N-CSRS 1 d380377dncsrs.htm EATON VANCE TAX-ADVANTAGED GLOBAL DIVIDEND INCOME FUND Eaton Vance Tax-Advantaged Global Dividend Income Fund

 

 

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)

 

 

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

 

 

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2017

Date of Reporting Period

 

 

 


Item 1. Reports to Stockholders


LOGO

 

 

Eaton Vance

Tax-Advantaged Global Dividend Income Fund (ETG)

Semiannual Report

April 30, 2017

 

 

 

 

LOGO


 

 

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes 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 Fund has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act. 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 and a commodity trading advisor.

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.


Semiannual Report April 30, 2017

Eaton Vance

Tax-Advantaged Global Dividend Income Fund

Table of Contents

 

Performance

     2  

Fund Profile

     3  

Endnotes and Additional Disclosures

     4  

Financial Statements

     5  

Board of Trustees’ Contract Approval

     23  

Officers and Trustees

     27  

Important Notices

     28  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Performance1,2

 

Portfolio Managers Michael A. Allison, CFA and John H. Croft, CFA of Eaton Vance Management; Christopher M. Dyer, CFA of Eaton Vance Management (International) Limited

 

% Average Annual Total Returns    Inception Date      Six Months      One Year      Five Years      Ten Years  

Fund at NAV

     01/30/2004        13.33      13.34      11.24      3.24

Fund at Market Price

            21.61        24.86        11.43        3.51  

MSCI World Index

            12.12      14.65      9.93      3.91

BofA Merrill Lynch Fixed Rate Preferred Securities Index

            2.99        6.50        6.71        3.21  

Blended Index

            10.26        13.02        9.38        4.03  
              
% Premium/Discount to NAV3                                        
                 –2.62
              
Distributions4                                        

Total Distributions per share for the period

                 $0.615  

Distribution Rate at NAV

                 7.15

Distribution Rate at Market Price

                 7.34
              
% Total Leverage5                                        

Borrowings

                 24.47

 

 

See Endnotes and Additional Disclosures in this report.

Past performance is no guarantee of future results. Returns are historical and are calculated by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested and include management fees and other expenses. Fund performance at market price will differ from its results at NAV due to factors such as changing perceptions about the Fund, market conditions, fluctuations in supply and demand for Fund shares, or changes in Fund distributions. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance 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.

 

  2  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Fund Profile

 

 

Common Stock Sector Allocation (% of total investments)

 

 

LOGO

Top 10 Holdings (% of total investments)6

 

 

iShares U.S. Preferred Stock ETF

    2.2

InterContinental Hotels Group PLC

    1.7  

AXA SA

    1.6  

Allianz SE

    1.6  

National Grid PLC

    1.6  

Alphabet, Inc., Class C

    1.6  

Bayerische Motoren Werke AG

    1.5  

Bouygues SA

    1.4  

Sampo Oyj, Class A

    1.4  

Intesa Sanpaolo SpA

    1.4  

Total

    16.0
 

Country Allocation (% of total investments)7

 

 

 

LOGO

    

 

 

See Endnotes and Additional Disclosures in this report.

 

  3  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Endnotes and Additional Disclosures

 

 

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. BofA Merrill Lynch Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. BofA Merrill Lynch® indices not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. The Blended Index consists of 80% MSCI World Index and 20% BofA Merrill Lynch Fixed Rate Preferred Securities Index. 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. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

 

3  The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund 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 http://eatonvance.com/closedend.

 

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.

 

6  Excludes cash and cash equivalents.

 

7  The Fund may obtain exposure to certain market segments through investments in exchange-traded funds (ETFs). For purposes of the chart, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

 

   Fund profile subject to change due to active management.
 

 

  4  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Portfolio of Investments (Unaudited)

 

 

Common Stocks — 100.2%  
   
Security   Shares     Value  

Aerospace & Defense — 0.6%

 

CAE, Inc.(1)

    492,016     $ 7,515,134  
                 
    $ 7,515,134  
                 

Air Freight & Logistics — 0.3%

 

C.H. Robinson Worldwide, Inc.(1)

    61,658     $ 4,482,537  
                 
    $ 4,482,537  
                 

Auto Components — 0.8%

 

Goodyear Tire & Rubber Co. (The)(1)

    274,519     $ 9,945,823  
                 
    $ 9,945,823  
                 

Automobiles — 1.9%

 

