sharply. Given the potential for
relatively attractive returns with lower risk than stocks, many investors shifted from equity assets to bonds. In the final two days of the period, however, signs of a stock rally emerged as investors began to believe the Fed might have reached the
end of its monetary tightening cycle.
For the period as a
whole, global equity performance was strong. The MSCI ACWI Index, a broad measure of global equities, returned 10.50%; the MSCI EAFE Index of developed-market international equities returned 14.40%; and the S&P 500® Index, a broad measure of U.S. stocks, returned 10.14%.
Meanwhile, in the world’s second-largest economy, the
MSCI Golden Dragon Index, a measure of Chinese large-cap and mid-cap stocks, returned 21.11%. The strong 12-month performance, however, masked the significant decline in Chinese stock prices since early 2023, as Chinese equities were dogged by an
ailing real estate sector -- the major investment area for millions of Chinese citizens -- and a failure of many Chinese industries to bounce back after onerous COVID restrictions were lifted.
Fund Performance
For the 12-month period ended October 31, 2023, Eaton Vance
Tax-Advantaged Global Dividend Income Fund (the Fund) returned 13.04% at net asset value of its common shares (NAV), outperforming its benchmark, the MSCI World Index (the Index), which returned 10.48%.
The Fund’s use of leverage was the largest single
contributor to performance versus the Index, which does not employ leverage. Leverage had the effect of magnifying the Fund’s overall positive absolute performance during the period.
The Fund’s common stock allocation outperformed the Index
and contributed to returns versus the Index as well. On an individual stock basis, the largest contributor to Index-relative returns was an overweight position in Denmark-based Novo Nordisk A/S, a pharmaceutical manufacturer focused on diabetes and
obesity care. The company’s share price rose significantly during the period on robust sales of its weight-loss drug, Wegovy.
On a sector basis, stock selections in the health care,
industrials, and consumer discretionary sectors contributed to performance versus the Index during the period.
In contrast, the largest individual stock detractor from
Index-relative returns was an underweight position in semiconductor maker NVIDIA Corp. (NVIDIA). The company’s share price more than doubled during the period, lifted by increased demand for its high-end graphics processing units in the
burgeoning artificial intelligence, or AI, industry. The Fund did not own NVIDIA until late in the period and missed most of its stock price appreciation.
On a sector basis, detractors from performance versus the Index
included stock selections and underweight positions in the communication services and information technology sectors, along with stock selections and an overweight position in the consumer staples sector.
The Fund’s allocation to preferred securities detracted
from performance versus the Index as well. The Fund’s preferred allocation -- preferred stocks, exchange-traded funds that invest primarily in preferred stocks, and corporate bonds and other debt securities with preferred characteristics --
underperformed the Index during a period of strong global equity market returns.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results.
Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and
distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for
periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end,
please refer to eatonvance.com.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Management’s
Discussion of Fund Performance† — continued
However, the preferred allocation outperformed the overall
preferred market, as measured by the ICE BofA Fixed Rate Preferred Securities Index. Outperformance was driven largely by an overweight position in the energy sector, with strong returns coming from natural gas distributors. Exposures to electric
utilities and insurance companies also contributed to the preferred allocation’s performance during the period.
The Fund’s use of equity index futures contracts -- a
type of derivative -- contributed to performance relative to the Index. Within the Fund’s common stock portfolio, the Fund’s strategy of emphasizing dividend-paying stocks resulted in an overweight allocation to European equities and an
underweight allocation to U.S. equities. The Fund hedged these overweight and underweight exposures by selling short European index futures contracts and buying U.S. index futures contracts during the period.
Fund Distributions
Pursuant to an exemptive order issued by the Securities and
Exchange Commission (the Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP)
pursuant to which the Fund makes monthly cash distributions to common shareholders. The Fund’s MDP had no effect on the Fund’s investment strategy during the most recent fiscal year and is not expected to have an effect in future
periods, but distributions in excess of Fund returns will cause its per share NAV to erode. Investors should not draw any conclusions about the Fund’s investment performance from the amount of its distribution or from the terms of its
MDP.
For the period from November 1, 2022 to October 31,
2023, the Fund made monthly distributions of $0.1001 per share. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and
non-dividend distributions, also known as return of capital distributions. The federal income tax character of distributions is determined after the end of the calendar year and reported to shareholders on the Internal Revenue Service’s form
1099-DIV. For additional information, see Note 2 in the Notes to Financial Statements herein.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results.
Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and
distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for
periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end,
please refer to eatonvance.com.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Performance
Portfolio Manager(s) Derek J.V.
DiGregorio and Joseph Mehlman, CFA of Eaton Vance Management; Christopher M. Dyer, CFA of Eaton Vance Advisers International Ltd.
%
Average Annual Total Returns1,2 |
Inception
Date |
One
Year |
Five
Years |
Ten
Years |
Fund
at NAV |
01/30/2004
|
13.04%
|
8.06%
|
7.52%
|
Fund
at Market Price |
—
|
(4.31)
|
6.44
|
6.79
|
|
MSCI
World Index |
—
|
10.48%
|
8.26%
|
7.53%
|
ICE
BofA Fixed Rate Preferred Securities Index |
—
|
2.18
|
1.29
|
3.82
|
Blended
Index |
—
|
8.85
|
6.97
|
6.89
|
%
Premium/Discount to NAV3 |
|
As
of period end |
(13.87)%
|
Distributions
4 |
|
Total
Distributions per share for the period |
$1.201
|
Distribution
Rate at NAV |
7.15%
|
Distribution
Rate at Market Price |
8.30
|
%
Total Leverage5 |
|
Borrowings
|
22.37%
|
Growth of $10,000
This graph shows the change in value of a hypothetical
investment of $10,000 in the Fund for the period indicated. For comparison, the same investment is shown in the indicated index.
See Endnotes and Additional Disclosures in this report.
Past performance is no guarantee of future results.
Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s
Dividend Reinvestment Plan. Furthermore, returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of Fund shares. Performance at market price will differ from performance at NAV due to
variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and
distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for
periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end,
please refer to eatonvance.com.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Sector
Allocation (% of total investments)1 |
Country
Allocation (% of total investments) |
Top 10 Holdings (% of total investments)
1 |
Microsoft
Corp. |
5.0%
|
Alphabet,
Inc., Class C |
3.3
|
Amazon.com,
Inc. |
3.0
|
Apple,
Inc. |
2.6
|
Nestle
S.A. |
2.0
|
ConocoPhillips
|
2.0
|
Adobe,
Inc. |
1.7
|
Compass
Group PLC |
1.7
|
EOG
Resources, Inc. |
1.6
|
CDW
Corp. |
1.6
|
Total
|
24.5%
|
Footnotes:
1 |
Excludes
cash and cash equivalents. |
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡
Investment Objectives. 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.
Principal Strategies. Under
normal market conditions, the Fund invests at least 80% of its total managed assets in dividend-paying common and preferred stocks of U.S. and foreign issuers that the Fund’s investment adviser believes at the time of investment are eligible
to pay dividends that qualify for federal income taxation at rates applicable to long-term capital gains. The Fund may invest in preferred stocks that are rated below investment grade. The Fund may also invest a portion of its assets in stocks and
other securities that generate fully taxable ordinary income, including up to 30% of its total assets in securities rated below investment grade.
Under normal market conditions, the Fund will invest (i) at
least 25% of its total managed assets in the securities of U.S. issuers; (ii) at least 30% of its total managed assets in securities of non-U.S. issuers, including issuers located in emerging market countries; and (iii) in issuers located in at
least five different countries (including the U.S.).
In
seeking its objective, the Fund may engage in dividend capture trading. The Fund may use derivatives principally to seek to manage exposure to certain sectors and/or markets in connection with its use of dividend capture trading. The Fund expects to
buy and sell equity index futures contracts for this purpose but may also engage in other types of derivatives to manage such exposures. Additionally, the Fund may also use derivatives for other purposes, such as hedging, to enhance return or as a
substitute for the purchase or sale of securities or currencies. Other permitted derivatives include futures contracts on securities and non-equity indices, options on futures contracts, the purchase of put options and the sale of call options on
securities held, equity swaps, interest rate swaps, covered short sales, forward sales of stocks, forward currency exchange contracts and currency futures contracts. The Fund may invest in the foregoing derivatives without limitation and use of
derivatives may be extensive. The Fund may also invest in credit derivatives (credit default swaps, total return swaps, credit options and other derivative transactions with substantially similar characteristics and risks), provided that the
notional value of such derivative instruments entered into for non-hedging purposes does not exceed 5% of the value of preferred stocks held by the Fund.
The Fund may also invest up to 10% of its net assets in
exchange-traded funds (“ETFs”) that invest primarily in common and/or preferred stocks.
The Fund employs leverage through borrowings to seek
opportunities for additional income. Leverage may amplify the Fund’s net asset value of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful.
Principal Risks
Market Discount Risk. As with
any security, the market value of the common shares may increase or decrease from the amount initially paid for the common shares. The Fund’s common shares have traded both at a premium and at a discount relative to NAV. The shares of
closed-end management investment companies frequently trade at a discount from their NAV. This is a risk separate and distinct from the risk that the Fund’s NAV may decrease.
Market Risk. The value of
investments held by the Fund may increase or decrease in response to social, economic, political, financial, public health crises or other disruptive events (whether real, expected or perceived) in the U.S. and global markets and include events such
as war, natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest. These events may negatively impact broad segments of businesses and populations and may exacerbate pre-existing risks to the Fund. The frequency and
magnitude of resulting changes in the value of the Fund’s investments cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in
reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may
exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.
Equity Securities Risk. The
value of equity securities and related instruments may decline in response to adverse changes in the economy or the economic outlook; deterioration in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse
geopolitical, social or environmental developments; issuer and sector-specific considerations; unexpected trading activity among retail investors; or other factors. Market conditions may affect certain types of stocks to a greater extent than other
types of stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.
Tax-Sensitive Investing Risk.
The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation,
regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable.
Foreign Investment Risk.
Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country against a particular country or countries,
organizations, entities and/or individuals. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States
companies are subject. Adverse changes in investment regulations, capital requirements or exchange controls could adversely affect the value of the Fund’s investments. Foreign markets may be smaller, less liquid and more volatile than the
major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the
See Endnotes and
Additional Disclosures in this report.
6
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
United States. The Fund may have difficulties enforcing its legal or
contractual rights in a foreign country. Depositary receipts are subject to many of the risks associated with investing directly in foreign instruments, including the political and economic risks of the underlying issuer’s country and, in the
case of depositary receipts traded on foreign markets, currency risk.
Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain
sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital
markets.
Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally
are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.
Sector Risk. Because the Fund
may, under certain market conditions, invest a significant portion of its assets in the utilities and/or financial services sectors, the value of Fund shares may be affected by events that adversely affect those sectors and may fluctuate more than
that of a more broadly diversified fund.
Preferred
Stock Risk. Although preferred stocks represent an ownership interest in an issuer, preferred stocks generally do not have voting rights or have limited voting rights and have economic characteristics similar to
fixed-income securities. Preferred stocks are subject to issuer-specific risks generally applicable to equity securities and credit and interest rate risks generally applicable to fixed-income securities. The value of preferred stock generally
declines when interest rates rise and may react more significantly than bonds and other debt instruments to actual or perceived changes in the company’s financial condition or prospects.
Income Risk. The Fund’s
ability to distribute income to shareholders will depend on the yield available on the common and preferred stocks and other hybrid securities and fixed-income securities held by the Fund. Changes in the dividend policies of companies held by the
Fund could make it difficult for the Fund to provide a predictable level of income.
Dividend Capture Trading Risk.
The use of dividend capture strategies will expose the Fund to higher portfolio turnover, increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to
dividend capture trading.
Credit Risk. Investments in fixed income and other debt obligations, including loans, (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in
economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and
income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial
condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize
the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s
operating expenses and adversely affect net asset value.
Interest Rate Risk. In general,
the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash
flows of a fixed income security, while maturity refers to the amount of time until a fixed income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with
shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or
maturities. The impact of interest rate changes is significantly less for floating-rate instruments that have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or maturities of
income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate. Changes in
governmental policy, including changes in central bank monetary policy, could cause interest rates to rise rapidly, or cause investors to expect a rapid rise in interest rates. This could lead to heightened levels of interest rate, volatility and
liquidity risks for the fixed income markets generally and could have a substantial and immediate effect on the values of the Fund's investments. LIBOR is used throughout global banking and financial industries to determine interest rates for a
variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements. Upon a determination by regulators to phase out the use of LIBOR, market participants have been transitioning to the use of alternative reference
rates over the past few years. As of June 30, 2023, the administrator of LIBOR ceased publishing LIBOR settings. The impact of the transition away from LIBOR on certain debt securities, derivatives and other financial instruments that utilize LIBOR
remains uncertain. The transition away from LIBOR and the use of replacement rates may adversely affect transactions that used LIBOR as a reference rate, financial institutions, funds and other market participants that engaged in such transactions,
and the financial markets generally.
See Endnotes and Additional Disclosures in this report.
7
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
Lower Rated Investments Risk.
Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) are speculative because of increased credit risk relative to other fixed income investments. Changes in economic conditions or
other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher
non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.
Derivatives Risk. The
Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in
the price or value of the security, instrument, index, currency, commodity, economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints.
Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives
are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be
unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments
traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to
honor its commitments, the value of Fund shares may decline and the Fund could experience delays in (or be unable to achieve) the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially
exceed the initial investment. A derivative investment also involves the risks relating to the reference instrument underlying the investment.
ETF Risk. ETFs are subject to
the risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the
operating expenses of an ETF in which it invests.
Liquidity Risk. The Fund is
exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices.
Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on
the Fund’s performance. These effects may be exacerbated during times of financial or political stress.
Leverage Risk. Certain Fund
transactions may give rise to leverage. Leverage can result from a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. The use of leverage may cause the Fund to maintain
liquid assets or liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been
leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment.
Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions and there
is no guarantee that such decisions will produce the desired results or expected returns. For Funds that are both actively managed and use quantitative investment techniques, the portfolio manager also uses (or portfolio managers also use)
quantitative investment techniques and analyses in making investment decisions for the Fund.
Recent Market Conditions. The
outbreak of COVID-19 and efforts to contain its spread have resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer
activity, as well as general concern and uncertainty. The impact of this coronavirus, and the effects of other infectious illness outbreaks, epidemics or pandemics, may be short term or may continue for an extended period of time. Health crises
caused by outbreaks of disease, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. For example, a global pandemic or other widespread health
crisis could cause substantial market volatility and exchange trading suspensions and closures. In addition, the increasing interconnectedness of markets around the world may result in many markets being affected by events or conditions in a single
country or region or events affecting a single or small number of issuers. The coronavirus outbreak and public and private sector responses thereto have led to large portions of the populations of many countries working from home for indefinite
periods of time, temporary or permanent layoffs, disruptions in supply chains, and lack of availability of certain goods. The impact of such responses could adversely affect the information technology and operational systems upon which the Fund and
the Fund’s service providers rely, and could otherwise disrupt the ability of the employees of the Fund’s service providers to perform critical tasks relating to the Fund. Any such impact could adversely affect the Fund’s
performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.
Cybersecurity Risk. With the
increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or
unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which
the Fund invests, may disrupt and otherwise adversely affect their business operations. This may result in
See Endnotes and Additional Disclosures in this report.
8
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
The Fund's Investment
Objectives, Principal Strategies and Principal Risks‡ — continued
financial losses to the Fund, impede Fund trading, interfere with the
Fund’s ability to calculate its net asset value, interfere with Fund shareholders’ ability to transact business or cause violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or
other compensation costs, or additional compliance costs.
General Fund Investing Risks.
The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Anti-Takeover Provisions. The
Fund’s Agreement and Declaration of Trust (the “Declaration of Trust”) and Amended and Restated By-Laws include provisions that could have the effect of limiting the ability of other persons or entities to acquire control of the
Fund or to change the composition of its Board. For example, pursuant to the Fund’s Declaration of Trust, the Fund Board is divided into three classes of Trustees with each class serving for a three-year term and certain types of transactions
require the favorable vote of holders of at least 75% of the outstanding shares of the Fund.
Important Notice to Shareholders
The following information is a summary of certain changes since
October 31, 2022. This information may not reflect all of the changes that have occurred since you purchased the Fund.
On January 26, 2023, the Fund’s Board of Trustees voted
to exempt, on a going forward basis, all prior and, until further notice, new acquisitions of Fund shares that otherwise might be deemed “Control Share Acquisitions” under the Fund’s By-Laws from the Control Share Provisions of the
Fund’s By-Laws.
Prior to November 18, 2022, the
Fund’s portfolio management team included Christopher M. Dyer, CFA, Derek J.V. DiGregorio and John H. Croft, CFA. Effective November 18, 2022, the Fund’s portfolio management team includes Christopher M. Dyer, CFA, Derek J.V. DiGregorio
and Joseph Mehlman, CFA. Mr. Mehlman is Vice President of Eaton Vance Management (“EVM”) and a Managing Director at Morgan Stanley Investment Management Inc., an affiliate of EVM. Mr. Mehlman has been employed by the Morgan Stanley
organization for more than five years and manages other Eaton Vance funds.
See Endnotes and Additional Disclosures in this report.
9
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Endnotes and
Additional Disclosures
†
|
The views expressed in this
report are those of the portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance and the Fund(s) disclaim any
responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund.
This commentary may contain statements that are not historical facts, referred to as “forward-looking statements.” The Fund’s actual future results may differ significantly from those stated in any forward-looking statement,
depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks
discussed from time to time in the Fund’s filings with the Securities and Exchange Commission. |
‡ |
The information contained
herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are available for purchase and sale only at current market prices in secondary market
trading. |
|
|
1 |
MSCI World Index is an
unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved
this report, and has no liability hereunder. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. ICE® BofA® indices are not for redistribution or other uses;
provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report and ICE Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. BofA® is a licensed
registered trademark of Bank of America Corporation in the United States and other countries. The Blended Index consists of 80% MSCI World Index and 20% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. Unless otherwise stated,
index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. |
2 |
Performance
results reflect the effects of leverage. |
3 |
The
shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to
https://funds.eatonvance.com/closed-end-fund-prices.php. |
4 |
The Distribution Rate is
based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal
income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End
Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and
provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at
eatonvance. com. The Fund’s distributions are determined by the investment adviser based on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund
performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change. |
5 |
Total
leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater price
volatility. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.
|
|
Fund profile subject to
change due to active management. |
|
Additional Information
|
|
S&P
500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC (“S&P DJI”) and have been licensed for
use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P DJI, Dow Jones and their respective affiliates do
not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices. MSCI Golden Dragon Index is an unmanaged
index of common stocks traded in China, Hong Kong and Taiwan. MSCI ACWI Index is an unmanaged free-float-adjusted, market-capitalization-weighted index designed to measure the equity market performance of developed and emerging markets. MSCI EAFE
Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. |
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Security
|
Shares
|
Value
|
Aerospace
& Defense — 1.0% |
Safran
S.A. |
|
82,153
|
$
12,833,898 |
|
|
|
$ 12,833,898
|
Air
Freight & Logistics — 1.4% |
GXO
Logistics, Inc.(1) |
|
348,840
|
$
17,619,908 |
|
|
|
$ 17,619,908
|
Automobiles
— 0.6% |
Tesla,
Inc.(1) |
|
37,418
|
$
7,515,031 |
|
|
|
$ 7,515,031
|
Banks
— 7.4% |
Banco
Santander S.A. |
|
3,213,158
|
$
11,817,781 |
Barclays
PLC |
|
8,810,389
|
14,141,078
|
Citigroup,
Inc. |
|
300,651
|
11,872,708
|
HDFC
Bank, Ltd. |
|
876,303
|
15,533,788
|
HSBC
Holdings PLC |
|
1,235,322
|
8,919,538
|
KBC
Group NV |
|
181,699
|
9,999,776
|
Toronto-Dominion
Bank (The) |
|
205,901
|
11,501,058
|
Truist
Financial Corp. |
|
382,493
|
10,847,501
|
|
|
|
$ 94,633,228
|
Beverages
— 2.3% |
Coca-Cola
Co. (The)(2) |
|
317,912
|
$
17,958,849 |
Diageo
PLC |
|
326,985
|
12,365,256
|
|
|
|
$ 30,324,105
|
Biotechnology
— 1.0% |
CSL,
Ltd. |
|
88,075
|
$
13,016,790 |
|
|
|
$ 13,016,790
|
Broadline
Retail — 3.8% |
Amazon.com,
Inc.(1)(2) |
|
369,562
|
$
49,185,007 |
|
|
|
$ 49,185,007
|
Capital
Markets — 1.6% |
Intercontinental
Exchange, Inc. |
|
109,686
|
$
11,784,664 |
Stifel
Financial Corp. |
|
155,871
|
8,884,647
|
|
|
|
$ 20,669,311
|
Security
|
Shares
|
Value
|
Commercial
Services & Supplies — 1.0% |
Veralto
Corp.(1) |
|
1
|
$
69 |
Waste
Management, Inc. |
|
80,969
|
13,305,636
|
|
|
|
$ 13,305,705
|
Consumer
Staples Distribution & Retail — 1.5% |
Dollar
Tree, Inc.(1)(2) |
|
175,017
|
$
19,442,639 |
|
|
|
$ 19,442,639
|
Electric
Utilities — 2.4% |
Iberdrola
S.A. |
|
1,577,196
|
$
17,541,602 |
NextEra
Energy, Inc. |
|
221,887
|
12,936,012
|
|
|
|
$ 30,477,614
|
Electrical
Equipment — 1.9% |
AMETEK,
Inc.(2) |
|
105,394
|
$
14,836,314 |
Schneider
Electric SE |
|
67,202
|
10,339,518
|
|
|
|
$ 25,175,832
|
Electronic
Equipment, Instruments & Components — 4.6% |
CDW
Corp.(2) |
|
132,709
|
$
26,594,884 |
Halma
PLC |
|
426,014
|
9,580,350
|
Keyence
Corp. |
|
18,800
|
7,277,827
|
Keysight
Technologies, Inc.(1)(2) |
|
49,642
|
6,058,806
|
TE
Connectivity, Ltd. |
|
77,120
|
9,088,592
|
|
|
|
$ 58,600,459
|
Entertainment
— 2.0% |
Walt
Disney Co. (The)(1)(2) |
|
309,666
|
$
25,265,649 |
|
|
|
$ 25,265,649
|
Financial
Services — 2.2% |
Fidelity
National Information Services, Inc. |
|
204,866
|
$
10,060,969 |
Visa,
Inc., Class A |
|
79,340
|
18,652,834
|
|
|
|
$ 28,713,803
|
Food
Products — 3.5% |
Mondelez
International, Inc., Class A |
|
194,962
|
$
12,908,434 |
Nestle
S.A. |
|
298,268
|
32,164,841
|
|
|
|
$ 45,073,275
|
Ground
Transportation — 1.2% |
Union
Pacific Corp. |
|
72,531
|
$
15,058,161 |
|
|
|
$ 15,058,161
|
11
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Portfolio of
Investments — continued
Security
|
Shares
|
Value
|
Health
Care Equipment & Supplies — 3.5% |
Alcon,
Inc. |
|
160,015
|
$
11,453,254 |
Boston
Scientific Corp.(1)(2) |
|
290,253
|
14,858,051
|
Intuitive
Surgical, Inc.(1)(2) |
|
45,766
|
12,000,761
|
Straumann
Holding AG |
|
60,097
|
7,102,508
|
|
|
|
$ 45,414,574
|
Health
Care Providers & Services — 1.1% |
UnitedHealth
Group, Inc.(2) |
|
25,460
|
$
13,635,358 |
|
|
|
$ 13,635,358
|
Health
Care REITs — 0.8% |
Healthpeak
Properties, Inc. |
|
675,906
|
$
10,510,338 |
|
|
|
$ 10,510,338
|
Hotels,
Restaurants & Leisure — 3.9% |
Amadeus
IT Group S.A. |
|
199,538
|
$
11,388,194 |
Compass
Group PLC |
|
1,110,885
|
28,006,918
|
InterContinental
Hotels Group PLC |
|
150,067
|
10,634,124
|
|
|
|
$ 50,029,236
|
Household
Products — 1.1% |
Reckitt
Benckiser Group PLC |
|
216,263
|
$
14,469,492 |
|
|
|
$ 14,469,492
|
Industrial
Conglomerates — 1.1% |
Siemens
AG |
|
103,616
|
$
13,749,724 |
|
|
|
$ 13,749,724
|
Insurance
— 5.0% |
AIA
Group, Ltd. |
|
1,629,598
|
$
14,151,108 |
Allstate
Corp. (The) |
|
91,249
|
11,691,734
|
Assurant,
Inc.(2) |
|
85,994
|
12,804,506
|
AXA
S.A. |
|
421,869
|
12,500,158
|
RenaissanceRe
Holdings, Ltd. |
|
58,435
|
12,831,742
|
|
|
|
$ 63,979,248
|
Interactive
Media & Services — 4.2% |
Alphabet,
Inc., Class C(1)(2) |
|
429,193
|
$
53,777,883 |
|
|
|
$ 53,777,883
|
IT
Services — 1.3% |
Accenture
PLC, Class A |
|
56,695
|
$
16,843,518 |
|
|
|
$ 16,843,518
|
Security
|
Shares
|
Value
|
Leisure
Products — 0.4% |
Yamaha
Corp. |
|
200,413
|
$
5,353,016 |
|
|
|
$ 5,353,016
|
Life
Sciences Tools & Services — 1.7% |
Danaher
Corp. |
|
85,262
|
$
16,372,009 |
Sartorius
AG, PFC Shares |
|
21,907
|
5,490,767
|
|
|
|
$ 21,862,776
|
Machinery
— 0.8% |
Ingersoll
Rand, Inc. |
|
163,640
|
$
9,929,675 |
|
|
|
$ 9,929,675
|
Media
— 0.9% |
Dentsu
Group, Inc. |
|
418,316
|
$
12,150,396 |
|
|
|
$ 12,150,396
|
Metals
& Mining — 1.5% |
Anglo
American PLC |
|
349,338
|
$
8,900,984 |
Rio
Tinto, Ltd. |
|
134,405
|
10,039,795
|
|
|
|
$ 18,940,779
|
Multi-Utilities
— 0.4% |
CMS
Energy Corp. |
|
107,910
|
$
5,863,829 |
|
|
|
$ 5,863,829
|
Oil,
Gas & Consumable Fuels — 4.6% |
ConocoPhillips
(2) |
|
269,256
|
$
31,987,613 |
EOG
Resources, Inc. |
|
211,971
|
26,761,339
|
|
|
|
$ 58,748,952
|
Personal
Care Products — 0.5% |
Kose
Corp. |
|
91,627
|
$
6,070,379 |
|
|
|
$ 6,070,379
|
Pharmaceuticals
— 8.3% |
AstraZeneca
PLC |
|
152,465
|
$
19,089,168 |
Eli
Lilly & Co.(2) |
|
42,039
|
23,286,663
|
Novo
Nordisk A/S, Class B |
|
231,361
|
22,320,832
|
Sanofi
S.A. |
|
194,947
|
17,702,403
|
Zoetis,
Inc. |
|
151,872
|
23,843,904
|
|
|
|
$ 106,242,970
|
Professional
Services — 2.8% |
Recruit
Holdings Co., Ltd. |
|
483,446
|
$
13,861,700 |
12
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Portfolio of
Investments — continued
Security
|
Shares
|
Value
|
Professional
Services (continued) |
RELX
PLC |
|
287,018
|
$
10,024,876 |
Verisk
Analytics, Inc. |
|
53,436
|
12,149,209
|
|
|
|
$ 36,035,785
|
Semiconductors
& Semiconductor Equipment — 7.0% |
ASML
Holding NV |
|
31,530
|
$
18,953,328 |
Infineon
Technologies AG |
|
575,523
|
16,811,146
|
Micron
Technology, Inc. |
|
305,373
|
20,420,292
|
NVIDIA
Corp.(2) |
|
50,797
|
20,715,017
|
Taiwan
Semiconductor Manufacturing Co., Ltd. ADR |
|
145,803
|
12,584,257
|
|
|
|
$ 89,484,040
|
Software
— 10.5% |
Adobe,
Inc.(1)(2) |
|
53,141
|
$
28,274,200 |
Intuit,
Inc. |
|
48,164
|
23,838,772
|
Microsoft
Corp.(2) |
|
246,311
|
83,280,212
|
|
|
|
$ 135,393,184
|
Specialty
Retail — 1.7% |
TJX
Cos., Inc. (The) |
|
249,951
|
$
22,013,185 |
|
|
|
$ 22,013,185
|
Technology
Hardware, Storage & Peripherals — 3.4% |
Apple,
Inc.(2) |
|
252,973
|
$
43,200,199 |
|
|
|
$ 43,200,199
|
Textiles,
Apparel & Luxury Goods — 0.9% |
LVMH
Moet Hennessy Louis Vuitton SE |
|
17,022
|
$
12,186,566 |
|
|
|
$ 12,186,566
|
Trading
Companies & Distributors — 2.6% |
Ashtead
Group PLC |
|
200,721
|
$
11,511,838 |
IMCD
NV |
|
179,110
|
21,564,052
|
|
|
|
$ 33,075,890
|
Total
Common Stocks (identified cost $1,379,425,107) |
|
|
$1,405,871,407
|
Security
|
Principal
Amount (000's omitted) |
Value
|
Banks
— 7.5% |
Australia
& New Zealand Banking Group, Ltd., 6.75% to 6/15/26(3)(4)(5) |
$
|
375
|
$ 364,138
|
Security
|
Principal
Amount (000's omitted) |
Value
|
Banks
(continued) |
Banco
Davivienda S.A., 6.65% to 4/22/31(3)(4)(5) |
$
|
1,000
|
$ 605,000
|
Banco
Mercantil del Norte S.A./Grand Cayman: |
|
|
|
7.50%
to 6/27/29(3)(4)(5) |
|
2,470
|
2,133,584
|
7.625%
to 1/10/28(3)(4)(5) |
|
1,160
|
1,052,023
|
8.375%
to 10/14/30(3)(4)(5) |
|
1,105
|
1,008,798
|
Bank
of America Corp., Series TT, 6.125% to 4/27/27(4)(5) |
|
2,338
|
2,204,080
|
Bank
of New York Mellon Corp. (The), Series G, 4.70% to 9/20/25(4)(5) |
|
350
|
332,140
|
Bank
of Nova Scotia (The): |
|
|
|
4.90%
to 6/4/25(4)(5) |
|
1,625
|
1,486,919
|
8.625%
to 10/27/27, 10/27/82(5) |
|
3,960
|
3,883,751
|
Barclays
PLC: |
|
|
|
6.125%
to 12/15/25(4)(5) |
|
3,796
|
3,395,408
|
8.00%
to 3/15/29(4)(5) |
|
3,629
|
3,218,923
|
BBVA
Bancomer S.A., 8.45% to 6/29/33, 6/29/38(3)(5) |
|
1,000
|
954,634
|
Bilbao
Vizcaya Argentaria S.A., 6.125% to 11/16/27(4)(5) |
|
3,800
|
3,027,107
|
BNP
Paribas S.A.: |
|
|
|
4.625%
to 2/25/31(3)(4)(5) |
|
1,210
|
842,128
|
7.75%
to 8/16/29(3)(4)(5) |
|
3,950
|
3,672,209
|
Citigroup,
Inc., Series W, 4.00% to 12/10/25(4)(5) |
|
8,826
|
7,599,919
|
Discover
Bank, 5.974%, 8/9/28 |
|
1,250
|
1,126,120
|
Farm
Credit Bank of Texas, Series 3, 6.20% to 6/15/28(3)(4)(5) |
|
3,200
|
2,896,000
|
HSBC
Holdings PLC, 4.60% to 12/17/30(4)(5) |
|
3,637
|
2,638,675
|
Huntington
Bancshares, Inc., Series F, 5.625% to 7/15/30(4)(5) |
|
3,676
|
2,877,029
|
ING
Groep NV, 6.50% to 4/16/25(4)(5) |
|
983
|
920,643
|
JPMorgan
Chase & Co., Series KK, 3.65% to 6/1/26(4)(5) |
|
7,203
|
6,266,422
|
Lloyds
Banking Group PLC, 7.50% to 6/27/24(4)(5) |
|
6,125
|
5,974,579
|
Natwest
Group PLC: |
|
|
|
4.60%
to 6/28/31(4)(5) |
|
752
|
486,979
|
6.00%
to 12/29/25(4)(5) |
|
1,642
|
1,508,355
|
8.00%
to 8/10/25(4)(5) |
|
5,035
|
4,893,416
|
PNC
Financial Services Group, Inc. (The), Series V, 6.20% to 9/15/27(4)(5) |
|
2,475
|
2,208,159
|
Regions
Financial Corp., Series D, 5.75% to 6/15/25(4)(5) |
|
2,250
|
2,069,542
|
Societe
Generale S.A.: |
|
|
|
5.375%
to 11/18/30(3)(4)(5) |
|
3,548
|
2,553,518
|
9.375%
to 11/22/27(3)(4)(5) |
|
662
|
640,732
|
Standard
Chartered PLC, 4.75% to 1/14/31(3)(4)(5) |
|
2,349
|
1,639,810
|
Toronto-Dominion
Bank (The), 8.125% to 10/31/27, 10/31/82(5) |
|
5,625
|
5,532,537 |
13
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Portfolio of
Investments — continued
Security
|
Principal
Amount (000's omitted) |
Value
|
Banks
(continued) |
Truist
Financial Corp., Series Q, 5.10% to 3/1/30(4)(5) |
$
|
4,161
|
$
3,353,274 |
UBS
Group AG: |
|
|
|
4.375%
to 2/10/31(3)(4)(5) |
|
2,750
|
1,916,073
|
6.875%
to 8/7/25(4)(5)(6) |
|
1,471
|
1,390,661
|
UniCredit
SpA, 7.296% to 4/2/29, 4/2/34(3)(5) |
|
3,765
|
3,494,905
|
Wells
Fargo & Co., Series BB, 3.90% to 3/15/26(4)(5) |
|
7,570
|
6,561,562
|
|
|
|
$ 96,729,752
|
Capital
Markets — 0.4% |
AerCap
Holdings NV, 5.875% to 10/10/24, 10/10/79(5) |
$
|
507
|
$
476,374 |
Charles
Schwab Corp. (The): |
|
|
|
Series
G, 5.375% to 6/1/25(4)(5) |
|
1,775
|
1,694,341
|
Series
I, 4.00% to 6/1/26(4)(5) |
|
3,551
|
2,822,764
|
|
|
|
$ 4,993,479
|
Diversified
Financial Services — 0.9% |
Air
Lease Corp., Series B, 4.65% to 6/15/26(4)(5) |
$
|
3,579
|
$
3,055,186 |
Ally
Financial, Inc., 6.70%, 2/14/33 |
|
1,215
|
1,021,811
|
Alpha
Holding S.A. de CV: |
|
|
|
9.00%,
2/10/25(3)(7) |
|
3,050
|
57,182
|
10.00%,
12/19/22(3)(7) |
|
443
|
6,639
|
American
AgCredit Corp., Series A, 5.25% to 6/15/26(3)(4)(5) |
|
5,139
|
4,727,880
|
Goldman
Sachs Group, Inc. (The): |
|
|
|
Series
V, 4.125% to 11/10/26(4)(5) |
|
1,046
|
830,069
|
Series
W, 7.50% to 2/10/29(4)(5) |
|
2,425
|
2,384,388
|
Unifin
Financiera SAB de CV, 7.375%, 2/12/26(3)(7) |
|
1,325
|
36,501
|
|
|
|
$ 12,119,656
|
Electric
Utilities — 1.0% |
Dominion
Energy, Inc., Series C, 4.35% to 1/15/27(4)(5) |
$
|
1,941
|
$
1,589,001 |
Edison
International, Series B, 5.00% to 12/15/26(4)(5) |
|
757
|
675,594
|
Emera,
Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(5) |
|
3,025
|
2,856,166
|
Sempra,
4.125% to 1/1/27, 4/1/52(5) |
|
4,252
|
3,280,356
|
Southern
California Edison Co., Series E, 9.838%, (3 mo. SOFR + 4.461%)(4)(8) |
|
1,705
|
1,702,610
|
Southern
Co. (The), Series 21-A, 3.75% to 6/15/26, 9/15/51(5) |
|
2,980
|
2,553,164
|
|
|
|
$ 12,656,891
|
Food
Products — 0.4% |
Land
O' Lakes, Inc., 8.00%(3)(4) |
$
|
5,982
|
$
5,323,980 |
|
|
|
$ 5,323,980
|
Security
|
Principal
Amount (000's omitted) |
Value
|
Independent
Power and Renewable Electricity Producers — 0.2% |
Algonquin
Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82(5) |
$
|
2,886
|
$
2,281,397 |
|
|
|
$ 2,281,397
|
Insurance
— 1.3% |
Corebridge
Financial, Inc., 6.875% to 9/15/27, 12/15/52(5) |
$
|
3,575
|
$
3,307,068 |
Liberty
Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(3)(5) |
|
6,337
|
5,042,034
|
Lincoln
National Corp., Series C, 9.25% to 12/1/27(4)(5) |
|
1,046
|
1,055,411
|
Prudential
Financial, Inc., 5.125% to 11/28/31, 3/1/52(5) |
|
1,490
|
1,269,669
|
QBE
Insurance Group, Ltd., 5.875% to 5/12/25(3)(4)(5) |
|
6,060
|
5,806,817
|
|
|
|
$ 16,480,999
|
Oil
and Gas — 0.2% |
Petroleos
Mexicanos, 6.50%, 3/13/27 |
$
|
2,750
|
$
2,428,156 |
|
|
|
$ 2,428,156
|
Oil,
Gas & Consumable Fuels — 0.5% |
EnLink
Midstream Partners, L.P., Series C, 9.78%, (3 mo. SOFR + 4.372%)(4)(8) |
$
|
3,952
|
$
3,524,394 |
Odebrecht
Oil & Gas Finance, Ltd., 0.00%(3)(4) |
|
6,981
|
143,977
|
Plains
All American Pipeline, L.P., Series B, 9.736%, (3 mo. SOFR + 4.372%)(4)(8) |
|
2,668
|
2,520,495
|
|
|
|
$ 6,188,866
|
Pipelines
— 0.3% |
Enbridge,
Inc., Series NC5, 8.25% to 10/15/28, 1/15/84(5) |
$
|
1,675
|
$
1,606,209 |
Energy
Transfer, L.P., Series B, 6.625% to 2/15/28(4)(5) |
|
2,514
|
1,951,492
|
|
|
|
$ 3,557,701
|
Telecommunications
— 0.2% |
Rogers
Communications, Inc., 5.25% to 3/15/27, 3/15/82(3)(5) |
$
|
3,750
|
$
3,304,724 |
|
|
|
$ 3,304,724
|
Total
Corporate Bonds (identified cost $192,592,530) |
|
|
$ 166,065,601
|
14
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Portfolio of
Investments — continued
Exchange-Traded
Funds — 0.4% |
Security
|
Shares
|
Value
|
Equity
Funds — 0.4% |
Global
X U.S. Preferred ETF |
|
81,664
|
$
1,446,269 |
iShares
Preferred & Income Securities ETF |
|
112,096
|
3,203,704
|
Total
Exchange-Traded Funds (identified cost $5,214,620) |
|
|
$ 4,649,973
|
Security
|
Shares
|
Value
|
Banks
— 0.4% |
AgriBank
FCB, 6.875% to 1/1/24(5) |
|
50,890
|
$
5,114,445 |
Farm
Credit Bank of Texas, 9.681% to 12/15/23(3)(5) |
|
4,562
|
455,630
|
|
|
|
$ 5,570,075
|
Capital
Markets — 0.3% |
Affiliated
Managers Group, Inc., 4.75% |
|
143,480
|
$
2,343,028 |
Stifel
Financial Corp., Series D, 4.50% |
|
115,200
|
1,784,448
|
|
|
|
$ 4,127,476
|
Electric
Utilities — 0.5% |
Brookfield
BRP Holdings Canada, Inc., 4.625% |
|
178,000
|
$
2,433,260 |
SCE
Trust III, Series H, 5.75% to 3/15/24(5) |
|
70,122
|
1,692,745
|
SCE
Trust IV, Series J, 5.375% to 9/15/25(5) |
|
12,679
|
249,143
|
SCE
Trust V, Series K, 5.45% to 3/15/26(5) |
|
68,884
|
1,518,892
|
|
|
|
$ 5,894,040
|
Insurance
— 0.4% |
American
Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(5) |
|
97,580
|
$
2,236,534 |
Athene
Holding, Ltd., Series C, 6.375% to 6/30/25(5) |
|
113,887
|
2,764,037
|
|
|
|
$ 5,000,571
|
Oil,
Gas & Consumable Fuels — 0.7% |
NuStar
Energy, L.P., Series B, 11.315%, (3 mo. SOFR + 5.905%)(8) |
|
359,474
|
$
9,022,797 |
|
|
|
$ 9,022,797
|
Pipelines
— 0.4% |
Energy
Transfer, L.P.: |
|
|
|
Series
C, 10.156%, (3 mo. SOFR + 4.53%)(8) |
|
116,000
|
$
2,901,160 |
Series
E, 7.60% to 5/15/24(5) |
|
100,950
|
2,495,484
|
|
|
|
$ 5,396,644
|
Security
|
Shares
|
Value
|
Real
Estate Management & Development — 0.3% |
Brookfield
Property Partners, L.P.: |
|
|
|
Series
A, 5.75% |
|
115,762
|
$
1,134,468 |
Series
A-1, 6.50% |
|
102,075
|
1,149,364
|
Series
A2, 6.375% |
|
134,005
|
1,470,035
|
|
|
|
$ 3,753,867
|
Retail
REITs — 0.1% |
SITE
Centers Corp., Series A, 6.375% |
|
74,112
|
$
1,474,088 |
|
|
|
$ 1,474,088
|
Wireless
Telecommunication Services — 0.3% |
United
States Cellular Corp., 5.50% |
|
205,028
|
$
3,046,716 |
|
|
|
$ 3,046,716
|
Total
Preferred Stocks (identified cost $55,180,631) |
|
|
$ 43,286,274
|
Security
|
Shares
|
Value
|
Diversified
Financial Services — 0.0% |
Alpha
Holding S.A., Escrow Certificates(1)(9) |
|
7,410,000
|
$
0 |
Total
Miscellaneous (identified cost $0) |
|
|
$ 0
|
Short-Term
Investments — 2.7% |
Security
|
Shares
|
Value
|
Morgan
Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 5.25%(10) |
|
34,329,290
|
$
34,329,290 |
Total
Short-Term Investments (identified cost $34,329,290) |
|
|
$ 34,329,290
|
Total
Investments — 128.8%(11) (identified cost $1,666,742,178) |
|
|
$1,654,202,545
|
Other
Assets, Less Liabilities — (28.8)% |
|
|
$
(369,833,442) |
Net
Assets — 100.0% |
|
|
$1,284,369,103
|
The
percentage shown for each investment category in the Portfolio of Investments is based on net assets. |
(1) |
Non-income
producing security. |
(2) |
All
or a portion of this security was on loan at October 31, 2023 pursuant to the Liquidity Agreement (see Note 7). The aggregate market value of securities on loan at October 31, 2023 was $332,736,655. |
15
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Portfolio of
Investments — continued
(3) |
Security
exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31,
2023, the aggregate value of these securities is $48,678,916 or 3.8% of the Fund's net assets. |
(4) |
Perpetual
security with no stated maturity date but may be subject to calls by the issuer. |
(5) |
Security
converts to variable rate after the indicated fixed-rate coupon period. |
(6) |
Security
exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant
to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2023, the aggregate value of these securities is $1,390,661 or 0.1% of the Fund's net assets.