Bayerische Motoren Werke AG(1)

    256,588     $ 24,514,868  
                 
    $ 24,514,868  
                 

Banks — 9.9%

 

Bank Pekao SA

    428,487     $ 15,528,460  

Credit Agricole SA(1)

    731,489       10,880,044  

DNB ASA(1)

    988,911       15,433,255  

ING Groep NV

    418,969       6,828,996  

Intesa Sanpaolo SpA(1)

    8,006,134       23,370,696  

JPMorgan Chase & Co.(1)

    148,101       12,884,787  

KBC Group NV

    84,063       6,074,970  

Mitsubishi UFJ Financial Group, Inc.(1)

    957,689       6,068,486  

Natixis SA(1)

    1,608,364       11,192,904  

Societe Generale SA

    172,061       9,434,562  

Wells Fargo & Co.(1)

    216,400       11,650,976  
                 
    $ 129,348,136  
                 

Beverages — 1.5%

 

Anheuser-Busch InBev SA/NV(1)

    51,407     $ 5,797,184  

Constellation Brands, Inc., Class A(1)

    34,674       5,982,652  

Diageo PLC(1)

    283,411       8,249,287  
                 
    $ 20,029,123  
                 

Biotechnology — 2.0%

 

Alexion Pharmaceuticals, Inc.(1)(2)

    35,726     $ 4,565,068  

BioMarin Pharmaceutical, Inc.(1)(2)

    55,904       5,357,839  

Celgene Corp.(1)(2)

    60,961       7,562,212  

Shire PLC(1)

    154,291       9,096,796  
                 
    $ 26,581,915  
                 
Security   Shares     Value  

Building Products — 0.7%

 

Assa Abloy AB, Class B(1)

    445,579     $ 9,644,494  
                 
    $ 9,644,494  
                 

Capital Markets — 2.1%

 

Azimut Holding SpA(1)

    1,055,934     $ 20,597,812  

Credit Suisse Group AG

    313,602       4,782,733  

Credit Suisse Group AG(3)

    132,511       2,020,920  
                 
    $ 27,401,465  
                 

Chemicals — 2.2%

 

Arkema SA

    35,099     $ 3,716,387  

BASF SE

    33,055       3,220,183  

Ecolab, Inc.

    30,806       3,976,747  

Evonik Industries AG

    401,999       13,422,737  

Novozymes A/S, Class B

    99,415       4,292,054  
                 
    $ 28,628,108  
                 

Commercial Services & Supplies — 0.5%

 

Brambles, Ltd.

    898,720     $ 6,954,373  
                 
    $ 6,954,373  
                 

Construction & Engineering — 2.2%

 

Bouygues SA(1)

    563,709     $ 23,694,871  

Carillion PLC

    1,898,807       5,469,284  
                 
    $ 29,164,155  
                 

Containers & Packaging — 0.5%

 

Sealed Air Corp.(1)

    137,930     $ 6,071,679  
                 
    $ 6,071,679  
                 

Diversified Telecommunication Services — 3.0%

 

Bezeq The Israeli Telecommunication Corp., Ltd.

    3,704,822     $ 6,224,571  

Deutsche Telekom AG

    955,889       16,767,052  

Telefonica Deutschland Holding AG

    3,263,795       15,825,264  
                 
    $ 38,816,887  
                 

Electric Utilities — 3.6%

 

American Electric Power Co., Inc.(1)

    95,361     $ 6,468,337  

EDP-Energias de Portugal SA(1)

    5,227,778       17,252,822  

Electricite de France SA

    1,843,560       15,389,590  

NextEra Energy, Inc.(1)

    64,851       8,661,499  
                 
    $ 47,772,248  
                 
 

 

  5   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Electrical Equipment — 2.3%

 

ABB, Ltd.(1)

    207,995     $ 5,096,761  

Legrand SA

    87,476       5,662,403  

Melrose Industries PLC(1)

    4,266,273       13,059,902  

Zhuzhou CRRC Times Electric Co., Ltd.,
Class H

    1,206,547       6,202,545  
                 
    $ 30,021,611  
                 

Electronic Equipment, Instruments & Components — 1.4%

 

CDW Corp.(1)

    204,561     $ 12,087,510  

Keyence Corp.(1)

    14,963       6,015,336  
                 
    $ 18,102,846  
                 

Energy Equipment & Services — 0.7%

 