|
(7) |
Issuer
is in default with respect to interest and/or principal payments. |
(8) |
Variable
rate security. The stated interest rate represents the rate in effect at October 31, 2023. |
(9) |
For fair
value measurement disclosure purposes, security is categorized as Level 3 (see Note 9). |
(10) |
May be
deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of October 31, 2023. |
(11) |
The
Fund has granted a security interest in all the Fund's investments, unless otherwise pledged, in connection with the Liquidity Agreement (see Note 7). |
Country
Concentration of Portfolio |
Country
|
Percentage
of Total Investments |
Value
|
United
States |
60.2%
|
$995,011,729
|
United
Kingdom |
10.4
|
171,399,767
|
France
|
4.4
|
73,271,130
|
Switzerland
|
3.8
|
63,115,929
|
Japan
|
2.7
|
44,713,318
|
Spain
|
2.6
|
43,774,684
|
Netherlands
|
2.5
|
41,438,023
|
Germany
|
2.2
|
36,051,637
|
Canada
|
2.1
|
34,886,021
|
Australia
|
1.8
|
29,227,540
|
Denmark
|
1.3
|
22,320,832
|
Ireland
|
1.0
|
17,319,892
|
India
|
0.9
|
15,533,788
|
Hong
Kong |
0.9
|
14,151,108
|
Bermuda
|
0.8
|
12,831,742
|
Taiwan
|
0.8
|
12,584,257
|
Belgium
|
0.6
|
9,999,776
|
Mexico
|
0.5
|
7,677,517
|
Italy
|
0.2
|
3,494,905
|
Colombia
|
0.0
(1) |
605,000
|
Brazil
|
0.0
(1) |
143,977
|
Exchange-Traded
Funds |
0.3
|
4,649,973
|
Total
Investments |
100.0%
|
$1,654,202,545
|
(1) |
Amount
is less than 0.05%. |
Abbreviations:
|
ADR
|
– American
Depositary Receipt |
PFC
Shares |
– Preference
Shares |
REITs
|
– Real
Estate Investment Trusts |
SOFR
|
– Secured
Overnight Financing Rate |
16
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Statement of Assets
and Liabilities
|
October
31, 2023 |
Assets
|
|
Unaffiliated
investments, at value (identified cost $1,632,412,888) — including $332,736,655 of securities on loan |
$
1,619,873,255 |
Affiliated
investments, at value (identified cost $34,329,290) |
34,329,290
|
Cash
|
51,453
|
Foreign
currency, at value (identified cost $120,124) |
119,648
|
Interest
and dividends receivable |
2,648,960
|
Dividends
receivable from affiliated investments |
166,804
|
Receivable
for investments sold |
1,635,100
|
Tax
reclaims receivable |
8,636,759
|
Trustees'
deferred compensation plan |
241,865
|
Total
assets |
$1,667,703,134
|
Liabilities
|
|
Liquidity
Agreement borrowings |
$
370,000,000 |
Payable
for investments purchased |
9,433,445
|
Payable
to affiliates: |
|
Investment
adviser fee |
1,211,817
|
Trustees'
fees |
9,042
|
Trustees'
deferred compensation plan |
241,865
|
Accrued
foreign capital gains taxes |
63,411
|
Accrued
expenses |
2,374,451
|
Total
liabilities |
$
383,334,031 |
Net
Assets |
$1,284,369,103
|
Sources
of Net Assets |
|
Common
shares, $0.01 par value, unlimited number of shares authorized |
$
764,590 |
Additional
paid-in capital |
1,304,687,477
|
Accumulated
loss |
(21,082,964)
|
Net
Assets |
$1,284,369,103
|
Common
Shares Issued and Outstanding |
76,458,956
|
Net
Asset Value Per Common Share |
|
Net
assets ÷ common shares issued and outstanding |
$
16.80 |
17
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
|
Year
Ended |
|
October
31, 2023 |
Investment
Income |
|
Dividend
income (net of foreign taxes withheld of $8,076,576) |
$
69,147,496 |
Dividend
income from affiliated investments |
889,897
|
Interest
income |
10,382,221
|
Other
income |
19,709,129
|
Total
investment income |
$100,128,743
|
Expenses
|
|
Investment
adviser fee |
$
14,536,786 |
Trustees’
fees and expenses |
108,066
|
Custodian
fee |
508,537
|
Transfer
and dividend disbursing agent fees |
18,144
|
Legal
and accounting services |
129,562
|
Printing
and postage |
419,357
|
Interest
expense and fees |
20,470,635
|
Miscellaneous
|
139,514
|
Total
expenses |
$
36,330,601 |
Deduct:
|
|
Waiver
and/or reimbursement of expenses by affiliates |
$
27,499 |
Total
expense reductions |
$
27,499 |
Net
expenses |
$
36,303,102 |
Net
investment income |
$
63,825,641 |
Realized
and Unrealized Gain (Loss) |
|
Net
realized gain (loss): |
|
Investment
transactions (net of foreign capital gains taxes of $153,475) |
$
9,321,000 |
Proceeds
from securities litigation settlements |
55,920
|
Futures
contracts |
17,676,189
|
Foreign
currency transactions |
(603,692)
|
Net
realized gain |
$
26,449,417 |
Change
in unrealized appreciation (depreciation): |
|
Investments
(including net decrease in accrued foreign capital gains taxes of $178,072) |
$
61,286,523 |
Foreign
currency |
579,741
|
Net
change in unrealized appreciation (depreciation) |
$
61,866,264 |
Net
realized and unrealized gain |
$
88,315,681 |
Net
increase in net assets from operations |
$152,141,322
|
18
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Statements of Changes
in Net Assets
|
Year
Ended October 31, |
|
2023
|
2022
|
Increase
(Decrease) in Net Assets |
|
|
From
operations: |
|
|
Net
investment income |
$
63,825,641 |
$
38,670,263 |
Net
realized gain |
26,449,417
|
82,416,737
|
Net
change in unrealized appreciation (depreciation) |
61,866,264
|
(505,718,500)
|
Net
increase (decrease) in net assets from operations |
$
152,141,322 |
$
(384,631,500) |
Distributions
to shareholders |
$
(91,842,498) |
$
(119,073,693) |
Capital
share transactions: |
|
|
Reinvestment
of distributions |
$
— |
$
2,700,502 |
Net
increase in net assets from capital share transactions |
$
— |
$
2,700,502 |
Net
increase (decrease) in net assets |
$
60,298,824 |
$
(501,004,691) |
Net
Assets |
|
|
At
beginning of year |
$
1,224,070,279 |
$
1,725,074,970 |
At
end of year |
$1,284,369,103
|
$1,224,070,279
|
19
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
|
Year
Ended |
|
October
31, 2023 |
Cash
Flows From Operating Activities |
|
Net
increase in net assets from operations |
$
152,141,322 |
Adjustments
to reconcile net increase in net assets from operations to net cash provided by operating activities: |
|
Investments
purchased |
(1,693,773,493)
|
Investments
sold |
1,727,506,936
|
Increase
in short-term investments, net |
(22,841,751)
|
Net
amortization/accretion of premium (discount) |
170,044
|
Decrease
in interest and dividends receivable |
575,249
|
Increase
in dividends receivable from affiliated investments |
(78,939)
|
Decrease
in receivable from the transfer agent |
566,402
|
Increase
in tax reclaims receivable |
(2,548,083)
|
Increase
in Trustees’ deferred compensation plan |
(241,865)
|
Increase
in payable to affiliate for investment adviser fee |
97,078
|
Decrease
in payable to affiliate for Trustees' fees |
(181)
|
Increase
in payable to affiliate for Trustees' deferred compensation plan |
241,865
|
Increase
in accrued expenses |
868,677
|
Net
change in unrealized (appreciation) depreciation from investments |
(61,286,523)
|
Net
realized gain from investments |
(9,474,475)
|
Net
cash provided by operating activities |
$
91,922,263 |
Cash
Flows From Financing Activities |
|
Cash
distributions paid |
$
(91,842,498) |
Net
cash used in financing activities |
$
(91,842,498) |
Net
increase in cash* |
$
79,765 |
Cash
at beginning of year (including foreign currency) |
$
91,336 |
Cash
at end of year (including foreign currency) |
$
171,101 |
Supplemental
disclosure of cash flow information: |
|
Cash
paid for interest and fees on borrowings |
$
19,682,104 |
*
|
Includes
net change in unrealized (appreciation) depreciation on foreign currency of $405. |
20
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
|
Year
Ended October 31, |
|
2023
|
2022
|
2021
|
2020
|
2019
|
Net
asset value — Beginning of year |
$
16.010 |
$
22.610 |
$
16.160 |
$
17.490 |
$
16.730 |
Income
(Loss) From Operations |
|
|
|
|
|
Net
investment income(1) |
$
0.835 |
$
0.507 |
$
0.826 |
$
1.042 |
$
1.218 |
Net
realized and unrealized gain (loss) |
1.156
|
(5.547)
|
6.937
|
(1.142)
|
0.772
|
Total
income (loss) from operations |
$
1.991 |
$
(5.040) |
$
7.763 |
$
(0.100) |
$
1.990 |
Less
Distributions |
|
|
|
|
|
From
net investment income |
$
(0.838) |
$
(0.505) |
$
(0.894) |
$
(1.230) |
$
(1.166) |
From
net realized gain |
(0.363)
|
(1.055)
|
(0.419)
|
—
|
(0.064)
|
Total
distributions |
$
(1.201) |
$
(1.560) |
$
(1.313) |
$
(1.230) |
$
(1.230) |
Net
asset value — End of year |
$
16.800 |
$
16.010 |
$
22.610 |
$
16.160 |
$
17.490 |
Market
value — End of year |
$
14.470 |
$
16.290 |
$
22.200 |
$
14.290 |
$
16.770 |
Total
Investment Return on Net Asset Value(2) |
13.04%
|
(22.92)%
|
49.37%
|
0.16%
|
13.06%
|
Total
Investment Return on Market Value(2) |
(4.31)%
|
(20.12)%
|
65.85%
|
(7.63)%
|
16.70%
|
Ratios/Supplemental
Data |
|
|
|
|
|
Net
assets, end of year (000’s omitted) |
$1,284,369
|
$1,224,070
|
$1,725,075
|
$1,233,156
|
$1,334,205
|
Ratios
(as a percentage of average daily net assets): |
|
|
|
|
|
Expenses
excluding interest and fees |
1.18%
|
1.14%
|
1.12%
|
1.21%
|
1.22%
|
Interest
and fee expense |
1.52%
|
0.44%
|
0.15%
|
0.50%
|
1.01%
|
Total
expenses |
2.70%
(3) |
1.58%
(3) |
1.27%
|
1.71%
|
2.23%
|
Net
investment income |
4.74%
|
2.63%
|
3.93%
|
6.26%
|
7.25%
|
Portfolio
Turnover |
101%
|
59%
|
111%
|
224%
|
175%
|
Senior
Securities: |
|
|
|
|
|
Total
amount outstanding (in 000’s) |
$
370,000 |
$
370,000 |
$
370,000 |
$
370,000 |
$
425,000 |
Asset
coverage per $1,000(4) |
$
4,471 |
$
4,308 |
$
5,662 |
$
4,333 |
$
4,139 |
(1) |
Computed
using average shares outstanding. |
(2) |
Returns
are historical and are calculated by determining the percentage change in net asset value or market value with all distributions reinvested. Distributions are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan.
|
(3) |
Includes
a reduction by the investment adviser of a portion of its adviser fee due to the Fund’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the years ended October 31, 2023 and 2022). |
(4) |
Calculated
by subtracting the Fund’s total liabilities (not including the borrowings payable/notes payable) from the Fund’s total assets, and dividing the result by the borrowings payable/notes payable balance in thousands. |
21
See Notes to Financial Statements.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Notes to Financial
Statements
1 Significant Accounting Policies
Eaton Vance Tax-Advantaged Global Dividend Income Fund (the
Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. 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 pursues its objective by investing primarily in dividend-paying common and preferred stocks.
The following is a summary of significant accounting policies
of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial
Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.
A Investment
Valuation—The following methodologies are used to determine the market value or fair value of
investments.
Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask
prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official 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 ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service
that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as
industry and economic events.
Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to,
reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as
industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a
remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.
Derivatives. Futures contracts
are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign futures contracts as described below.
Foreign Securities, Futures Contracts and Currencies. Foreign securities, futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model
to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign futures contracts generally is determined as of
the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign
futures contracts 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 and foreign futures contracts that meet certain criteria, the Fund’s
Trustees have approved the use of a fair value service that values such securities and foreign futures contracts 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 and foreign futures contracts.
Other. Investments in
management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.
Fair Valuation. In connection
with Rule 2a-5 of the 1940 Act, the Trustees have designated the Fund’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by
the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current
sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the
existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from
broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an
evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.
B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized
gains and losses on investments sold are determined on the basis of identified cost.
C 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. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Fund’s
understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European
Union countries. These filings are subject to various administrative and judicial proceedings within these countries. During the year
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Notes to Financial
Statements — continued
ended October 31,
2023, the Fund received approximately $19,709,000 from Sweden for previously withheld foreign taxes and interest thereon. Such amount is included in Other income on the Statement of Operations. No other amounts for additional tax reclaims are
reflected in the financial statements due to the uncertainty as to the ultimate resolution of proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment. Interest income is recorded on the basis of interest
accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.
D Federal and Other 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 net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is
necessary.
In addition to the requirements of the
Internal Revenue Code, the Fund may also be subject to local taxes on the recognition of capital gains in certain countries. In determining the daily net asset value, the Fund estimates the accrual for such taxes, if any, based on the unrealized
appreciation on certain portfolio securities and the related tax rates. Taxes attributable to unrealized appreciation are included in the change in unrealized appreciation (depreciation) on investments. Capital gains taxes on securities sold are
included in net realized gain (loss) on investments.
As
of October 31, 2023, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to
examination by the Internal Revenue Service for a period of three years from the date of filing.
E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are
translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency
exchange rates in effect 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.
F Use of
Estimates—The preparation of the financial statements in conformity with U.S. GAAP 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.
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. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have
personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon
request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder
for all loss or expense arising from such liability. 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 Futures
Contracts—Upon entering into a futures contract, the Fund is required to deposit with the broker,
either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in
the value of the underlying security or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the futures contracts. Should market conditions change unexpectedly, the Fund
may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty,
guaranteeing counterparty performance.
2 Distributions to Shareholders and Income Tax
Information
Subject to its Managed Distribution Plan, the
Fund intends to make monthly distributions from its net investment income, net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and other sources. The Fund intends to distribute all or substantially
all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only
distributions in excess of tax basis earnings and profits are 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. For tax
purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Notes to Financial
Statements — continued
The
tax character of distributions declared for the years ended October 31, 2023 and October 31, 2022 was as follows:
|
Year
Ended October 31, |
|
2023
|
2022
|
Ordinary
income |
$64,115,973
|
$38,572,931
|
Long-term
capital gains |
$27,726,525
|
$80,500,762
|
During the year ended October 31,
2023, accumulated loss was decreased by $317,762 and paid-in capital was decreased by $317,762 due to differences between book and tax accounting. These reclassifications had no effect on the net assets or net asset value per share of the
Fund.