Halliburton Co.(1)

    89,082     $ 4,087,082  

Schlumberger, Ltd.(1)

    64,080       4,651,567  
                 
    $ 8,738,649  
                 

Equity Real Estate Investment Trusts (REITs) — 1.3%

 

American Tower Corp.(1)

    71,564     $ 9,012,770  

Equity Residential(1)

    131,879       8,516,746  
                 
    $ 17,529,516  
                 

Food Products — 1.5%

 

Kerry Group PLC, Class A

    50,408     $ 4,121,278  

Nestle SA

    100,985       7,777,911  

Orkla ASA(1)

    397,210       3,603,839  

Pinnacle Foods, Inc.(1)

    69,334       4,031,772  
                 
    $ 19,534,800  
                 

Health Care Equipment & Supplies — 0.5%

 

Edwards Lifesciences Corp.(1)(2)

    54,906     $ 6,021,541  
                 
    $ 6,021,541  
                 

Hotels, Restaurants & Leisure — 2.6%

 

Accor SA

    93,108     $ 4,245,646  

InterContinental Hotels Group PLC(1)

    554,518       29,390,605  
                 
    $ 33,636,251  
                 

Household Durables — 2.0%

 

Newell Brands, Inc.(1)

    269,497     $ 12,865,787  

Persimmon PLC

    459,673       13,869,759  
                 
    $ 26,735,546  
                 
Security   Shares     Value  

Household Products — 0.5%

 

Reckitt Benckiser Group PLC

    68,047     $ 6,269,676  
                 
    $ 6,269,676  
                 

Insurance — 14.8%

 

AIA Group, Ltd.(1)

    1,793,880     $ 12,416,224  

Allianz SE(1)

    141,933       27,020,864  

Assicurazioni Generali SpA

    961,819       15,235,225  

AXA SA(1)

    1,032,593       27,549,711  

Chubb, Ltd.(1)

    93,868       12,883,383  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen(1)

    93,352       17,897,371  

Poste Italiane SpA(4)

    1,473,943       10,093,342  

Prudential PLC(1)

    341,835       7,586,630  

Sampo Oyj, Class A(1)

    493,043       23,595,845  

SCOR SE(1)

    353,180       13,970,726  

St. James’s Place PLC(1)

    670,588       9,967,177  

Swiss Re AG(1)

    188,985       16,437,783  
                 
    $ 194,654,281  
                 

Internet & Direct Marketing Retail — 0.9%

 

Amazon.com, Inc.(1)(2)

    13,406     $ 12,400,416  
                 
    $ 12,400,416  
                 

Internet Software & Services — 3.1%

 

Alphabet, Inc., Class C(1)(2)

    29,062     $ 26,329,010  

Facebook, Inc., Class A(1)(2)

    96,330       14,473,582  
                 
    $ 40,802,592  
                 

IT Services — 0.9%

 

Visa, Inc., Class A(1)

    134,398     $ 12,259,785  
                 
    $ 12,259,785  
                 

Machinery — 1.3%

 

Fortive Corp.(1)

    197,676     $ 12,504,984  

Komatsu, Ltd.

    150,232       4,014,428  
                 
    $ 16,519,412  
                 

Media — 3.1%

 

Interpublic Group of Cos., Inc.(1)

    430,723     $ 10,152,141  

ITV PLC(1)

    2,404,036       6,538,075  

ProSiebenSat.1 Media SE(1)

    373,772       15,866,481  

Time Warner, Inc.(1)

    45,226       4,489,585  

Toho Co., Ltd.

    125,918       3,614,211  
                 
    $ 40,660,493  
                 
 

 

  6   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Metals & Mining — 0.3%

 

Rio Tinto, Ltd.

    101,680     $ 4,603,225  
                 
    $ 4,603,225  
                 

Multi-Utilities — 7.0%

 

A2A SpA

    6,806,978     $ 10,117,444  

Centrica PLC

    6,140,177       15,733,885  

National Grid PLC

    2,068,281       26,780,617  

Suez(1)

    1,050,875       17,262,490  

Veolia Environnement SA(1)

    1,179,270       22,441,939  
                 
    $ 92,336,375  
                 

Oil, Gas & Consumable Fuels — 5.3%

 

Anadarko Petroleum Corp.(1)

    161,950     $ 9,234,389  

Exxon Mobil Corp.

    76,702       6,262,718  

Occidental Petroleum Corp.(1)

    118,447       7,289,228  

Royal Dutch Shell PLC, Class B(1)

    257,251       6,844,667  

Saras SpA

    4,955,159       10,352,251  

Seven Generations Energy, Ltd., Class A(1)(2)

    366,521       6,489,735  

Snam SpA(1)

    5,256,033       23,221,499  
                 
    $ 69,694,487  
                 

Personal Products — 1.4%

 

Estee Lauder Cos., Inc. (The), Class A(1)

    102,748     $ 8,953,461  

Unilever PLC(1)

    180,974       9,310,804  
                 
    $ 18,264,265  
                 

Pharmaceuticals — 5.1%

 

Allergan PLC(1)

    41,063     $ 10,013,623  

Eli Lilly & Co.(1)

    74,737       6,132,918  

Johnson & Johnson(1)

    85,815       10,595,578  

Novo Nordisk A/S, Class B

    151,946       5,916,299  

Roche Holding AG PC(1)

    26,502       6,934,627  

Sanofi(1)

    180,484       17,054,616  

Zoetis, Inc.(1)

    188,844       10,596,037  
                 
    $ 67,243,698  
                 

Professional Services — 0.7%

 

Verisk Analytics, Inc.(1)(2)

    115,041     $ 9,526,545  
                 
    $ 9,526,545  
                 

Road & Rail — 1.2%

 

CSX Corp.(1)(5)

    178,465     $ 9,073,161  

Union Pacific Corp.(1)

    55,998       6,269,536  
                 
    $ 15,342,697  
                 
Security   Shares     Value  

Semiconductors & Semiconductor Equipment — 1.1%

 

ASML Holding NV(1)

    75,356     $ 9,964,265  

Sumco Corp.

    282,027       4,937,080  
                 
    $ 14,901,345  
                 

Specialty Retail — 1.8%

 

Advance Auto Parts, Inc.(1)

    26,366     $ 3,747,663  

Industria de Diseno Textil SA(1)

    244,702       9,377,270  

Lowe’s Cos., Inc.(1)(5)

    123,792       10,507,465  
                 
    $ 23,632,398  
                 

Technology Hardware, Storage & Peripherals — 1.0%

 

Apple, Inc.(1)

    89,537     $ 12,861,990  
                 
    $ 12,861,990  
                 

Textiles, Apparel & Luxury Goods — 2.1%

 

Hugo Boss AG

    179,672     $ 13,662,849  

LVMH Moet Hennessy Louis Vuitton SE

    26,862       6,631,388  

Pandora A/S

    64,569       6,975,398  
                 
    $ 27,269,635  
                 

Tobacco — 0.4%

 

Altria Group, Inc.(1)

    79,356     $ 5,696,174  
                 
    $ 5,696,174  
                 

Trading Companies & Distributors — 0.5%

 

Brenntag AG

    55,810     $ 3,308,513  

MISUMI Group, Inc.

    171,244       3,244,226  
                 
    $ 6,552,739  
                 

Wireless Telecommunication Services — 3.6%

 

Freenet AG

    423,146     $ 13,279,726  

Tele2 AB, Class B(1)

    2,075,402       20,886,180  

Vodafone Group PLC

    4,876,933       12,561,222  
                 
    $ 46,727,128  
                 

Total Common Stocks
(identified cost $1,239,527,912)

 

  $ 1,315,411,061  
                 
Preferred Stocks — 10.7%    
   
Security   Shares     Value  

Banks — 5.4%

 

AgriBank FCB, 6.875% to 1/1/24(6)

    50,890     $ 5,658,332  

CoBank ACB, Series F, 6.25% to 10/1/22(6)

    51,100       5,298,431  
 

 

  7   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Shares     Value  

Banks (continued)

 

Farm Credit Bank of Texas, 6.75% to 9/15/23(6)

    7,600     $ 826,025  

Farm Credit Bank of Texas, Series 1, 10.00%

    2,490       3,062,700  

First Tennessee Bank NA, 3.75%(4)(7)

    2,570       1,832,731  

Huntington Bancshares, Inc., Series A, 8.50% (Convertible)

    5,350       7,440,512  

IBERIABANK Corp., Series C, 6.60% to 5/1/26(6)