As of October 31, 2023, the components of
distributable earnings (accumulated loss) on a tax basis were as follows:
Net
unrealized depreciation |
$
(21,875,274) |
Other
temporary differences |
792,310
|
Accumulated
loss |
$(21,082,964)
|
The cost and unrealized appreciation
(depreciation) of investments of the Fund at October 31, 2023, as determined on a federal income tax basis, were as follows:
Aggregate
cost |
$1,675,776,355
|
Gross
unrealized appreciation |
$
119,391,135 |
Gross
unrealized depreciation |
(140,964,945)
|
Net
unrealized depreciation |
$
(21,573,810) |
3 Investment Adviser Fee and Other Transactions
with Affiliates
The investment adviser fee is earned by
Eaton Vance Management (EVM), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Fund. The fee is computed at an annual rate as a percentage of average daily gross assets as
follows and is payable monthly:
Average
Daily Gross Assets |
Annual
Fee Rate |
Up
to and including $1.5 billion |
0.850%
|
Over
$1.5 billion up to and including $3 billion |
0.830%
|
Over
$3 billion up to and including $5 billion |
0.810%
|
Over
$5 billion |
0.790%
|
Gross assets, as defined in the
Fund's investment advisory agreement, means total assets of the Fund, including any form of investment leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to
investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other similar preference securities,
(iii) the reinvestment of collateral received for securities loaned in accordance with the Fund’s investment objectives and policies, and/or (iv) any other means. Accrued expenses includes other liabilities other than indebtedness attributable
to leverage. For the year ended October 31, 2023, the Fund’s investment adviser fee amounted to $14,536,786 or 0.85% of the Fund’s average daily gross assets.
Pursuant to an investment sub-advisory agreement, EVM has
delegated the investment management of the Fund to Eaton Vance Advisers International Ltd. (EVAIL), an affiliate of EVM and an indirect, wholly-owned subsidiary of Morgan Stanley. EVM pays EVAIL a portion of its investment adviser fee for
sub-advisory services provided to the Fund. EVM also serves as administrator of the Fund, but receives no compensation.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Notes to Financial
Statements — continued
The
Fund may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley
Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Fund is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Fund due to its
investment in the Liquidity Fund. For the year ended October 31, 2023, the investment adviser fee paid was reduced by $27,499 relating to the Fund's investment in the Liquidity Fund.
Trustees and officers of the Fund who are members of
EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance
with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Fund are officers of EVM.
4 Purchases and Sales of Investments
Purchases and sales of investments, other than short-term
obligations, aggregated $1,703,173,561 and $1,725,610,993, respectively, for the year ended October 31, 2023.
5 Common Shares of Beneficial Interest
The Fund may issue common shares pursuant to its dividend
reinvestment plan. There were no common shares issued by the Fund for the year ended October 31, 2023. Common shares issued by the Fund pursuant to its dividend reinvestment plan for the year ended October 31, 2022 were 158,742.
In November 2013, the Board of Trustees initially approved a
share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of
the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the
Fund for the years ended October 31, 2023 and October 31, 2022.
6 Financial Instruments
The Fund may trade in financial instruments with off-balance
sheet risk in the normal course of its investing activities. These financial instruments may include 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 do 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. At October 31, 2023, there were no obligations outstanding under these financial instruments.
The Fund is subject to equity price risk in the normal course
of pursuing its investment objective. During the year ended October 31, 2023, the Fund entered into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the
dividend capture trading strategy.
The effect of
derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations and whose primary underlying risk exposure is equity price risk for the year ended October 31, 2023 was as
follows:
Derivative
|
Realized
Gain (Loss) on Derivatives Recognized in Income |
Change
in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
Futures
contracts |
$17,676,189
(1) |
$ —
|
(1) |
Statement
of Operations location: Net realized gain (loss): Futures contracts. |
The average notional cost of futures contracts outstanding
during the year ended October 31, 2023, which is indicative of the volume of this derivative type, was approximately as follows:
Futures
Contracts — Long |
Futures
Contracts — Short |
$67,951,000
|
$68,256,000
|
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Notes to Financial
Statements — continued
7 Liquidity Agreement
Effective August 28, 2020, the Fund entered into a Liquidity
Agreement (the Agreement) with State Street Bank and Trust Company (SSBT) that allows the Fund to borrow or otherwise access up to $435 million through securities lending transactions, direct loans from SSBT or a combination of both. The Fund has
granted to SSBT a security interest in all its cash, securities and other financial assets, unless otherwise pledged, to secure the payment and performance of its obligations under the Agreement. Pursuant to the terms of the Agreement, the Fund has
made its securities available for securities lending transactions by SSBT acting as securities lending agent for the Fund. Securities lending transactions are required to be secured with cash collateral received from the securities borrowers equal
at all times to at least 100%, 102% or 105% of the market value of the securities loaned, depending on the type of security. The market value of securities loaned is determined daily and any additional required collateral is delivered to SSBT on the
next business day. The Fund is subject to the possible delay in the recovery of loaned securities. Pursuant to the Agreement, SSBT has provided indemnification to the Fund in the event of default by a securities borrower with respect to security
loans. However, the Fund retains all risk of loss and gains associated with securities purchased using cash received under the Agreement. The Fund is entitled to receive from securities borrowers all substitute interest, dividends and other
distributions paid with respect to the securities on loan. The Fund may instruct SSBT to recall a security on loan at any time. At October 31, 2023, the value of the securities loaned and the value of the cash collateral received by SSBT, which
exceeded the value of the securities loaned,
amounted to $332,736,655 and $338,271,448, respectively.
Effective April 25, 2023, the Agreement was amended so that
interest on borrowings outstanding under the Agreement is charged at a rate equal to the Overnight Bank Financing Rate (OBFR) plus 0.62%, payable monthly. Prior to April 25, 2023, interest on borrowings was charged at a rate equal to 1-month LIBOR
plus 0.50%, payable monthly. SSBT retains all net fees that may arise in connection with securities lending transactions. If the value of securities available to lend falls below a prescribed level, the interest rate may be increased. If the Fund
utilizes less than 50% of the commitment amount, it will be charged a monthly non-usage fee of 0.25% per annum on the unused portion of the commitment. The Agreement may be terminated by the Fund upon 90 days’ prior written notice to SSBT. If
certain asset coverage and collateral requirements or other covenants are not met, the Agreement could be deemed in default and result in termination. At October 31, 2023, the Fund had borrowings outstanding under the Agreement of $370 million at an
annual interest rate of 5.94%, which are shown as Liquidity Agreement borrowings on the Statement of Assets and Liabilities. The carrying amount of the borrowings at October 31, 2023 approximated its fair value. If measured at fair value, borrowings
under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 9) at October 31, 2023. For the year ended October 31, 2023, the aggregate average borrowings under the Agreement and the average annual interest rate
(excluding fees) were $370,000,000 and 5.53%, respectively.
8 Affiliated Investments
At October 31, 2023, the value of the Fund's investment
in funds that may be deemed to be affiliated was $34,329,290, which represents 2.7% of the Fund's net assets. Transactions in such investments by the Fund for the year ended October 31, 2023 were as follows:
Name
|
Value,
beginning of period |
Purchases
|
Sales
proceeds |
Net
realized gain (loss) |
Change
in unrealized appreciation (depreciation) |
Value,
end of period |
Dividend
income |
Shares,
end of period |
Short-Term
Investments |
Liquidity
Fund |
$11,487,539
|
$486,264,897
|
$(463,423,146)
|
$ —
|
$ —
|
$34,329,290
|
$889,897
|
34,329,290
|
9 Fair Value
Measurements
Under generally accepted accounting
principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels
listed below.
•
|
Level 1 – quoted prices
in active markets for identical investments |
•
|
Level 2 – other
significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
•
|
Level 3
– significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in
different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing in those securities.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Notes to Financial
Statements — continued
At
October 31, 2023, the hierarchy of inputs used in valuing the Fund's investments, which are carried at fair value, were as follows:
Asset
Description |
Level
1 |
Level
2 |
Level
3* |
Total
|
Common
Stocks: |
|
|
|
|
Communication
Services |
$
79,043,532 |
$
12,150,396 |
$
— |
$
91,193,928 |
Consumer
Discretionary |
78,713,223
|
67,568,818
|
—
|
146,282,041
|
Consumer
Staples |
50,309,922
|
65,069,968
|
—
|
115,379,890
|
Energy
|
58,748,952
|
—
|
—
|
58,748,952
|
Financials
|
120,932,363
|
87,063,227
|
—
|
207,995,590
|
Health
Care |
103,996,746
|
96,175,722
|
—
|
200,172,468
|
Industrials
|
82,898,972
|
93,885,606
|
—
|
176,784,578
|
Information
Technology |
290,898,749
|
52,622,651
|
—
|
343,521,400
|
Materials
|
—
|
18,940,779
|
—
|
18,940,779
|
Real
Estate |
10,510,338
|
—
|
—
|
10,510,338
|
Utilities
|
18,799,841
|
17,541,602
|
—
|
36,341,443
|
Total
Common Stocks |
$
894,852,638 |
$
511,018,769** |
$ —
|
$1,405,871,407
|
Corporate
Bonds |
$
— |
$
166,065,601 |
$
— |
$
166,065,601 |
Exchange-Traded
Funds |
4,649,973
|
—
|
—
|
4,649,973
|
Preferred
Stocks: |
|
|
|
|
Communication
Services |
3,046,716
|
—
|
—
|
3,046,716
|
Energy
|
14,419,441
|
—
|
—
|
14,419,441
|
Financials
|
9,128,047
|
5,570,075
|
—
|
14,698,122
|
Real
Estate |
5,227,955
|
—
|
—
|
5,227,955
|
Utilities
|
5,894,040
|
—
|
—
|
5,894,040
|
Total
Preferred Stocks |
$
37,716,199 |
$
5,570,075 |
$ —
|
$ 43,286,274
|
Miscellaneous
|
$
— |
$
— |
$
0 |
$
0 |
Short-Term
Investments |
34,329,290
|
—
|
—
|
34,329,290
|
Total
Investments |
$
971,548,100 |
$
682,654,445 |
$
0 |
$1,654,202,545
|
*
|
None of the
unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund. |
**
|
Includes
foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
Level 3 investments at the beginning and/or end of the period
in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the year ended October 31, 2023 is not presented.
10 Risks and Uncertainties
Risks Associated with Foreign Investments
Foreign investments can be adversely affected by political,
economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to
reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States. Trading in foreign markets
typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country. Securities that trade or are denominated in currencies other than the U.S. dollar may
be adversely affected by fluctuations in currency exchange rates.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Report of Independent
Registered Public Accounting Firm
To the
Trustees and Shareholders of Eaton Vance Tax-Advantaged Global Dividend Income Fund:
Opinion on the Financial Statements and Financial
Highlights
We have audited the accompanying statement of
assets and liabilities of Eaton Vance Tax-Advantaged Global Dividend Income Fund (the “Fund”), including the portfolio of investments, as of October 31, 2023, the related statements of operations and cash flows for the year then ended,
the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial
highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2023, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in
the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements and financial highlights are the
responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the
standards of the PCAOB. 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, whether due to error or fraud. The
Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting 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.
Our audits included performing procedures to assess the risks
of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts
and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial
statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing
procedures. We believe that our audits provide a reasonable basis for our opinion.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
December 19, 2023
We have served as the auditor of one
or more Eaton Vance investment companies since 1959.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Federal Tax
Information (Unaudited)
The
Form 1099-DIV you receive in February 2024 will show the tax status of all distributions paid to your account in calendar year 2023. 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 and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals, the dividends received deduction for corporations and capital gains
dividends.
Qualified Dividend Income. For the fiscal year ended October 31, 2023, the Fund designates approximately $79,182,506, 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 2023 ordinary income dividends, 18.47% qualifies for the corporate dividends received deduction.
Capital Gains Dividends. The
Fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2023, $20,460,751 or, if subsequently determined to be different, the net capital gain of such year.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Annual Meeting of
Shareholders (Unaudited)
The
Fund held its Annual Meeting of Shareholders on August 9, 2023. The following action was taken by the shareholders:
Proposal 1(c): The election of Alan C. Bowser, Mark R. Fetting
and Keith Quinton as Class II Trustees of the Fund for a three-year term expiring in 2026.
|
|
|
Number
of Shares |
Nominees
for Trustee |
|
|
For
|
Withheld
|
Alan
C. Bowser |
|
|
59,971,971
|
3,373,810
|
Mark
R. Fetting |
|
|
60,058,368
|
3,287,413
|
Keith
Quinton |
|
|
60,142,528
|
3,203,253
|
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Dividend Reinvestment
Plan
The Fund offers a dividend reinvestment plan (Plan)
pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (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 Equiniti Trust Company, LLC (EQ) as dividend paying agent. On the distribution payment date, if the NAV 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 NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open
market by EQ, the Plan agent (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 the Fund’s transfer agent re-register your Shares in your name or you will not be
able to participate.
The Agent’s service fee for
handling distributions will be paid by the Fund. Plan participants 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 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 Agent to sell part or all
of his or her Shares and remit the proceeds, the 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 Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
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 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
Income Fund
c/o Equiniti Trust Company, LLC
P.O. Box 922
Wall Street Station
New York, NY 10269-0560
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Board of
Trustees’ Contract Approval
Overview of the Contract Review Process
The Investment Company Act of 1940, as amended (the “1940
Act”), provides, in substance, that the investment advisory agreement between a fund and its investment adviser will continue in effect from year-to-year only if its continuation is approved on an annual basis by a vote of the fund’s
board of trustees, including 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 held on June 8, 2023, the Boards of
Trustees/Directors (collectively, the “Board”) that oversee the registered investment companies advised by Eaton Vance Management or its affiliate, Boston Management and Research (the “Eaton Vance Funds”), including a
majority of the independent trustees (the “Independent Trustees”), voted to approve the continuation of existing investment advisory agreements and sub-advisory
agreements1 for each of the Eaton Vance Funds for an additional one-year period. The Board relied upon the affirmative recommendation of its Contract Review Committee,
which is a committee exclusively comprised of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by the adviser and sub-adviser to each of the Eaton Vance Funds (including
information specifically requested by the Board) for a series of formal meetings held between April and June 2023, as well as certain additional information provided in response to specific requests from the Independent Trustees as members of the
Contract Review Committee. Members of the Contract Review Committee also considered information received at prior meetings of the Board and its committees, to the extent such information was relevant to the Contract Review Committee’s annual
evaluation of the investment advisory agreements and sub-advisory agreements.
In connection with its evaluation of the investment advisory
agreements and sub-advisory agreements, the Board considered various information relating to the Eaton Vance Funds. This included information applicable to all or groups of Eaton Vance Funds, which is referenced immediately below, and information
applicable to the particular Eaton Vance Fund covered by this report (each “Eaton Vance Fund” is referred to below as a “fund”). (For funds that invest through one or more underlying portfolios, references to “each
fund” in this section may include information that was considered at the portfolio-level.)
Information about Fees, Performance and Expenses
• A report from an independent
data provider comparing advisory and other fees paid by each fund to such fees paid by comparable funds, as identified by the independent data provider (“comparable funds”);
• A report from an independent
data provider comparing each fund’s total expense ratio (and its components) to those of comparable funds;
• A report from an independent
data provider comparing the investment performance of each fund (including, as relevant, total return data, income data, Sharpe ratios and information ratios) to the investment performance of comparable funds and, as applicable, benchmark indices,
over various time periods;
• In certain instances, data
regarding investment performance relative to customized groups of peer funds and blended indices identified by the adviser in consultation with the Portfolio Management Committee of the Board (a committee exclusively comprised of Independent
Trustees);
• Comparative
information concerning the fees charged and services provided by the adviser and sub-adviser to each fund in managing other accounts (which may include other mutual funds, collective investment funds and institutional accounts) using investment
strategies and techniques similar to those used in managing such fund(s), if any;
• Profitability analyses with
respect to the adviser and sub-adviser to each of the funds;
Information about Portfolio Management and Trading
• Descriptions of the investment
management services provided to each fund, as well as each of the funds’ investment strategies and policies;
• The procedures and processes
used to determine the value of fund assets, including, when necessary, the determination of “fair value” and actions taken to monitor and test the effectiveness of such procedures and processes;
• Information about the policies
and practices of each fund’s adviser and sub-adviser with respect to trading, including their processes for seeking best execution of portfolio transactions;
• Information about the
allocation of brokerage transactions and the benefits, if any, received by the adviser and sub-adviser to each fund as a result of brokerage allocation, including, as applicable, information concerning the acquisition of research through client
commission arrangements and policies with respect to “soft dollars”;
Data relating to the portfolio turnover rate of each fund and
related information regarding active management in the context of particular strategies;
Information about each Adviser and Sub-adviser
• Reports detailing the
financial results and condition of the adviser and sub-adviser to each fund;
1 Not all Eaton Vance Funds have entered into a sub-advisory agreement with a sub-adviser. Accordingly,
references to “sub-adviser” or “sub-advisory agreement” in this “Overview” section may not be applicable to the particular Eaton Vance Fund covered by this report.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Board of
Trustees’ Contract Approval — continued
• Information regarding the
individual investment professionals whose responsibilities include portfolio management and investment research for the funds, and, for portfolio managers and certain other investment professionals, information relating to their responsibilities
with respect to managing other mutual funds and investment accounts, as applicable;
• Information regarding the
adviser’s and its parent company’s (Morgan Stanley’s) efforts to retain and attract talented investment professionals, including in the context of a competitive marketplace for talent, as well as the ongoing unique environment
presented by hybrid, remote and other alternative work arrangements;
• Information regarding the
adviser’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage;
• The Code of Ethics of the
adviser and its affiliates and the sub-adviser of each fund, together with information relating to compliance with, and the administration of, such codes;
• Policies and procedures
relating to proxy voting, including regular reporting with respect to fund proxy voting activities;
• Information regarding the
handling of corporate actions and class actions, as well as information regarding litigation and other regulatory matters;
• Information concerning the
resources devoted to compliance efforts undertaken by the adviser and its affiliates and the sub-adviser of each fund, if any, including descriptions of their various compliance programs and their record of compliance;
• Information concerning the
business continuity and disaster recovery plans of the adviser and its affiliates and the sub-adviser of each fund, if any;
• A description of Eaton Vance
Management’s and Boston Management and Research’s oversight of sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;
Other Relevant Information
• Information regarding
ongoing initiatives to further integrate and harmonize, where applicable, the investment management and other departments of the adviser and its affiliates with the overall investment management infrastructure of Morgan Stanley, in light of Morgan
Stanley’s acquisition of Eaton Vance Corp. on March 1, 2021;
• Information concerning the
nature, cost and character of the administrative and other non-investment advisory services provided by Eaton Vance Management and its affiliates;
• Information concerning
oversight of the relationship with the custodian, subcustodians, fund accountants, and other third-party service providers by the adviser and/or administrator to each of the funds;
• Information concerning efforts
to implement policies and procedures with respect to various recently adopted regulations applicable to the funds, including Rule 12d1-4 (the Fund-of-Funds Rule), Rule 18f-4 (the Derivatives Rule) and Rule 2a-5 (the Fair Valuation Rule);
• For an Eaton Vance Fund
structured as an exchange-listed closed-end fund, information concerning the benefits of the closed-end fund structure, as well as, where relevant, the closed-end fund’s market prices (including as compared to the closed-end fund’s net
asset value (NAV)), trading volume data, continued use of auction preferred shares (where applicable), distribution rates and other relevant matters;
• The risks which the adviser
and/or its affiliates incur in connection with the management and operation of the funds, including, among others, litigation, regulatory, entrepreneurial, and other business risks (and the associated costs of such risks); and
• The terms of each investment
advisory agreement and sub-advisory agreement.