    114,120       3,149,712  

JPMorgan Chase & Co., Series O, 5.50%

    125,773       3,192,119  

KeyCorp, Series E, 6.125% to 12/15/26(6)

    167,745       4,716,989  

People’s United Financial, Inc., Series A, 5.625% to 12/15/26(6)

    55,625       1,533,025  

Regions Financial Corp., Series A, 6.375%

    125,376       3,251,000  

SunTrust Banks, Inc., Series E, 5.875%

    287,627       7,423,653  

Texas Capital Bancshares, Inc., 6.50%

    286,789       7,229,951  

Texas Capital Bancshares, Inc., Series A, 6.50%

    21,450       552,981  

Webster Financial Corp., Series E, 6.40%

    173,970       4,462,331  

Wells Fargo & Co., Series L, 7.50% (Convertible)

    9,177       11,654,790  
                 
    $ 71,285,282  
                 

Capital Markets — 0.4%

 

KKR & Co., LP, Series A, 6.75%

    54,669     $ 1,444,355  

Legg Mason, Inc., 5.45%

    110,300       2,638,376  

State Street Corp., Series D, 5.90% to 3/15/24(6)

    42,021       1,182,471  
                 
    $ 5,265,202  
                 

Diversified Financial Services — 0.5%

 

KKR Financial Holdings, LLC, Series A, 7.375%

    239,185     $ 6,182,932  
                 
    $ 6,182,932  
                 

Electric Utilities — 1.0%

 

NextEra Energy Capital Holdings, Inc., Series G, 5.70%

    267,691     $ 6,799,351  

NextEra Energy Capital Holdings, Inc., Series I, 5.125%

    60,924       1,523,100  

Southern Co. (The), 6.25%

    169,479       4,489,499  
                 
    $ 12,811,950  
                 

Equity Real Estate Investment Trusts (REITs) — 0.7%

 

CBL & Associates Properties, Inc., Series D, 7.375%

    6,700     $ 156,445  

DDR Corp., Series J, 6.50%

    259,000       6,513,850  

PS Business Parks, Inc., Series W, 5.20%

    40,677       975,434  

Vornado Realty Trust, Series K, 5.70%

    53,253       1,356,354  
                 
    $ 9,002,083  
                 

Food Products — 0.8%

 

Dairy Farmers of America, Inc., 7.875%(4)

    86,230     $ 9,248,168  

Ocean Spray Cranberries, Inc., 6.25%(4)

    18,430       1,653,517  
                 
    $ 10,901,685  
                 
Security   Shares     Value  

Machinery — 0.4%

 

Stanley Black & Decker, Inc., 5.75%

    190,582     $ 4,852,218  
                 
    $ 4,852,218  
                 

Multi-Utilities — 0.1%

 

DTE Energy Co., Series C, 5.25%

    53,348     $ 1,342,769  
                 
    $ 1,342,769  
                 

Oil, Gas & Consumable Fuels — 0.5%

 

NuStar Energy, LP, Series B, 7.625% to 6/15/22(6)

    250,325     $ 6,345,739  
                 
    $ 6,345,739  
                 

Pipelines — 0.3%

 

NuStar Logistics LP, 7.625% to 1/15/18(6)

    151,768     $ 3,889,814  
                 
    $ 3,889,814  
                 

Thrifts & Mortgage Finance — 0.6%

 

Elmira Savings Bank, 8.998% to 12/31/17(6)

    2,545     $ 2,417,750  

EverBank Financial Corp., Series A, 6.75%

    233,731       5,937,001  
                 
    $ 8,354,751  
                 

Total Preferred Stocks
(identified cost $133,260,869)

 

  $ 140,234,425  
                 
Corporate Bonds & Notes — 11.3%  
   
Security   Principal
Amount
(000’s omitted)
    Value  

Airlines — 0.1%

 

Latam Finance, Ltd.,
6.875%, 4/11/24(4)

  $ 1,425     $ 1,450,650  
                 
    $ 1,450,650  
                 

Banks — 6.0%

 

Australia and New Zealand Banking Group, Ltd., 6.75% to
6/15/26(4)(6)(8)

  $ 820     $ 910,988  

Banco do Brasil SA, 6.25% to 4/15/24(4)(6)(8)

    7,548       6,651,675  

Banco Santander SA, 6.375% to 5/19/19(6)(8)(9)

    3,200       3,270,566  

Bank of America Corp., Series AA, 6.10% to 3/17/25(6)(8)