During the
various meetings of the Board and its committees over the course of the year leading up to the June 8, 2023 meeting, the Board received information from portfolio managers and other investment professionals of the advisers and sub-advisers of the
funds regarding investment and performance matters, and considered various investment and trading strategies used in pursuing the funds’ investment objectives. The Board also received information regarding risk management techniques employed
in connection with the management of the funds. The Board and its committees evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance and other issues with respect to the funds, and received and
participated in reports and presentations provided by Eaton Vance Management, Boston Management and Research and fund sub-advisers, with respect to such matters. In addition to the formal meetings of the Board and its committees, the Independent
Trustees held regular teleconferences to discuss, among other topics, matters relating to the continuation of investment advisory agreements and sub-advisory agreements.
The Contract Review Committee was advised throughout the
contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee, with the advice of such counsel, exercised their own business judgment in determining the material
factors to be considered in evaluating each investment advisory agreement and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory agreement 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 Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with
respect to each investment advisory agreement and sub-advisory agreement. In evaluating each investment advisory agreement and sub-advisory agreement, including the fee structures and other terms contained in such agreements, the members of the
Contract Review Committee were also informed by multiple years of analysis and discussion with the adviser and sub-adviser to each of the Eaton Vance Funds.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Board of
Trustees’ Contract Approval — continued
Results of the Contract Review Process
Based on its consideration of the foregoing, and such other
information it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement between Eaton Vance Tax-Advantaged Global Dividend Income Fund
(the “Fund”) and Eaton Vance Management (the “Adviser”) and the sub-advisory agreement between the Adviser and Eaton Vance Advisers International Ltd. (the “Sub-adviser”), an affiliate of the Adviser, with respect
to the Fund, including their respective fee structures, are in the interests of shareholders and, therefore, recommended to the Board approval of each agreement. Based on the recommendation of the Contract Review Committee, the Board, including a
majority of the Independent Trustees, voted to approve continuation of the investment advisory agreement and the sub-advisory agreement for the Fund.
Nature, Extent and Quality of Services
In considering whether to approve the investment advisory
agreement and the sub-advisory agreement for the Fund, the Board evaluated the nature, extent and quality of services provided to the Fund by the Adviser and the Sub-adviser.
The Board considered the Adviser’s and the
Sub-adviser’s management capabilities and investment processes in light of the types of investments held by the Fund, including the education, experience and number of investment professionals and other personnel who provide portfolio
management, investment research, and similar services to the Fund, including recent changes to such personnel. Regarding the Adviser, the Board considered the Adviser’s responsibilities with respect to oversight of the Sub-adviser and
coordinating activities in implementing the investment strategies of the Fund. The Board also considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. With respect
to the Sub-adviser, the Board considered the abilities and experience of the Sub-adviser’s investment professionals in investing in equity securities, including investing in both U.S. and foreign common stocks. In particular, the Board
considered the abilities and experience of the Adviser’s and the Sub-adviser’s investment professionals in analyzing factors such as tax efficiency and special considerations relevant to investing in dividend-paying common and preferred
stocks and foreign markets. The Board considered the international investment capabilities of the Sub-adviser, which is based in London, and the benefits to the Fund of having portfolio management services involving investments in international
equities provided by investment professionals located abroad. The Board also took into account the resources dedicated to portfolio management and other services, the compensation methods of the Adviser and other factors, including the reputation
and resources of the Adviser to recruit and retain highly qualified research, advisory and supervisory investment professionals. In addition, the Board considered the time and attention devoted to the Eaton Vance Funds, including the Fund, by senior
management, as well as the infrastructure, operational capabilities and support staff in place to assist in the portfolio management and operations of the Fund, including the provision of administrative services. The Board also considered the
business-related and other risks to which the Adviser or its affiliates may be subject in managing the Fund. The Board considered the deep experience of the Adviser and its affiliates with managing and operating funds organized as exchange-listed
closed-end funds, such as the Fund. In this regard, the Board considered, among other things, the Adviser’s and its affiliates’ experience with implementing leverage arrangements, monitoring and assessing trading price discounts and
premiums and adhering to the requirements of securities exchanges.
The Board considered the compliance programs of the Adviser and
relevant affiliates thereof, including the Sub-adviser. The Board considered compliance and reporting matters regarding, among other things, personal trading by investment professionals, disclosure of portfolio holdings, late trading, frequent
trading, portfolio valuation, business continuity and the allocation of investment opportunities. The Board also considered the responses of the Adviser and its affiliates to requests in recent years from regulatory authorities, such as the
Securities and Exchange Commission and the Financial Industry Regulatory Authority.
The Board considered other administrative services provided or
overseen 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 fund complex offering exposure to a variety
of asset classes and investment disciplines.
After
consideration of the foregoing factors, among others, the Board concluded that the nature, extent and quality of services provided by the Adviser and Sub-adviser, taken as a whole, are appropriate and consistent with the terms of the investment
advisory agreement and the sub-advisory agreement.
Fund
Performance
The Board compared the Fund’s
investment performance to that of comparable funds identified by an independent data provider (the peer group), as well as appropriate benchmark indices. The Board’s review included comparative performance data with respect to the Fund for the
one-, three-, five- and ten-year periods ended December 31, 2022. In this regard, the Board noted that the performance of the Fund was higher than the median performance of the Fund’s peer group for the three-year period. The Board also noted
that the performance of the Fund was higher than its secondary benchmark index and lower than its primary and custom benchmark indexes for the three-year period. The Board concluded that the performance of the Fund was satisfactory.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Board of
Trustees’ Contract Approval — continued
Management Fees and Expenses
The Board considered contractual fee rates payable by the Fund
for advisory and administrative services (referred to collectively as “management fees”). As part of its review, the Board considered the Fund’s management fees and total expense ratio for the one-year period ended December 31,
2022, as compared to those of comparable funds, before and after giving effect to any undertaking to waive fees or reimburse expenses. The Board also considered factors that had an impact on the Fund’s total expense ratio relative to
comparable funds.
After considering the foregoing
information, and in light of the nature, extent and quality of the services provided by the Adviser and the Sub-adviser, the Board concluded that the management fees charged for advisory and related services are reasonable.
Profitability and “Fall-Out” Benefits
The Board considered the level of profits realized by the
Adviser and relevant affiliates thereof, including the Sub-adviser, 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 marketing support or other payments by the Adviser and its affiliates to third parties in respect of distribution or other services.
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, including the Sub-adviser, are deemed not to be excessive.
The Board also considered direct or indirect fall-out benefits
received by the Adviser and its affiliates, including the Sub-adviser, in connection with their respective relationships with the Fund, including the benefits of research services that may be available to the Adviser or the Sub-adviser as a result
of securities transactions effected for the Fund and other investment advisory clients.
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 increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from economies of scale, if any, with respect to the management of any specific fund or group of funds. The Board reviewed data summarizing the increases and decreases in the assets of the Fund and of all
Eaton Vance Funds as a group over various time periods, and evaluated the extent to which the total expense ratio of the Fund and the profitability of the Adviser and its affiliates may have been affected by such increases or decreases. Based upon
the foregoing, the Board concluded that the Fund currently shares in the benefits from economies of scale, if any, when they are realized by the Adviser. The Board also considered the fact that the Fund is not continuously offered in the same manner
as an open-end fund. The Board also concluded that the structure of the advisory fee, which includes breakpoints at several asset levels, will allow the Fund to continue to benefit from any economies of scale in the future.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Management and
Organization
Fund
Management. The Board of Trustees of the Fund (the “Board”) is responsible for the overall management and supervision of the affairs of the Fund. The Board members 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. Each Trustee holds office until the annual meeting for the year in which his or her term expires and until his or her
successor is elected and qualified, subject to a prior death, resignation, retirement, disqualification or removal. Under the terms of the Fund’s current Trustee retirement policy, an Independent Trustee must retire and resign as a Trustee on
the earlier of: (i) the first day of July following his or her 74th birthday; or (ii), with limited exception, December 31st of the 20th year in which he or she has served as a Trustee. However, if such retirement and resignation would cause the
Fund to be out of compliance with Section 16 of the 1940 Act or any other regulations or guidance of the Securities and Exchange Commission, then such retirement and resignation will not become effective until such time as action has been taken for
the Fund to be in compliance therewith. 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 Board
member and officer is Two International Place, Boston, Massachusetts 02110. As used below, “BMR” refers to Boston Management and Research, “EV” refers to EV LLC, “EVM” refers to Eaton Vance
Management, “MSIM" refers to Morgan Stanley Investment Management Inc. and “EVD” refers to Eaton Vance Distributors, Inc. EV is the trustee of each of EVM and BMR. Each of EVM, BMR, EVD and EV are indirect, wholly owned
subsidiaries of Morgan Stanley. Each officer affiliated with EVM may hold a position with other EVM affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 127 funds in the Eaton Vance fund complex
(including both funds and portfolios in a hub and spoke structure).
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Interested Trustee
|
Anchal
Pachnanda(1) 1980 |
Class
III Trustee |
Until
2024. 3 years. Since 2023. |
Co-Head of
Strategy of MSIM (since 2019). Formerly, Head of Strategy of MSIM (2017-2019). Ms. Pachnanda is an interested person because of her position with MSIM, which is an affiliate of the Fund. Other
Directorships. None. |
Noninterested Trustees
|
Alan
C. Bowser(2) 1962 |
Class
II Trustee |
Until
2026. 3 years. Since 2023. |
Private investor.
Formerly, Chief Diversity Officer, Partner and a member of the Operating Committee, and formerly served as Senior Advisor on Diversity and Inclusion for the firm's chief executive officer, Co-Head of the Americas Region, and Senior Client Advisor
of Bridgewater Associates, an asset management firm (2011- 2023). Other Directorships. Independent Director of Stout Risius Ross (a middle market professional services advisory firm) (since 2021).
|
Mark
R. Fetting 1954 |
Class
II Trustee |
Until
2026. 3 years. Since 2016. |
Private investor.
Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President
(2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships. None. |
Cynthia
E. Frost 1961 |
Class
I Trustee |
Until
2025. 3 years. Since 2014. |
Private investor.
Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates
(investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other
Directorships. None. |
George
J. Gorman 1952 |
Chairperson
of the Board and Class III Trustee |
Until
2024. 3 years. Chairperson of the Board since 2021 and Trustee since 2014. |
Principal
at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships. None. |
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Management and
Organization — continued
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience |
Noninterested Trustees
(continued) |
Valerie
A. Mosley 1960 |
Class
I Trustee |
Until
2025. 3 years. Since 2014. |
Chairwoman
and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Founder of Upward Wealth, Inc., dba BrightUp, a fintech platform. Formerly, Partner and Senior Vice President, Portfolio Manager and Investment Strategist at
Wellington Management Company, LLP (investment management firm) (1992-2012). Formerly, Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and
financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020) and Director of Groupon, Inc. (e-commerce provider) (2020-2022). |
Keith
Quinton 1958 |
Class
II Trustee |
Until
2026. 3 years Since 2018. |
Private investor,
researcher and lecturer. Formerly, Independent Investment Committee Member at New Hampshire Retirement System (2017-2021). Formerly, Portfolio Manager and Senior Quantitative Analyst at Fidelity Investments (investment management firm)
(2001-2014). Other Directorships. Formerly, Director (2016-2021) and Chairman (2019-2021) of New Hampshire Municipal Bond Bank. |
Marcus
L. Smith 1966 |
Class
III Trustee |
Until
2024. 3 years. Since 2018. |
Private investor
and independent corporate director. Formerly, Chief Investment Officer, Canada (2012-2017), Chief Investment Officer, Asia (2010-2012), Director of Asian Research (2004-2010) and portfolio manager (2001-2017) at MFS Investment Management
(investment management firm). Other Directorships. Director of First Industrial Realty Trust, Inc. (an industrial REIT) (since 2021). Director of MSCI Inc. (global provider of investment decision support
tools) (since 2017). Formerly, Director of DCT Industrial Trust Inc. (logistics real estate company) (2017-2018). |
Susan
J. Sutherland 1957 |
Class
III Trustee |
Until
2024. 3 years. Since 2015. |
Private investor.
Director of Ascot Group Limited and certain of its subsidiaries (insurance and reinsurance) (since 2017). Formerly, Director of Hagerty Holding Corp. (insurance) (2015-2018) and Montpelier Re Holdings Ltd. (insurance and reinsurance) (2013-2015).
Formerly, Associate, Counsel and Partner at Skadden, Arps, Slate, Meagher & Flom LLP (law firm) (1982-2013). Other Directorships. Formerly, Director of Kairos Acquisition Corp. (insurance/InsurTech
acquisition company) (2021-2023). |
Scott
E. Wennerholm 1959 |
Class
I Trustee |
Until
2025. 3 years. Since 2016 |
Private investor.
Formerly, Trustee at Wheelock College (postsecondary institution) (2012-2018). Formerly, Consultant at GF Parish Group (executive recruiting firm) (2016-2017). Formerly, Chief Operating Officer and Executive Vice President at BNY Mellon Asset
Management (investment management firm) (2005-2011). Formerly, Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment management firm) (1997-2004). Formerly, Vice President at Fidelity Investments
Institutional Services (investment management firm) (1994-1997). Other Directorships. None. |
Nancy
A. Wiser 1967 |
Class
I Trustee |
Until
2025. 3 years. Since 2022. |
Formerly,
Executive Vice President and the Global Head of Operations at Wells Fargo Asset Management (2011-2021). Other Directorships. None. |
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) During Past Five Years |
Principal
Officers who are not Trustees |
R.
Kelly Williams, Jr. 1971 |
President
|
Since
2023 |
President
and Chief Operating Officer of Atlanta Capital Management Company, LLC. Officer of 21 registered investment companies managed by Eaton Vance or BMR. |
Deidre
E. Walsh 1971 |
Vice
President and Chief Legal Officer |
Since
2009 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
James
F. Kirchner 1967 |
Treasurer
|
Since
2007 |
Vice
President of EVM and BMR. Also Vice President of CRM. |
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Management and
Organization — continued
Name
and Year of Birth |
Fund
Position(s) |
Length
of Service |
Principal
Occupation(s) During Past Five Years |
Principal
Officers who are not Trustees (continued) |
Nicholas
S. Di Lorenzo 1987 |
Secretary
|
Since
2022 |
Formerly,
associate (2012-2021) and counsel (2022) at Dechert LLP. |
Richard
F. Froio 1968 |
Chief
Compliance Officer |
Since
2017 |
Vice
President of EVM and BMR since 2017. Formerly, Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).
|
(1) Ms. Pachnanda began serving as Trustee effective April 1, 2023.
(2) Mr. Bowser began serving as Trustee effective January 4, 2023.
Privacy
Notice |
April 2021
|
FACTS
|
WHAT
DOES EATON VANCE DO WITH YOUR PERSONAL INFORMATION? |
Why?
|
Financial
companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read
this notice carefully to understand what we do. |
|
|
What?
|
The
types of personal information we collect and share depend on the product or service you have with us. This information can include:■ Social Security number and income ■ investment
experience and risk tolerance ■ checking account number and wire transfer instructions |
|
|
How?
|
All
financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Eaton Vance
chooses to share; and whether you can limit this sharing. |
Reasons
we can share your personal information |
Does
Eaton Vance share? |
Can
you limit this sharing? |
For
our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes
|
No
|
For
our marketing purposes — to offer our products and services to you |
Yes
|
No
|
For
joint marketing with other financial companies |
No
|
We
don’t share |
For
our investment management affiliates’ everyday business purposes — information about your transactions, experiences, and creditworthiness |
Yes
|
Yes
|
For
our affiliates’ everyday business purposes — information about your transactions and experiences |
Yes
|
No
|
For
our affiliates’ everyday business purposes — information about your creditworthiness |
No
|
We
don’t share |
For
our investment management affiliates to market to you |
Yes
|
Yes
|
For
our affiliates to market to you |
No
|
We
don’t share |
For
nonaffiliates to market to you |
No
|
We
don’t share |
To
limit our sharing |
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.comPlease note:If you are a new customer,
we can begin sharing your information 30 days from the date we sent this notice. When you are no longer our customer, we continue to share your information as described in this notice. However, you can contact
us at any time to limit our sharing. |
Questions?
|
Call
toll-free 1-800-262-1122 or email: EVPrivacy@eatonvance.com |
Privacy
Notice — continued |
April 2021
|
Who
we are |
Who
is providing this notice? |
Eaton
Vance Management, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate
Investment Group, Boston Management and Research, Calvert Research and Management, Eaton Vance and Calvert Fund Families and our investment advisory affiliates (“Eaton Vance”) (see Investment Management Affiliates definition below)
|
What
we do |
How
does Eaton Vance protect my personal information? |
To
protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We have policies governing the proper handling of
customer information by personnel and requiring third parties that provide support to adhere to appropriate security standards with respect to such information. |
How
does Eaton Vance collect my personal information? |
We
collect your personal information, for example, when you■ open an account or make deposits or withdrawals from your account ■ buy securities from us or make a wire transfer
■ give us your contact informationWe also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
Why
can’t I limit all sharing? |
Federal
law gives you the right to limit only■ sharing for affiliates’ everyday business purposes — information about your creditworthiness ■ affiliates from using your information
to market to you ■ sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. See below for more on your rights under state law.
|
Definitions
|
Investment
Management Affiliates |
Eaton
Vance Investment Management Affiliates include registered investment advisers, registered broker- dealers, and registered and unregistered funds. Investment Management Affiliates does not include entities associated with Morgan Stanley Wealth
Management, such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Affiliates
|
Companies
related by common ownership or control. They can be financial and nonfinancial companies.■ Our affiliates include companies with a Morgan Stanley name and financial
companies such as Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. |
Nonaffiliates
|
Companies
not related by common ownership or control. They can be financial and nonfinancial companies.■ Eaton Vance does not share with nonaffiliates so they can market to
you. |
Joint
marketing |
A
formal agreement between nonaffiliated financial companies that together market financial products or services to you.■ Eaton Vance doesn’t jointly market.
|
Other
important information |
Vermont:
Except as permitted by law, we will not share personal information we collect about Vermont residents with Nonaffiliates unless you provide us with your written consent to share such
information.California: Except as permitted by law, we will not share personal information we collect about California residents with Nonaffiliates and we will limit sharing
such personal information with our Affiliates to comply with California privacy laws that apply to us. |
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Potential Conflicts of
Interest
As a
diversified global financial services firm, Morgan Stanley engages in a broad spectrum of activities, including financial advisory services, investment management activities, lending, commercial banking, sponsoring and managing private investment
funds, engaging in broker-dealer transactions and principal securities, commodities and foreign exchange transactions, research publication and other activities. In the ordinary course of its business, Morgan Stanley is a full-service investment
banking and financial services firm and therefore engages in activities where Morgan Stanley’s interests or the interests of its clients may conflict with the interests of a Fund or Portfolio, if applicable, (collectively for the purposes of
this section, “Fund” or “Funds”). Morgan Stanley advises clients and sponsors, manages or advises other investment funds and investment programs, accounts and businesses (collectively, together with the Morgan Stanley funds,
any new or successor funds, programs, accounts or businesses (other than funds, programs, accounts or businesses sponsored, managed, or advised by former direct or indirect subsidiaries of Eaton Vance Corp. (“Eaton Vance Investment
Accounts”)), the ‘‘MS Investment Accounts, and, together with the Eaton Vance Investment Accounts, the “Affiliated Investment Accounts’’) with a wide variety of investment objectives that in some instances may
overlap or conflict with a Fund’s investment objectives and present conflicts of interest. In addition, Morgan Stanley or the investment adviser may also from time to time create new or successor Affiliated Investment Accounts that may compete
with a Fund and present similar conflicts of interest. The discussion below enumerates certain actual, apparent and potential conflicts of interest. There is no assurance that conflicts of interest will be resolved in favor of Fund shareholders and,
in fact, they may not be. Conflicts of interest not described below may also exist.
The discussions below with respect to actual, apparent and
potential conflicts of interest also may be applicable to or arise from the MS Investment Accounts whether or not specifically identified.
Material Non-public and Other Information. It is expected that confidential or material non-public information regarding an investment or potential investment opportunity may become available to the investment adviser. If such information becomes available, the
investment adviser may be precluded (including by applicable law or internal policies or procedures) from pursuing an investment or disposition opportunity with respect to such investment or investment opportunity. The investment adviser may also
from time to time be subject to contractual ‘‘stand-still’’ obligations and/or confidentiality obligations that may restrict its ability to trade in certain investments on a Fund’s behalf. In addition, the investment
adviser may be precluded from disclosing such information to an investment team, even in circumstances in which the information would be beneficial if disclosed. Therefore, the investment team may not be provided access to material non-public
information in the possession of Morgan Stanley that might be relevant to an investment decision to be made on behalf of a Fund, and the investment team may initiate a transaction or sell an investment that, if such information had been known to it,
may not have been undertaken. In addition, certain members of the investment team may be recused from certain investment-related discussions so that such members do not receive information that would limit their ability to perform functions of their
employment with the investment adviser or its affiliates unrelated to that of a Fund. Furthermore, access to certain parts of Morgan Stanley may be subject to third party confidentiality obligations and to information barriers established by Morgan
Stanley in order to manage potential conflicts of interest and regulatory restrictions, including without limitation joint transaction restrictions pursuant to the 1940 Act. Accordingly, the investment adviser’s ability to source investments
from other business units within Morgan Stanley may be limited and there can be no assurance that the investment adviser will be able to source any investments from any one or more parts of the Morgan Stanley network.
The investment adviser may restrict its investment decisions
and activities on behalf of the Funds in various circumstances, including because of applicable regulatory requirements or information held by the investment adviser or Morgan Stanley. The investment adviser might not engage in transactions or other
activities for, or enforce certain rights in favor of, a Fund due to Morgan Stanley’s activities outside the Funds. In instances where trading of an investment is restricted, the investment adviser may not be able to purchase or sell such
investment on behalf of a Fund, resulting in the Fund’s inability to participate in certain desirable transactions. This inability to buy or sell an investment could have an adverse effect on a Fund’s portfolio due to, among other
things, changes in an investment’s value during the period its trading is restricted. Also, in situations where the investment adviser is required to aggregate its positions with those of other Morgan Stanley business units for position limit
calculations, the investment adviser may have to refrain from making investments due to the positions held by other Morgan Stanley business units or their clients. There may be other situations where the investment adviser refrains from making an
investment due to additional disclosure obligations, regulatory requirements, policies, and reputational risk, or the investment adviser may limit purchases or sales of securities in respect of which Morgan Stanley is engaged in an underwriting or
other distribution capacity.
Morgan Stanley has
established certain information barriers and other policies to address the sharing of information between different businesses within Morgan Stanley. As a result of information barriers, the investment adviser generally will not have access, or will
have limited access, to certain information and personnel in other areas of Morgan Stanley relating to business transactions for clients (including transactions in investing, banking, prime brokerage and certain other areas), and generally will not
manage the Funds with the benefit of the information held by such other areas. Morgan Stanley, due to its access to and knowledge of funds, markets and securities based on its prime brokerage and other businesses, may make decisions based on
information or take (or refrain from taking) actions with respect to interests in investments of the kind held (directly or indirectly) by the Funds in a manner that may be adverse to the Funds, and will not have any obligation or other duty to
share information with the investment adviser.
In limited
circumstances, however, including for purposes of managing business and reputational risk, and subject to policies and procedures and any applicable regulations, Morgan Stanley personnel, including personnel of the investment adviser, on one side of
an information barrier may have access to information and personnel on the other side of the information barrier through “wall crossings.” The investment adviser faces conflicts of interest in determining whether to engage in such wall
crossings. Information obtained in connection with such wall crossings may limit or restrict the ability of the investment adviser to engage in or otherwise effect transactions on behalf of the Funds (including purchasing or selling securities that
the investment adviser may otherwise have purchased or sold for a Fund in the absence of a wall crossing). In managing conflicts of interest that arise because of the foregoing, the investment adviser generally will be subject to fiduciary
requirements. The investment adviser may also implement internal information barriers or ethical walls, and the conflicts described herein with respect to information barriers and otherwise with respect to Morgan Stanley and the
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Potential Conflicts of
Interest — continued
investment adviser
will also apply internally within the investment adviser. As a result, a Fund may not be permitted to transact in (e.g., dispose of a security in whole or in part) during periods when it otherwise would have been able to do so, which could adversely
affect a Fund. Other investors in the security that are not subject to such restrictions may be able to transact in the security during such periods. There may also be circumstances in which, as a result of information held by certain portfolio
management teams in the investment adviser, the investment adviser limits an activity or transaction for a Fund, including if the Fund is managed by a portfolio management team other than the team holding such information.
Investments by Morgan Stanley and its Affiliated Investment
Accounts. In serving in multiple capacities to Affiliated Investment Accounts, Morgan Stanley, including the investment adviser and its investment teams, may have obligations to other clients or investors in
Affiliated Investment Accounts, the fulfillment of which may not be in the best interests of a Fund or its shareholders. A Fund’s investment objectives may overlap with the investment objectives of certain Affiliated Investment Accounts. As a
result, the members of an investment team may face conflicts in the allocation of investment opportunities among a Fund and other investment funds, programs, accounts and businesses advised by or affiliated with the investment adviser. Certain
Affiliated Investment Accounts may provide for higher management or incentive fees or greater expense reimbursements or overhead allocations, all of which may contribute to this conflict of interest and create an incentive for the investment adviser
to favor such other accounts.
Morgan Stanley
currently invests and plans to continue to invest on its own behalf and on behalf of its Affiliated Investment Accounts in a wide variety of investment opportunities globally. Morgan Stanley and its Affiliated Investment Accounts, to the extent
consistent with applicable law and policies and procedures, will be permitted to invest in investment opportunities without making such opportunities available to a Fund beforehand. Subject to the foregoing, Morgan Stanley may offer investments that
fall into the investment objectives of an Affiliated Investment Account to such account or make such investment on its own behalf, even though such investment also falls within a Fund’s investment objectives. A Fund may invest in opportunities
that Morgan Stanley and/or one or more Affiliated Investment Accounts has declined, and vice versa. All of the foregoing may reduce the number of investment opportunities available to a Fund and may create conflicts of interest in allocating
investment opportunities. Investors should note that the conflicts inherent in making such allocation decisions may not always be resolved to a Fund’s advantage. There can be no assurance that a Fund will have an opportunity to participate in
certain opportunities that fall within their investment objectives.
To seek to reduce potential conflicts of interest and to
attempt to allocate such investment opportunities in a fair and equitable manner, the investment adviser has implemented allocation policies and procedures. These policies and procedures are intended to give all clients of the investment adviser,
including the Funds, fair access to investment opportunities consistent with the requirements of organizational documents, investment strategies, applicable laws and regulations, and the fiduciary duties of the investment adviser. Each client of the
investment adviser that is subject to the allocation policies and procedures, including each Fund, is assigned an investment team and portfolio manager(s) by the investment adviser. The investment team and portfolio managers review investment
opportunities and will decide with respect to the allocation of each opportunity considering various factors and in accordance with the allocation policies and procedures. The allocation policies and procedures are subject to change. Investors
should note that the conflicts inherent in making such allocation decisions may not always be resolved to the advantage of a Fund.
It is possible that Morgan Stanley or an Affiliated Investment
Account, including another Eaton Vance fund, will invest in or advise a company that is or becomes a competitor of a company of which a Fund holds an investment. Such investment could create a conflict between the Fund, on the one hand, and Morgan
Stanley or the Affiliated Investment Account, on the other hand. In such a situation, Morgan Stanley may also have a conflict in the allocation of its own resources to the portfolio investment. Furthermore, certain Affiliated Investment Accounts
will be focused primarily on investing in other funds which may have strategies that overlap and/or directly conflict and compete with a Fund.
In addition, certain investment professionals who are involved
in a Fund’s activities remain responsible for the investment activities of other Affiliated Investment Accounts managed by the investment adviser and its affiliates, and they will devote time to the management of such investments and other
newly created Affiliated Investment Accounts (whether in the form of funds, separate accounts or other vehicles), as well as their own investments. In addition, in connection with the management of investments for other Affiliated Investment
Accounts, members of Morgan Stanley and its affiliates may serve on the boards of directors of or advise companies which may compete with a Fund’s portfolio investments. Moreover, these Affiliated Investment Accounts managed by Morgan Stanley
and its affiliates may pursue investment opportunities that may also be suitable for a Fund.
It should be noted that Morgan Stanley may, directly or
indirectly, make large investments in certain of its Affiliated Investment Accounts, and accordingly Morgan Stanley’s investment in a Fund may not be a determining factor in the outcome of any of the foregoing conflicts. Nothing herein
restricts or in any way limits the activities of Morgan Stanley, including its ability to buy or sell interests in, or provide financing to, equity and/or debt instruments, funds or portfolio companies, for its own accounts or for the accounts of
Affiliated Investment Accounts or other investment funds or clients in accordance with applicable law.
Different clients of the investment adviser, including a Fund,
may invest in different classes of securities of the same issuer, depending on the respective clients’ investment objectives and policies. As a result, the investment adviser and its affiliates, at times, will seek to satisfy fiduciary
obligations to certain clients owning one class of securities of a particular issuer by pursuing or enforcing rights on behalf of those clients with respect to such class of securities, and those activities may have an adverse effect on another
client which owns a different class of securities of such issuer. For example, if one client holds debt securities of an issuer and another client holds equity securities of the same issuer, if the issuer experiences financial or operational
challenges, the investment adviser and its affiliates may seek a liquidation of the issuer on behalf of the client that holds the debt securities, whereas the client holding the
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Potential Conflicts of
Interest — continued
equity securities may
benefit from a reorganization of the issuer. Thus, in such situations, the actions taken by the investment adviser or its affiliates on behalf of one client can negatively impact securities held by another client. These conflicts also exist as
between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley.
The investment adviser and its affiliates may give advice and
recommend securities to other clients which may differ from advice given to, or securities recommended or bought for, a Fund even though such other clients’ investment objectives may be similar to those of the Fund.
The investment adviser and its affiliates manage long and short
portfolios. The simultaneous management of long and short portfolios creates conflicts of interest in portfolio management and trading in that opposite directional positions may be taken in client accounts, including client accounts managed by the
same investment team, and creates risks such as: (i) the risk that short sale activity could adversely affect the market value of long positions in one or more portfolios (and vice versa) and (ii) the risks associated with the trading desk receiving
opposing orders in the same security simultaneously. The investment adviser and its affiliates have adopted policies and procedures that are reasonably designed to mitigate these conflicts. In certain circumstances, the investment adviser invests on
behalf of itself in securities and other instruments that would be appropriate for, held by, or may fall within the investment guidelines of its clients, including a Fund. At times, the investment adviser may give advice or take action for its own
accounts that differs from, conflicts with, or is adverse to advice given or action taken for any client.
From time to time, conflicts also arise due to the fact that
certain securities or instruments may be held in some client accounts, including a Fund, but not in others, or that client accounts may have different levels of holdings in certain securities or instruments. In addition, due to differences in the
investment strategies or restrictions among client accounts, the investment adviser may take action with respect to one account that differs from the action taken with respect to another account. In some cases, a client account may compensate the
investment 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 the investment adviser in the allocation of management time, resources
and investment opportunities. The investment adviser has adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern the investment adviser’s trading practices,
including, among other things, the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
In addition, at times an investment adviser investment team
will give advice or take action with respect to the investments of one or more clients that is not given or taken with respect to other clients with similar investment programs, objectives, and strategies. Accordingly, clients with similar
strategies will not always hold the same securities or instruments or achieve the same performance. The investment adviser’s investment teams also advise clients with conflicting programs, objectives or strategies. These conflicts also exist
as between the investment adviser’s clients, including the Funds, and the Affiliated Investment Accounts managed by Morgan Stanley.
The investment adviser maintains separate trading desks by
investment team and generally based on asset class, including two trading desks trading equity securities. These trading desks operate independently of one another. The two equity trading desks do not share information. The separate equity trading
desks may result in one desk competing against the other desk when implementing buy and sell transactions, possibly causing certain accounts to pay more or receive less for a security than other accounts. In addition, Morgan Stanley and its
affiliates maintain separate trading desks that operate independently of each other and do not share trading information with the investment adviser. These trading desks may compete against the investment adviser trading desks when implementing buy
and sell transactions, possibly causing certain Affiliated Investment Accounts to pay more or receive less for a security than other Affiliated Investment Accounts.
Investments by Separate Investment Departments. The entities and individuals that provide investment-related services for the Fund and certain other Eaton Vance Investment Accounts (the “Eaton Vance Investment Department”) may be different from the
entities and individuals that provide investment-related services to MS Investment Accounts (the “MS Investment Department and, together with the Eaton Vance Investment Department, the “Investment Departments”). Although Morgan
Stanley has implemented information barriers between the Investment Departments in accordance with internal policies and procedures, each Investment Department may engage in discussions and share information and resources with the other Investment
Department on certain investment-related matters. The sharing of information and resources between the Investment Departments is designed to further increase the knowledge and effectiveness of each Investment Department. Because each Investment
Department generally makes investment decisions and executes trades independently of the other, the quality and price of execution, and the performance of investments and accounts, can be expected to vary. In addition, each Investment Department may
use different trading systems and technology and may employ differing investment and trading strategies. As a result, a MS Investment Account could trade in advance of the Fund (and vice versa), might complete trades more quickly and efficiently
than the Fund, and/or achieve different execution than the Fund on the same or similar investments made contemporaneously, even when the Investment Departments shared research and viewpoints that led to that investment decision. Any sharing of
information or resources between the Investment Department servicing the Fund and the MS Investment Department may result, from time to time, in the Fund simultaneously or contemporaneously seeking to engage in the same or similar transactions as an
account serviced by the other Investment Department and for which there are limited buyers or sellers on specific securities, which could result in less favorable execution for the Fund than such account. The Eaton Vance Investment Department will
not knowingly or intentionally cause the Fund to engage in a cross trade with an account serviced by the MS Investment Department, however, subject to applicable law and internal policies and procedures, the Fund may conduct cross trades with other
accounts serviced by the Eaton Vance Investment Department. Although the Eaton Vance Investment Department may aggregate the Fund’s trades with trades of other accounts serviced by the Eaton Vance Investment Department, subject to applicable
law and internal policies and procedures, there will be no aggregation or coordination of trades with accounts serviced by the MS Investment Department, even when both Investment Departments are seeking to acquire or dispose of the same investments
contemporaneously.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Potential Conflicts of
Interest — continued
Payments
to Broker-Dealers and Other Financial Intermediaries. The investment adviser and/or EVD may pay compensation, out of their own funds and not as an expense of the Funds, to certain financial intermediaries (which may
include affiliates of the investment adviser and EVD), including recordkeepers and administrators of various deferred compensation plans, in connection with the sale, distribution, marketing and retention of shares of the Funds and/or shareholder
servicing. For example, the investment adviser or EVD may pay additional compensation to a financial intermediary for, among other things, promoting the sale and distribution of Fund shares, providing access to various programs, mutual fund
platforms or preferred or recommended mutual fund lists that may be offered by a financial intermediary, granting EVD access to a financial intermediary’s financial advisors and consultants, providing assistance in the ongoing education and
training of a financial intermediary’s financial personnel, furnishing marketing support, maintaining share balances and/or for sub-accounting, recordkeeping, administrative, shareholder or transaction processing services. Such payments are in
addition to any distribution fees, shareholder servicing fees and/or transfer agency fees that may be payable by the Funds. The additional payments may be based on various factors, including level of sales (based on gross or net sales or some
specified minimum sales or some other similar criteria related to sales of the Funds and/or some or all other Eaton Vance funds), amount of assets invested by the financial intermediary’s customers (which could include current or aged assets
of the Funds and/or some or all other Eaton Vance funds), a Fund’s advisory fee, some other agreed upon amount or other measures as determined from time to time by the investment adviser and/or EVD. The amount of these payments may be
different for different financial intermediaries.
The prospect of receiving, or the receipt of, additional
compensation, as described above, by financial intermediaries may provide such financial intermediaries and their financial advisors and other salespersons with an incentive to favor sales of shares of the Funds over other investment options with
respect to which these financial intermediaries do not receive additional compensation (or receive lower levels of additional compensation). These payment arrangements, however, will not change the price that an investor pays for shares of the Funds
or the amount that the Funds receive to invest on behalf of an investor. Investors may wish to take such payment arrangements into account when considering and evaluating any recommendations relating to Fund shares and should review carefully any
disclosures provided by financial intermediaries as to their compensation. In addition, in certain circumstances, the investment adviser may restrict, limit or reduce the amount of a Fund’s investment, or restrict the type of governance or
voting rights it acquires or exercises, where the Fund (potentially together with Morgan Stanley) exceeds a certain ownership interest, or possesses certain degrees of voting or control or has other interests.
Morgan Stanley Trading and Principal Investing Activities. Notwithstanding anything to the contrary herein, Morgan Stanley will generally conduct its sales and trading businesses, publish research and analysis, and render investment advice without regard for a Fund’s
holdings, although these activities could have an adverse impact on the value of one or more of the Fund’s investments, or could cause Morgan Stanley to have an interest in one or more portfolio investments that is different from, and
potentially adverse to that of a Fund. Furthermore, from time to time, the investment adviser or its affiliates may invest “seed” capital in a Fund, typically to enable the Fund to commence investment operations and/or achieve sufficient
scale. The investment adviser and its affiliates may hedge such seed capital exposure by investing in derivatives or other instruments expected to produce offsetting exposure. Such hedging transactions, if any, would occur outside of a
Fund.
Morgan Stanley’s sales and trading,
financing and principal investing businesses (whether or not specifically identified as such, and including Morgan Stanley’s trading and principal investing businesses) will not be required to offer any investment opportunities to a Fund.
These businesses may encompass, among other things, principal trading activities as well as principal investing.
Morgan Stanley’s sales and trading, financing and
principal investing businesses have acquired or invested in, and in the future may acquire or invest in, minority and/or majority control positions in equity or debt instruments of diverse public and/or private companies. Such activities may put
Morgan Stanley in a position to exercise contractual, voting or creditor rights, or management or other control with respect to securities or loans of portfolio investments or other issuers, and in these instances Morgan Stanley may, in its
discretion and subject to applicable law, act to protect its own interests or interests of clients, and not a Fund’s interests.
Subject to the limitations of applicable law, a Fund may
purchase from or sell assets to, or make investments in, companies in which Morgan Stanley has or may acquire an interest, including as an owner, creditor or counterparty.
Morgan Stanley’s Investment Banking and Other Commercial
Activities. Morgan Stanley advises clients on a variety of mergers, acquisitions, restructuring, bankruptcy and financing transactions. Morgan Stanley may act as an advisor to clients, including other investment
funds that may compete with a Fund and with respect to investments that a Fund may hold. Morgan Stanley may give advice and take action with respect to any of its clients or proprietary accounts that may differ from the advice given, or may involve
an action of a different timing or nature than the action taken, by a Fund. Morgan Stanley may give advice and provide recommendations to persons competing with a Fund and/or any of a Fund’s investments that are contrary to the Fund’s
best interests and/or the best interests of any of its investments.
Morgan Stanley could be engaged in financial advising, whether
on the buy-side or sell-side, or in financing or lending assignments that could result in Morgan Stanley’s determining in its discretion or being required to act exclusively on behalf of one or more third parties, which could limit a
Fund’s ability to transact with respect to one or more existing or potential investments. Morgan Stanley may have relationships with third-party funds, companies or investors who may have invested in or may look to invest in portfolio
companies, and there could be conflicts between a Fund’s best interests, on the one hand, and the interests of a Morgan Stanley client or counterparty, on the other hand.
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Potential Conflicts of
Interest — continued
To the
extent that Morgan Stanley advises creditor or debtor companies in the financial restructuring of companies either prior to or after filing for protection under Chapter 11 of the U.S. Bankruptcy Code or similar laws in other jurisdictions, the
investment adviser’s flexibility in making investments in such restructurings on a Fund’s behalf may be limited.