    7,201       7,723,072  

Barclays PLC, 8.25% to 12/15/18(6)(8)

    5,926       6,319,279  

Caixa Economica Federal, 7.25% to 7/23/19, 7/23/24(4)(6)

    3,348       3,474,554  

Credit Agricole SA, 7.875% to 1/23/24(4)(6)(8)

    2,464       2,642,211  

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24(6)(8)

    2,794       3,000,058  
 

 

  8   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Security   Principal
Amount
(000’s omitted)
    Value  

Banks (continued)

 

JPMorgan Chase & Co., Series Z, 5.30% to 5/1/20(6)(8)

  $ 8,472     $ 8,853,664  

Lloyds Banking Group PLC, 6.657% to 5/21/37(4)(6)(8)

    916       1,007,508  

Lloyds Banking Group PLC, 7.50% to 6/27/24(6)(8)

    7,865       8,494,200  

M&T Bank Corp., Series F, 5.125% to 11/1/26(6)(8)

    4,680       4,738,500  

PNC Financial Services Group, Inc. (The), Series S, 5.00% to 11/1/26(6)(8)

    1,390       1,407,278  

Royal Bank of Scotland Group PLC, 8.00% to 8/10/25(6)(8)

    4,620       4,804,800  

Standard Chartered PLC, 7.014% to 7/30/37(4)(6)(8)

    3,932       4,394,010  

Standard Chartered PLC, 7.75% to
4/2/23(4)(6)(8)

    2,630       2,810,813  

UniCredit SpA, 8.00% to 6/3/24(6)(8)(9)

    4,925       4,868,978  

Zions Bancorporation, Series I, 5.80% to 9/15/23(6)(8)

    681       669,083  

Zions Bancorporation, Series J, 7.20% to 9/15/23(6)(8)

    2,626       2,842,645  
                 
    $ 78,883,882  
                 

Capital Markets — 1.0%

 

Goldman Sachs Group, Inc. (The), Series M, 5.375% to 5/10/20(6)(8)

  $ 5,050     $ 5,241,900  

UBS Group AG, 6.875% to 8/7/25(6)(8)(9)

    7,463       7,887,122  
                 
    $ 13,129,022  
                 

Diversified Financial Services — 0.7%

 

Cadence Financial Corp.,
4.875%, 6/28/19(4)

  $ 3,870     $ 3,811,950  

Leucadia National Corp.,
6.625%, 10/23/43

    3,340       3,397,294  

Textron Financial Corp.,
2.774%, 2/15/67(4)(7)

    1,719       1,383,795  
                 
    $ 8,593,039  
                 

Electric Utilities — 1.5%

 

AES Gener SA, 8.375% to 6/18/19, 12/18/73(4)(6)

  $ 6,131     $ 6,606,153  

Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76(6)

    7,150       7,909,687  

Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57(6)

    4,890       5,072,529  
                 
    $ 19,588,369  
                 

Energy Equipment & Services — 0.0%(10)

 

Abengoa Finance S.A.U.,
7.75%, 2/1/20(4)(11)

  $ 4,019     $ 133,129  
                 
    $ 133,129  
                 

Food Products — 0.5%

 

Land O’ Lakes, Inc., 8.00%(4)(8)

  $ 6,721     $ 7,225,075  
                 
    $ 7,225,075  
                 
Security   Principal
Amount
(000’s omitted)
    Value  

Insurance — 0.6%

 

Voya Financial, Inc., 5.65% to 5/15/23, 5/15/53(6)

  $ 3,430     $ 3,550,050  

XLIT, Ltd., Series E, 3.616%(7)(8)

    4,339       3,698,998  
                 
    $ 7,249,048  
                 

Metals & Mining — 0.2%

 

BHP Billiton Finance USA, Ltd., 6.75% to 10/19/25, 10/19/75(4)(6)

  $ 2,388     $ 2,710,380  
                 
    $ 2,710,380  
                 

Multi-Utilities — 0.1%

 

Dominion Resources, Inc., 5.75% to 10/1/24, 10/1/54(6)

  $ 873     $ 917,741  
                 
    $ 917,741  
                 

Oil, Gas & Consumable Fuels — 0.3%

 

Odebrecht Oil & Gas Finance, Ltd., 7.00% to 6/17/24(4)(6)(8)(11)