Morgan Stanley could provide investment banking services to
competitors of portfolio companies, as well as to private equity and/or private credit funds; such activities may present Morgan Stanley with a conflict of interest vis-a-vis a Fund’s investment and may also result in a conflict in respect of
the allocation of investment banking resources to portfolio companies.
To the extent permitted by applicable law, Morgan Stanley may
provide a broad range of financial services to companies in which a Fund invests, including strategic and financial advisory services, interim acquisition financing and other lending and underwriting or placement of securities, and Morgan Stanley
generally will be paid fees (that may include warrants or other securities) for such services. Morgan Stanley will not share any of the foregoing interest, fees and other compensation received by it (including, for the avoidance of doubt, amounts
received by the investment adviser) with a Fund, and any advisory fees payable will not be reduced thereby.
Morgan Stanley may be engaged to act as a financial advisor to
a company in connection with the sale of such company, or subsidiaries or divisions thereof, may represent potential buyers of businesses through its mergers and acquisition activities and may provide lending and other related financing services in
connection with such transactions. Morgan Stanley’s compensation for such activities is usually based upon realized consideration and is usually contingent, in substantial part, upon the closing of the transaction. Under these circumstances, a
Fund may be precluded from participating in a transaction with or relating to the company being sold or participating in any financing activity related to merger or acquisition.
The involvement or presence of Morgan Stanley in the investment
banking and other commercial activities described above (or the financial markets more broadly) may restrict or otherwise limit investment opportunities that may otherwise be available to the Funds. For example, issuers may hire and compensate
Morgan Stanley to provide underwriting, financial advisory, placement agency, brokerage services or other services and, because of limitations imposed by applicable law and regulation, a Fund may be prohibited from buying or selling securities
issued by those issuers or participating in related transactions or otherwise limited in its ability to engage in such investments.
The investment adviser believes that the nature and range of
clients to whom Morgan Stanley and its subsidiaries render investment banking and other services is such that it would be inadvisable to exclude these companies from the Fund’s portfolio.
Morgan Stanley’s Marketing Activities. Morgan Stanley is engaged in the business of underwriting, syndicating, brokering, administering, servicing, arranging and advising on the distribution of a wide variety of securities and other investments in which a
Fund may invest. Subject to the restrictions of the 1940 Act, including Sections 10(f) and 17(e) thereof, a Fund may invest in transactions in which Morgan Stanley acts as underwriter, placement agent, syndicator, broker, administrative agent,
servicer, advisor, arranger or structuring agent and receives fees or other compensation from the sponsors of such products or securities. Any fees earned by Morgan Stanley in such capacity will not be shared with the investment adviser or the
Funds. Certain conflicts of interest, in addition to the receipt of fees or other compensation, would be inherent in these transactions. Moreover, the interests of one of Morgan Stanley’s clients with respect to an issuer of securities in
which a Fund has an investment may be adverse to the investment adviser’s or a Fund’s best interests. In conducting the foregoing activities, Morgan Stanley will be acting for its other clients and will have no obligation to act in the
investment adviser’s or a Fund’s best interests.
Client Relationships. Morgan
Stanley has existing and potential relationships with a significant number of corporations, institutions and individuals. In providing services to its clients, Morgan Stanley may face conflicts of interest with respect to activities recommended to
or performed for such clients, on the one hand, and a Fund, its shareholders or the entities in which the Fund invests, on the other hand. In addition, these client relationships may present conflicts of interest in determining whether to offer
certain investment opportunities to a Fund.
In
acting as principal or in providing advisory and other services to its other clients, Morgan Stanley may engage in or recommend activities with respect to a particular matter that conflict with or are different from activities engaged in or
recommended by the investment adviser on a Fund’s behalf.
Principal Investments. To the
extent permitted by applicable law, there may be situations in which a Fund’s interests may conflict with the interests of one or more general accounts of Morgan Stanley and its affiliates or accounts managed by Morgan Stanley or its
affiliates. This may occur because these accounts hold public and private debt and equity securities of many issuers which may be or become portfolio companies, or from whom portfolio companies may be acquired.
Transactions with Portfolio Companies of Affiliated Investment
Accounts. The companies in which a Fund may invest may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies or other entities of portfolio investments of
Affiliated Investment Accounts (for example, a company in which a Fund invests may retain a company in which an Affiliated Investment Account invests to provide services or may acquire an asset from such company or vice versa). Certain of these
agreements, transactions and arrangements involve fees, servicing payments, rebates and/or other benefits to Morgan Stanley or its affiliates. For example, portfolio entities may, including at the encouragement of Morgan Stanley, enter into
agreements regarding group procurement and/or vendor discounts. Morgan Stanley and its affiliates may also participate in these agreements and may realize better pricing or discounts as a result of the participation of portfolio entities. To the
extent permitted by applicable law, certain of these agreements may provide for commissions or similar payments and/or discounts or rebates to be paid to a portfolio entity of an Affiliated Investment Account, and such payments or discounts or
rebates may also be made directly to Morgan Stanley or its affiliates. Under these arrangements, a particular
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
October 31, 2023
Potential Conflicts of
Interest — continued
portfolio company or
other entity may benefit to a greater degree than the other participants, and the funds, investment vehicles and accounts (which may or may not include a Fund) that own an interest in such entity will receive a greater relative benefit from the
arrangements than the Eaton Vance funds, investment vehicles or accounts that do not own an interest therein. Fees and compensation received by portfolio companies of Affiliated Investment Accounts in relation to the foregoing will not be shared
with a Fund or offset advisory fees payable.
Investments in
Portfolio Investments of Other Funds. To the extent permitted by applicable law, when a Fund invests in certain companies or other entities, other funds affiliated with the investment adviser may have made or may be
making an investment in such companies or other entities. Other funds that have been or may be managed by the investment adviser may invest in the companies or other entities in which a Fund has made an investment. Under such circumstances, a Fund
and such other funds may have conflicts of interest (e.g., over the terms, exit strategies and related matters, including the exercise of remedies of their respective investments). If the interests held by a Fund are different from (or take priority
over) those held by such other funds, the investment adviser may be required to make a selection at the time of conflicts between the interests held by such other funds and the interests held by a Fund.
Allocation of Expenses.
Expenses may be incurred that are attributable to a Fund and one or more other Affiliated Investment Accounts (including in connection with issuers in which a Fund and such other Affiliated Investment Accounts have overlapping investments). The
allocation of such expenses among such entities raises potential conflicts of interest. The investment adviser and its affiliates intend to allocate such common expenses among a Fund and any such other Affiliated Investment Accounts on a pro rata
basis or in such other manner as the investment adviser deems to be fair and equitable or in such other manner as may be required by applicable law.
Temporary Investments. To more
efficiently invest short-term cash balances held by a Fund, the investment adviser may invest such balances on an overnight “sweep” basis in shares of one or more money market funds or other short-term vehicles. It is anticipated that
the investment adviser to these money market funds or other short-term vehicles may be the investment adviser (or an affiliate) to the extent permitted by applicable law, including Rule 12d1-1 under the 1940 Act.
Transactions with Affiliates.
The investment adviser and any investment sub-adviser might purchase securities from underwriters or placement agents in which a Morgan Stanley affiliate is a member of a syndicate or selling group, as a result of which an affiliate might benefit
from the purchase through receipt of a fee or otherwise. Neither the investment adviser nor any investment sub-adviser will purchase securities on behalf of a Fund from an affiliate that is acting as a manager of a syndicate or selling group.
Purchases by the investment adviser on behalf of a Fund from an affiliate acting as a placement agent must meet the requirements of applicable law. Furthermore, Morgan Stanley may face conflicts of interest when the Funds use service providers
affiliated with Morgan Stanley because Morgan Stanley receives greater overall fees when they are used.
General Process for Potential Conflicts. All of the transactions described above involve the potential for conflicts of interest between the investment adviser, related persons of the investment adviser and/or their clients. The Advisers Act, the 1940 Act and
ERISA impose certain requirements designed to decrease the possibility of conflicts of interest between an investment adviser and its clients. In some cases, transactions may be permitted subject to fulfillment of certain conditions. Certain other
transactions may be prohibited. In addition, the investment adviser has instituted policies and procedures designed to prevent conflicts of interest from arising and, when they do arise, to ensure that it effects transactions for clients in a manner
that is consistent with its fiduciary duty to its clients and in accordance with applicable law. The investment adviser seeks to ensure that potential or actual conflicts of interest are appropriately resolved taking into consideration the
overriding best interests of the client.
Delivery of Shareholder Documents. The Securities and Exchange Commission (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. Equiniti Trust Company, LLC (“EQ”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless
you instruct EQ, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact EQ or your financial intermediary. Your
instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by EQ or your financial intermediary.
Portfolio
Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the
SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at 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.
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 and by accessing the SEC’s website at www.sec.gov.
Share Repurchase
Program. The Fund's Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares
outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund's repurchase activity,
including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund's annual and semi-annual reports to shareholders.
Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or
rating agency requirements or for other purposes as it deems appropriate or necessary.
Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly
after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted
to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Closed-End Funds & Term Trusts.”
Investment Adviser and Administrator
Eaton Vance Management
Two International Place
Boston, MA 02110
Investment Sub-Adviser
Eaton Vance Advisers International Ltd.
125 Old Broad Street
London, EC2N 1AR
United Kingdom
Custodian
State Street Bank and Trust Company
One Congress Street, Suite 1
Boston, MA 02114-2016
Transfer Agent
Equiniti Trust Company, LLC
6201 15th Avenue
Brooklyn, NY 11219
Independent Registered
Public Accounting Firm
Deloitte & Touche
LLP
200 Berkeley Street
Boston, MA 02116-5022
Fund Offices
Two International Place
Boston, MA 02110
Item 2. Code of Ethics
The registrant (sometimes referred to as the Fund) 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. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not
granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.
Item 3. Audit Committee Financial Expert
The
registrants Board of Trustees (the Board) has designated George J. Gorman and Scott E. Wennerholm, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the
Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience
serving as an independent trustee and audit committee financial expert of other
mutual fund complexes. Mr. Wennerholm is a private investor. Previously, Mr. Wennerholm served as a Trustee at Wheelock College (postsecondary institution), as a Consultant at GF Parish
Group (executive recruiting firm), Chief Operating Officer and Executive Vice President at BNY Mellon Asset Management (investment management firm), Chief Operating Officer and Chief Financial Officer at Natixis Global Asset Management (investment
management firm), and Vice President at Fidelity Investments Institutional Services (investment management firm).
Item 4. Principal Accountant
Fees and Services
(a) (d)
The following table
presents the aggregate fees billed to the registrant for the registrants fiscal years ended October 31, 2022 and October 31, 2023 by the registrants principal accountant, Deloitte & Touche LLP (D&T),
for professional services rendered for the audit of the registrants annual financial statements and fees billed for other services rendered by D&T during such periods.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
10/31/22 |
|
|
10/31/23 |
|
Audit Fees |
|
$ |
61,400 |
|
|
$ |
61,400 |
|
Audit-Related Fees(1) |
|
$ |
0 |
|
|
$ |
0 |
|
Tax Fees(2) |
|
$ |
4,940 |
|
|
$ |
0 |
|
All Other Fees(3) |
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
66,340 |
|
|
$ |
61,400 |
|
|
|
|
|
|
|
|
|
|
(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 the registrants 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 and other related tax compliance/planning matters. |
(3) |
All other fees consist of the aggregate fees billed for products and services provided by the registrants
principal accountant other than audit, audit-related, and tax services. |
(e)(1) The registrants audit committee has adopted
policies and procedures relating to the pre-approval of services provided by the registrants 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 registrants audit committee at least annually. The registrants audit committee maintains full responsibility for the appointment,
compensation, and oversight of the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were
approved by the registrants 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 D&T for the registrants fiscal years ended October 31, 2022 and October 31, 2023; and (ii) the aggregate non-audit fees (i.e., fees for
audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
10/31/22 |
|
|
10/31/23 |
|
Registrant |
|
$ |
4,940 |
|
|
$ |
0 |
|
Eaton Vance(1) |
|
$ |
52,836 |
|
|
$ |
0 |
|
(1) |
The investment adviser to the registrant, as well as any of its affiliates that provide ongoing services to the
registrant, are subsidiaries of Morgan Stanley. |
(h) The registrants audit committee has considered whether the provision by the
registrants principal accountant of non-audit services to the registrants 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 accountants independence.
(i) Not applicable.
(j) Not applicable.
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. George J. Gorman, Keith Quinton, Scott E. Wennerholm (Chair), and Nancy A. Wiser are the members of the registrants 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
the Fund has adopted a proxy voting policy and procedure (the Fund Policy), pursuant to which the trustees have delegated proxy voting responsibility to the Funds investment adviser and adopted the investment advisers proxy
voting policies and procedures (the Policies) which are described below. The trustees will review the Policies annually. In the event that a conflict of interest arises between the Funds 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, or any committee, sub-committee or group of independent trustees identified by the Board, which will instruct the investment adviser on the appropriate course of action. If the Board Members are unable to meet and the failure to vote
a proxy would have a material adverse impact on the Fund, the investment adviser may vote such proxy, provided that it discloses the existence of the material conflict to the Chairperson of the Funds Board as soon as practicable and to the
Board at its next meeting.
The Policies are designed to promote accountability of a companys 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 in accordance with customized proxy voting guidelines (the
Guidelines) and/or refer them back to the investment adviser pursuant to the Policies.
The Agent is required to establish and maintain
adequate internal controls and policies in connection with the provision of proxy voting services, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict of interest. The Guidelines include
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 cause the Fund to abstain
from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or it is unable to access or access timely ballots or other proxy information, among
other stated reasons. The Agent will refer Fund proxies to the investment adviser for instructions under circumstances where, among others: (1) the application of the Guidelines is unclear; (2) a particular proxy question is not covered by
the Guidelines; or (3) the Guidelines require input from the investment adviser. When a proxy voting issue has been referred to the investment adviser, the analyst (or portfolio manager if applicable) covering the company subject to the proxy
proposal determines the final vote (or decision not to vote) and the investment advisers Proxy Administrator (described below) instructs the Agent to vote accordingly for securities held by the Fund. Where more than one analyst covers a
particular company and the recommendations of such analysts voting a proposal conflict, the investment advisers Global Proxy Group (described below) will review such recommendations and any other available information related to the proposal
and determine the manner in which it should be voted, which may result in different recommendations for the Fund that may differ from other clients of the investment adviser.
The investment adviser has appointed a Proxy Administrator to assist in the coordination of the voting of client proxies (including the Funds) in
accordance with the Guidelines and the Policies. The investment adviser and its affiliates have also established a Global Proxy Group. The Global Proxy Group develops the investment advisers positions on all major corporate issues, creates the
Guidelines and oversees the proxy voting process. The Proxy Administrator maintains a record of all proxy questions that have been referred by the Agent, all applicable recommendations, analysis and research received and any resolution of the
matter. Before instructing the Agent to vote contrary to the Guidelines or the recommendation of the Agent, the Proxy Administrator will provide the Global Proxy Group with the Agents recommendation for the proposal along with any other
relevant materials, including the basis for the analysts recommendation. The Proxy Administrator will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. A similar process will be followed if the Agent
has a conflict of interest with respect to a proxy. The investment adviser will report to the Funds Board any votes cast contrary to the Guidelines or Agent recommendations, as applicable, no less than annually.
The investment advisers Global Proxy Group is responsible for monitoring and resolving possible material conflicts with respect to proxy voting. Because
the Guidelines are predetermined and designed to be in the best interests of shareholders, application of the Guidelines to vote client proxies should, in most cases, adequately address any possible conflict of interest. The investment adviser will
monitor situations that may result in a conflict of interest between any of its clients and the investment adviser or any of its affiliates by maintaining a list of significant existing and prospective corporate clients. The Proxy Administrator will
compare such list with the names of companies of which he or she has been referred a proxy statement (the Proxy Companies). If a company on the list is also a Proxy Company, the Proxy Administrator will report that fact to the Global
Proxy Group. If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy Group will first determine, in consultation with legal counsel if necessary, whether a material conflict
exists. If it is determined that a material conflict exists, the investment adviser will
seek instruction on how the proxy should be voted from the Funds Board, or any committee or subcommittee identified by the Board. If a matter is referred to the Global Proxy Group, the
decision made and basis for the decision will be documented by the Proxy Administrator and/or Global Proxy Group.
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 Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Eaton Vance Management (EVM or Eaton Vance) is the investment adviser of the Fund and Eaton Vance Advisers International Ltd.
(EVAIL) is the sub-adviser of the Fund. Derek J.V. DiGregorio, Christopher M. Dyer and Joseph Mehlman, CFA comprise the investment team responsible for the overall and day-to-day management of the Funds investments.
Mr. DiGregorio is a
Vice President of EVM, has been a portfolio manager of the Fund since July 2021 and has been employed by EVM for more than five years. Mr. Dyer is a Vice President and Director of EVAIL, is the Director of Global Equity for the Eaton Vance
organization and has been a portfolio manager of the Fund since September 2015. Prior to joining EVAIL in November 2017, Mr. Dyer was a Vice President of Eaton Vance Management (International) Limited. Mr. Mehlman is Vice President of EVM
and a Managing Director at Morgan Stanley Investment Management Inc., an affiliate of EVM. Mr. Mehlman has been employed by the Morgan Stanley organization for more than five years and has managed the Fund since November 2022. This information
is provided as of the date of filing this report.
The following table shows, as of the Funds most recent fiscal year end, the number of accounts
each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) 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 millions of dollars) 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 |
|
Derek J.V. DiGregorio(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies |
|
|
7 |
|
|
|
$6,136.5 |
|
|
|
0 |
|
|
|
$0 |
|
Other Pooled Investment Vehicles |
|
|
0 |
|
|
|
$0 |
|
|
|
0 |
|
|
|
$0 |
|
Other Accounts |
|
|
0 |
|
|
|
$0 |
|
|
|
0 |
|
|
|
$0 |
|
Christopher M. Dyer(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies |
|
|
7 |
|
|
|
$6,765.1 |
|
|
|
0 |
|
|
|
$0 |
|
Other Pooled Investment Vehicles |
|
|
0 |
|
|
|
$0 |
|
|
|
0 |
|
|
|
$0 |
|
Other Accounts |
|
|
1 |
|
|
|
$4,165.6 |
|
|
|
0 |
|
|
|
$0 |
|
Joseph Mehlman, CFA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered Investment Companies |
|
|
2 |
|
|
|
$624.5 |
|
|
|
0 |
|
|
|
$0 |
|
Other Pooled Investment Vehicles |
|
|
32 |
|
|
|
$4,856.9 |
|
|
|
0 |
|
|
|
$0 |
|
Other Accounts |
|
|
41 |
|
|
|
$9,841.7 |
|
|
|
3 |
|
|
|
$1,455.8 |
|
(1) |
This portfolio manager serves as portfolio manager of one or more registered investment companies that invests
or may invest in one or more underlying registered investment companies in the Eaton Vance family of funds or other pooled investment vehicles sponsored by Eaton Vance. The underlying investment companies may be managed by this portfolio manager or
another portfolio manager. |
The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the
Funds most recent fiscal year end.
|
|
|
|
|
|
|
|
|
Portfolio Manager |
|
Dollar Range of Equity Securities Beneficially
Owned in the Fund |
|
|
|
|
Derek J.V. DiGregorio |
|
None |
|
|
|
|
Christopher M. Dyer |
|
None |
|
|
|
|
Joseph Mehlman, CFA |
|
None |
|
|
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio
managers management of the Funds investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating
management time, resources and investment opportunities among the Fund and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may
take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate EVM or EVAIL 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 the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the
portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. EVM or EVAIL have adopted several policies and procedures designed to address these potential conflicts including a code
of ethics and policies that govern EVMs and EVAILs trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.
Compensation Structure for EVM and EVAIL
The
compensation structure of Eaton Vance and its affiliates that are investment advisers (for purposes of this section Eaton Vance) is based on a total reward system of base salary and incentive compensation, which is paid either in the
form of cash bonus, or for employees meeting the specified deferred compensation eligibility threshold, partially as a cash bonus and partially as mandatory deferred compensation. Deferred compensation granted to Eaton Vance employees is generally
granted as a mix of deferred cash awards under the Investment Management Alignment Plan (IMAP) and equity-based awards in the form of stock units. The portion of incentive compensation granted in the form of a deferred compensation award and the
terms of such awards are determined annually by the Compensation, Management Development and Succession Committee of Morgan Stanley.
Base salary
compensation. Generally, portfolio managers receive base salary compensation based on the level of their position with the adviser.
Incentive
compensation. In addition to base compensation, portfolio managers may receive discretionary year-end compensation. Incentive compensation may include:
|
|
|
A mandatory program that defers a portion of incentive compensation into restricted stock units or other awards
based on Morgan Stanley common stock or other plans that are subject to vesting and other conditions. |
|
|
|
IMAP is a cash-based deferred compensation plan designed to increase the alignment of participants
interests with the interests of clients. For eligible employees, a portion of their deferred |
|
compensation is mandatorily deferred into IMAP on an annual basis. Awards granted under IMAP are notionally invested in referenced funds available pursuant to the plan, which are funds advised by
MSIM and its affiliates that are investment advisers. Portfolio managers are required to notionally invest a minimum of 40% of their account balance in the designated funds that they manage and are included in the IMAP notional investment fund menu.
|
|
|
|
Deferred compensation awards are typically subject to vesting over a multi-year period and are subject to
cancellation through the payment date for competition, cause (i.e., any act or omission that constitutes a breach of obligation to the Funds, including failure to comply with internal compliance, ethics or risk management standards, and failure or
refusal to perform duties satisfactorily, including supervisory and management duties), disclosure of proprietary information, and solicitation of employees or clients. Awards are also subject to clawback through the payment date if an
employees act or omission (including with respect to direct supervisory responsibilities) causes a restatement of the firms consolidated financial results, constitutes a violation of the firms global risk management principles,
policies and standards, or causes a loss of revenue associated with a position on which the employee was paid and the employee operated outside of internal control policies. |
Eaton Vance compensates employees based on principles of pay-for-performance,
market competitiveness and risk management. Eligibility for, and the amount of any, discretionary compensation is subject to a multi-dimensional process. Specifically, consideration is given to one or more of the following factors, which can vary by
portfolio management team and circumstances:
|
|
|
Revenue and profitability of the business and/or each fund/account managed by the portfolio manager
|
|
|
|
Revenue and profitability of the Firm |
|
|
|
Return on equity and risk factors of both the business units and Morgan Stanley |
|
|
|
Assets managed by the portfolio manager |
|
|
|
External market conditions |
|
|
|
New business development and business sustainability |
|
|
|
Contribution to client objectives |
|
|
|
Team, product and/or MSIM and its affiliates that are investment advisers (including Eaton Vance) performance
|
|
|
|
The pre-tax investment performance of the funds/accounts managed by the
portfolio manager (which may, in certain cases, be measured against the applicable benchmark(s) and/or peer group(s) over one, three and five-year periods) |
|
|
|
Individual contribution and performance |
Further, the firms Global Incentive Compensation Discretion Policy requires compensation managers to consider Further the only legitimate, business
related factors when exercising discretion in determining variable incentive compensation, including adherence to Morgan Stanleys core values, conduct, disciplinary actions in the current performance year, risk management and risk outcomes.
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 registrants principal executive officer and principal financial officer that the effectiveness of the registrants
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 Commissions rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the
registrants principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There
have been no changes in the registrants internal controls over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies
The registrant did not accrue any income or fees/compensation related to its securities lending activities during its most recent
fiscal year. See Liquidity Agreement note in the financial statements for further information.
Item 13. Exhibits
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
Income Fund
|
|
|
|
|
By: |
|
/s/ R. Kelly Williams, Jr. |
|
|
R. Kelly Williams, Jr. |
|
|
President |
|
|
Date: |
|
December 22, 2023 |
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/ James F. Kirchner |
|
|
James F. Kirchner |
|
|
Treasurer |
|
|
Date: |
|
December 22, 2023 |
|
|
By: |
|
/s/ R. Kelly Williams, Jr. |
|
|
R. Kelly Williams, Jr. |
|
|
President |
|
|
Date: |
|
December 22, 2023 |
Eaton Vance Tax-Advantaged Global Dividend Income Fund
FORM N-CSR
Exhibit 13(a)(2)(i)
CERTIFICATION
I, James F. Kirchner, certify that:
1. I have
reviewed this report on Form N-CSR of Eaton Vance Tax-Advantaged Global Dividend Income Fund;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants
board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants
internal control over financial reporting.
|
|
|
|
|
|
|
Date: December 22, 2023 |
|
|
|
|
|
/s/ James F. Kirchner |
|
|
|
|
|
|
James F. Kirchner |
|
|
|
|
|
|
Treasurer |
Eaton Vance Tax-Advantaged Global Dividend Income Fund
FORM N-CSR
Exhibit 13(a)(2)(ii)
CERTIFICATION
I, R. Kelly
Williams, Jr., certify that:
1. I have reviewed this report on Form N-CSR of Eaton Vance Tax-Advantaged Global Dividend Income Fund;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting
to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants
board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants
internal control over financial reporting.
|
|
|
|
|
|
|
Date: December 22, 2023 |
|
|
|
|
|
/s/ R. Kelly Williams, Jr. |
|
|
|
|
|
|
R. Kelly Williams, Jr. |
|
|
|
|
|
|
President |
Form N-CSR Item 13(b) Exhibit
CERTIFICATION PURSUANT TO
18
U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
The undersigned hereby certify in their capacity as Treasurer and President, respectively, of Eaton Vance
Tax-Advantaged Global Dividend Income Fund (the Fund), that:
(a) |
The Annual Report of the Fund on Form N-CSR for the period ended
October 31, 2023 (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
(b) |
The information contained in the Report fairly presents, in all material respects, the financial condition and
the results of operations of the Fund for such period. |
A signed original of this written statement required by section 906
has been provided to the Fund and will be retained by the Fund and furnished to the Securities and Exchange Commission or its staff upon request.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
Date: December 22, 2023
|
/s/ James F. Kirchner |
James F. Kirchner |
Treasurer |
|
Date: December 22, 2023 |
|
/s/ R. Kelly Williams, Jr. |
R. Kelly Williams, Jr. |
President |
Form N-CSR Item 13(c) Exhibit
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) with
important information concerning the distribution declared in May 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make monthly
cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the May distribution. It is not determinative
of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this notice are
estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of capital. The
actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: May 2023
Distribution Amount per Common Share: $0.1001
The following table sets forth an estimate of the sources of the Funds May distribution and its cumulative distributions paid this fiscal year to date.
Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
Source |
|
Current Distribution |
|
|
%
of Current Distribution |
|
|
Cumulative Distributions for the Fiscal Year-to-Date1 |
|
|
% of
the Cumulative Distributions for the Fiscal Year-to-Date1 |
|
Net Investment Income |
|
$ |
0.0652 |
|
|
|
65.2 |
% |
|
$ |
0.1338 |
|
|
|
19.1 |
% |
Net Realized Short-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
Net Realized Long-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0962 |
|
|
|
13.7 |
% |
Return of Capital or Other Capital Source(s) |
|
$ |
0.0349 |
|
|
|
34.8 |
% |
|
$ |
0.4707 |
|
|
|
67.2 |
% |
Total per common share |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
0.7007 |
|
|
|
100.0 |
% |
1 |
The Funds fiscal year is November 1, 2022 to October 31, 2023 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or
from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or
income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes
will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value
(NAV) for certain periods.
|
|
|
|
|
Average annual total return at NAV for the 5-year period
ended on April 30, 20231 |
|
|
7.54 |
% |
Annualized current distribution rate expressed as a percentage of NAV as of April 30, 20232 |
|
|
6.76 |
% |
Cumulative total return at NAV for the fiscal year through April 30, 20233 |
|
|
15.21 |
% |
Cumulative fiscal year to date distribution rate as a percentage of NAV as of April 30, 20234 |
|
|
3.38 |
% |
1 |
Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested,
for the 5-year period ended on April 30, 2023. |
2 |
The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the
Funds NAV as of April 30, 2023. |
3 |
Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the
beginning of its fiscal year to April 30, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 |
Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to April 30,
2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of April 30, 2023. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of
actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
May 31, 2023
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) with
important information concerning the distribution declared in June 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make
monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the June distribution. It is not
determinative of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this
notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of
capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: June 2023
Distribution Amount per Common Share: $0.1001
The following table sets forth an estimate of the sources of the Funds June distribution and its cumulative distributions paid this fiscal year to date.
Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
Source |
|
Current Distribution |
|
|
%
of Current Distribution |
|
|
Cumulative Distributions for the Fiscal Year-to-Date1 |
|
|
% of
the Cumulative Distributions for the Fiscal Year-to-Date1 |
|
Net Investment Income |
|
$ |
0.0745 |
|
|
|
74.4 |
% |
|
$ |
0.2082 |
|
|
|
26.0 |
% |
Net Realized Short-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
Net Realized Long-Term Capital Gains |
|
$ |
0.0256 |
|
|
|
25.6 |
% |
|
$ |
0.1954 |
|
|
|
24.4 |
% |
Return of Capital or Other Capital Source(s) |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.3972 |
|
|
|
49.6 |
% |
Total per common share |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
0.8008 |
|
|
|
100.0 |
% |
1 |
The Funds fiscal year is November 1, 2022 to October 31, 2023 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or
from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or
income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes
will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value
(NAV) for certain periods.
|
|
|
|
|
Average annual total return at NAV for the 5-year period
ended on May 31, 20231 |
|
|
7.31 |
% |
Annualized current distribution rate expressed as a percentage of NAV as of May 31, 20232 |
|
|
6.87 |
% |
Cumulative total return at NAV for the fiscal year through May 31, 20233 |
|
|
14.03 |
% |
Cumulative fiscal year to date distribution rate as a percentage of NAV as of May 31, 20234 |
|
|
4.01 |
% |
1 |
Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested,
for the 5-year period ended on May 31, 2023. |
2 |
The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the
Funds NAV as of May 31, 2023. |
3 |
Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the
beginning of its fiscal year to May 31, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 |
Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to May 31,
2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of May 31, 2023. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of
actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
June 30, 2023
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) with
important information concerning the distribution declared in July 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make
monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the July distribution. It is not
determinative of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this
notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of
capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: July 2023
Distribution Amount per Common Share: $0.1001
The following table sets forth an estimate of the sources of the Funds July distribution and its cumulative distributions paid this fiscal year to date.
Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
Source |
|
Current Distribution |
|
|
%
of Current Distribution |
|
|
Cumulative Distributions for the Fiscal Year-to-Date1 |
|
|
% of
the Cumulative Distributions for the Fiscal Year-to-Date1 |
|
Net Investment Income |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
0.3081 |
|
|
|
34.2 |
% |
Net Realized Short-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
Net Realized Long-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.2144 |
|
|
|
23.8 |
% |
Return of Capital or Other Capital Source(s) |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.3784 |
|
|
|
42.0 |
% |
Total per common share |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
0.9009 |
|
|
|
100.0 |
% |
1 |
The Funds fiscal year is November 1, 2022 to October 31, 2023 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or
from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or
income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes
will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value
(NAV) for certain periods.
|
|
|
|
|
Average annual total return at NAV for the 5-year period
ended on June 30, 20231 |
|
|
8.67 |
% |
Annualized current distribution rate expressed as a percentage of NAV as of June 30, 20232 |
|
|
6.51 |
% |
Cumulative total return at NAV for the fiscal year through June 30, 20233 |
|
|
21.01 |
% |
Cumulative fiscal year to date distribution rate as a percentage of NAV as of June 30, 20234 |
|
|
4.34 |
% |
1 |
Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested,
for the 5-year period ended on June 30, 2023. |
2 |
The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the
Funds NAV as of June 30, 2023. |
3 |
Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the
beginning of its fiscal year to June 30, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 |
Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to June 30,
2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of June 30, 2023. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of
actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
July 31, 2023
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) with
important information concerning the distribution declared in August 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make
monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the August distribution. It is not
determinative of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this
notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of
capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: August 2023
Distribution Amount per Common Share: $0.1001
The following table sets forth an estimate of the sources of the Funds August distribution and its cumulative distributions paid this fiscal year to
date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
Source |
|
Current Distribution |
|
|
%
of Current Distribution |
|
|
Cumulative Distributions for the Fiscal Year-to-Date1 |
|
|
% of
the Cumulative Distributions for the Fiscal Year-to-Date1 |
|
Net Investment Income |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
0.4084 |
|
|
|
40.8 |
% |
Net Realized Short-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
Net Realized Long-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.3343 |
|
|
|
33.4 |
% |
Return of Capital or Other Capital Source(s) |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.2583 |
|
|
|
25.8 |
% |
Total per common share |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
1.0010 |
|
|
|
100.0 |
% |
1 |
The Funds fiscal year is November 1, 2022 to October 31, 2023 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or
from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or
income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes
will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value
(NAV) for certain periods.
|
|
|
|
|
Average annual total return at NAV for the 5-year period
ended on July 31, 20231 |
|
|
8.72 |
% |
Annualized current distribution rate expressed as a percentage of NAV as of July 31, 20232 |
|
|
6.29 |
% |
Cumulative total return at NAV for the fiscal year through July 31, 20233 |
|
|
26.15 |
% |
Cumulative fiscal year to date distribution rate as a percentage of NAV as of July 31, 20234 |
|
|
4.71 |
% |
1 |
Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested,
for the 5-year period ended on July 31, 2023. |
2 |
The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the
Funds NAV as of July 31, 2023. |
3 |
Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the
beginning of its fiscal year to July 31, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 |
Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to July 31,
2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of July 31, 2023. |
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of
actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
August 31, 2023
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) with
important information concerning the distribution declared in September 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make
monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the September distribution. It is not
determinative of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this
notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of
capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: September 2023
Distribution Amount per Common Share: $0.1001
The following table sets forth an estimate of the sources of the Funds September distribution and its cumulative distributions paid this fiscal year to
date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
Source |
|
Current Distribution |
|
|
%
of Current Distribution |
|
|
Cumulative Distributions for the Fiscal Year-to-Date1 |
|
|
% of
the Cumulative Distributions for the Fiscal Year-to-Date1 |
|
Net Investment Income |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
0.5086 |
|
|
|
46.2 |
% |
Net Realized Short-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
Net Realized Long-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.4288 |
|
|
|
38.9 |
% |
Return of Capital or Other Capital Source(s) |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.1637 |
|
|
|
14.9 |
% |
Total per common share |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
1.1011 |
|
|
|
100.0 |
% |
1 |
The Funds fiscal year is November 1, 2022 to October 31, 2023 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or
from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or
income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes
will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value
(NAV) for certain periods.
|
|
|
|
|
Average annual total return at NAV for the 5-year period
ended on August 31, 20231 |
|
|
7.83 |
% |
Annualized current distribution rate expressed as a percentage of NAV as of August 31, 20232 |
|
|
6.51 |
% |
Cumulative total return at NAV for the fiscal year through August 31, 20233 |
|
|
22.53 |
% |
Cumulative fiscal year to date distribution rate as a percentage of NAV as of August 31, 20234 |
|
|
5.43 |
% |
1 |
Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested,
for the 5-year period ended on August 31, 2023. |
2 |
The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the
Funds NAV as of August 31, 2023. |
3 |
Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the
beginning of its fiscal year to August 31, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 |
Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to
August 31, 2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of August 31, 2023.
|
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services
associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of
actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
September 29, 2023
Dear Eaton Vance Fund Shareholder:
This notice provides shareholders of the Eaton Vance Tax-Advantaged Global Dividend Income Fund (NYSE: ETG) with
important information concerning the distribution declared in October 2023. You are receiving this notice as a requirement of the Funds managed distribution plan (Plan). The Board of Trustees approved the implementation of the Plan to make
monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share. This information is sent to you for informational purposes only and is an estimate of the sources of the October distribution. It is not
determinative of the tax character of the Funds distributions for the 2023 calendar year.
The amounts and sources of distributions reported in this
notice are estimates, are not being provided for tax reporting purposes and the distribution may later be determined to be from other sources including realized short-term gains, long-term gains, to the extent permitted by law, and return of
capital. The actual amounts and sources for tax reporting purposes will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.
Distribution Period: October 2023
Distribution Amount per Common Share: $0.1001
The following table sets forth an estimate of the sources of the Funds October distribution and its cumulative distributions paid this fiscal year to
date. Amounts are expressed on a per common share basis and as a percentage of the distribution amount.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Eaton Vance Tax-Advantaged Global Dividend Income Fund |
|
Source |
|
Current Distribution |
|
|
%
of Current Distribution |
|
|
Cumulative Distributions for the Fiscal Year-to-Date1 |
|
|
% of
the Cumulative Distributions for the Fiscal Year-to-Date1 |
|
Net Investment Income |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
0.8204 |
|
|
|
68.3 |
% |
Net Realized Short-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
Net Realized Long-Term Capital Gains |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.3808 |
|
|
|
31.7 |
% |
Return of Capital or Other Capital Source(s) |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
|
$ |
0.0000 |
|
|
|
0.0 |
% |
Total per common share |
|
$ |
0.1001 |
|
|
|
100.0 |
% |
|
$ |
1.2012 |
|
|
|
100.0 |
% |
1 |
The Funds fiscal year is November 1, 2022 to October 31, 2023 |
IMPORTANT DISCLOSURE: You should not draw any conclusions about the Funds investment performance from the amount of this distribution or
from the terms of the Funds Plan. The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur for example,
when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Funds investment performance and should not be confused with yield or
income. The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for accounting and/or tax reporting purposes
will depend upon the Funds investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar
year that will tell you how to report these distributions for federal income tax purposes.
Set forth in the table below is information relating to the Funds performance based on its net asset value
(NAV) for certain periods.
|
|
|
|
|
Average annual total return at NAV for the 5-year period
ended on September 30, 20231 |
|
|
6.68 |
% |
Annualized current distribution rate expressed as a percentage of NAV as of September 30,
20232 |
|
|
6.89 |
% |
Cumulative total return at NAV for the fiscal year through September 30, 20233 |
|
|
16.52 |
% |
Cumulative fiscal year to date distribution rate as a percentage of NAV as of September 30,
20234 |
|
|
6.32 |
% |
1 |
Average annual total return at NAV represents the change in NAV of the Fund, with all distributions reinvested,
for the 5-year period ended on September 30, 2023. |
2 |
The annualized current distribution rate is the cumulative distribution rate annualized as a percentage of the
Funds NAV as of September 30, 2023. |
3 |
Cumulative total return at NAV is the percentage change in the Funds NAV for the period from the
beginning of its fiscal year to September 30, 2023 including distributions paid and assuming reinvestment of those distributions. |
4 |
Cumulative fiscal year distribution rate for the period from the beginning of its fiscal year to
September 30, 2023 measured on the dollar value of distributions in the year-to-date period as a percentage of the Funds NAV as of September 30, 2023.
|
If you have any questions regarding this information, please contact your investment advisor or an Eaton Vance Investor Services
associate at 1-866-328-6681. Our associates are available to assist you Monday-Friday 8:30 a.m. to 5:30 p.m., Eastern Time.
NOTE: This correspondence is for informational purposes only and should not be relied upon to project the tax character of
actual Fund distributions for the 2023 calendar year.
NO ACTION IS REQUIRED ON YOUR PART.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
October 31, 2023
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