  $ 6,342     $ 681,765  

Petrobras Global Finance BV, 6.125%, 1/17/22

    2,827       2,969,340  
                 
    $ 3,651,105  
                 

Telecommunications — 0.2%

 

Colombia Telecomunicaciones SA ESP, 8.50% to 3/30/20(4)(6)(8)

  $ 2,393     $ 2,393,000  
                 
    $ 2,393,000  
                 

Thrifts & Mortgage Finance — 0.1%

 

Flagstar Bancorp, Inc.,
6.125%, 7/15/21

  $ 1,805     $ 1,934,345  
                 
    $ 1,934,345  
                 

Total Corporate Bonds & Notes
(identified cost $148,955,955)

 

  $ 147,858,785  
                 
Exchange-Traded Funds — 2.8%    
   
Security   Shares     Value  

Equity Funds — 2.8%

 

iShares U.S. Preferred Stock ETF

    941,601     $ 36,731,855  
                 
    $ 36,731,855  
                 

Total Exchange-Traded Funds
(identified cost $36,942,368)

 

  $ 36,731,855  
                 
 

 

  9   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

Short-Term Investments — 3.3%  
Description   Units     Value  

Eaton Vance Cash Reserves Fund, LLC, 1.07%(12)

    43,317,083     $ 43,330,078  
                 

Total Short-Term Investments
(identified cost $43,326,291)

 

  $ 43,330,078  
                 

Total Investments — 128.3%
(identified cost $1,602,013,395)

 

  $ 1,683,566,204  
                 

Other Assets, Less Liabilities — (28.3)%

 

  $ (371,504,975
                 

Net Assets — 100.0%

 

  $ 1,312,061,229  
                 

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

  (1) 

Security (or a portion thereof) has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.

 

  (2) 

Non-income producing security.

 

  (3) 

Security was acquired in a private offering and may be resold on a designated offshore securities market pursuant to Regulation S under the Securities Act of 1933.

 

  (4) 

Security exempt from registration pursuant to Rule 144A under 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 April 30, 2017, the aggregate value of these securities is $71,115,414 or 5.4% of the Fund’s net assets.

 

  (5) 

Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.

 

  (6) 

Security converts to floating rate after the indicated fixed-rate coupon period.

 

  (7) 

Variable rate security. The stated interest rate represents the rate in effect at April 30, 2017.

 

  (8) 

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

 

  (9) 

Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At April 30, 2017, the aggregate value of these securities is $16,026,666 or 1.2% of the Fund’s net assets.

 

(10) 

Amount is less than 0.05%.

 

(11) 

Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

 

(12) 

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of April 30, 2017.

Country Concentration of Portfolio  
Country   Percentage of
Total Investments
    Value  

United States

    37.2   $ 626,471,785  

United Kingdom

    11.7       197,220,758  

France

    11.4       191,769,488  

Germany

    9.8       164,785,908  

Italy

    7.0       117,857,247  

Switzerland

    3.0       50,937,857  

Sweden

    1.8       30,530,674  

Japan

    1.7       27,893,767  

Netherlands

    1.4       23,637,928  

Finland

    1.4       23,595,845  

Canada

    1.3       21,914,556  

Norway

    1.1       19,037,094  

Portugal

    1.0       17,252,822  

Denmark

    1.0       17,183,751  

Ireland

    1.0       16,917,072  

Poland

    0.9       15,528,460  

Brazil

    0.8       13,777,334  

Spain

    0.8       12,780,965  

Hong Kong

    0.7       12,416,224  

Belgium

    0.7       11,872,154  

Australia

    0.6       10,575,741  

Chile

    0.5       8,056,803  

Israel

    0.4       6,224,571  

China

    0.4       6,202,545  

Colombia

    0.2       2,393,000  

Exchange-Traded Funds

    2.2       36,731,855  
                 

Total Investments

    100.0   $ 1,683,566,204  
                 
 

 

  10   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Portfolio of Investments (Unaudited) — continued

 

 

 

Futures Contracts  
Description   Contracts      Position      Expiration
Month/Year
     Aggregate Cost      Value      Net Unrealized
Appreciation
(Depreciation)
 

Equity Futures

                
CAC 40 Index     1,076        Short        May-17      $ (58,601,492    $ (61,138,748    $ (2,537,256
E-mini Health Care Select Sector Index     359        Long        Jun-17        26,800,800        27,154,760        353,960  
E-mini S&P 500 Index     2,700        Long        Jun-17        320,000,501        321,367,500        1,366,999  
E-mini Technology Select Sector Index     635        Long        Jun-17        33,736,451        34,613,850        877,399  
Nikkei 225 Index     267        Long        Jun-17        45,349,291        46,057,384        708,093  
STOXX Europe 600 Banks Index     4,143        Short        Jun-17        (39,331,718      (40,959,892      (1,628,174
STOXX Europe 600 Banks Index     8,235        Short        Jun-17        (164,772,032      (172,026,841      (7,254,809
STOXX Europe 600 Insurance Index     6,283        Short        Jun-17        (90,980,361      (93,774,523      (2,794,162
STOXX Europe 600 Utilities Index     4,268        Short        Jun-17        (65,522,529      (65,792,757      (270,228
                                                 $ (11,178,178

CAC 40 Index:  Cotation Assistée en Continu Index comprised of the 40 largest companies listed on the Euronext Paris.

Nikkei 225 Index:  Price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange.

STOXX Europe 600 Banks Index:  Index composed of companies from the European banks sector.

STOXX Europe 600 Insurance Index:  Index composed of companies from the European insurance sector.

STOXX Europe 600 Utilities Index:  Index composed of companies from the European utilities sector.

Abbreviations:

 

PC     Participation Certificate

 

  11   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Statement of Assets and Liabilities (Unaudited)

 

 

Assets   April 30, 2017  

Unaffiliated investments, at value (identified cost, $1,558,687,104)

  $ 1,640,236,126  

Affiliated investment, at value (identified cost, $43,326,291)

    43,330,078  

Restricted cash*

    47,963,021  

Foreign currency, at value (identified cost, $1,185,247)

    1,186,031  

Dividends and interest receivable

    7,148,775  

Dividends receivable from affiliated investment

    27,773  

Receivable for investments sold

    7,816,291  

Tax reclaims receivable

    9,057,047  

Total assets

  $ 1,756,765,142  
Liabilities  

Notes payable

  $ 425,000,000  

Payable for investments purchased

    16,331,710  

Payable for variation margin on open financial futures contracts

    1,271,223  

Payable to affiliates:

 

Investment adviser fee

    1,189,586  

Trustees’ fees

    8,182  

Accrued expenses

    903,212  

Total liabilities

  $ 444,703,913  

Net Assets

  $ 1,312,061,229  
Sources of Net Assets  

Common shares, $0.01 par value, unlimited number of shares authorized, 76,300,214 shares issued and outstanding

  $ 763,002  

Additional paid-in capital

    1,447,517,855  

Accumulated net realized loss

    (207,403,487

Accumulated undistributed net investment income

    924,699  

Net unrealized appreciation

    70,259,160  

Net Assets

  $ 1,312,061,229  
Net Asset Value  

($1,312,061,229 ÷ 76,300,214 common shares issued and outstanding)

  $ 17.20  

 

* Represents restricted cash on deposit at the broker for open financial futures contracts.

 

  12   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Statement of Operations (Unaudited)

 

 

Investment Income  

Six Months Ended

April 30, 2017

 

Dividends (net of foreign taxes, $3,515,641)

  $ 41,929,645  

Interest

    5,270,966  

Other income

    1,013,804  

Dividends from affiliated investment

    96,828  

Total investment income

  $ 48,311,243  
Expenses        

Investment adviser fee

  $ 7,036,523  

Trustees’ fees and expenses

    51,606  

Custodian fee

    117,874  

Transfer and dividend disbursing agent fees

    9,699  

Legal and accounting services

    62,990  

Printing and postage

    88,938  

Interest expense and fees

    3,298,617  

Miscellaneous

    107,006  

Total expenses

  $ 10,773,253  

Net investment income

  $ 37,537,990  
Realized and Unrealized Gain (Loss)        

Net realized gain (loss) —

 

Investment transactions

  $ 60,005,845  

Investment transactions — affiliated investment

    7,962  

Proceeds from securities litigation settlements

    285,726  

Financial futures contracts

    (777,271

Foreign currency transactions

    (130,729

Net realized gain

  $ 59,391,533  

Change in unrealized appreciation (depreciation) —

 

Investments

  $ 67,531,133  

Investments — affiliated investment

    1,352  

Financial futures contracts

    (11,178,178

Foreign currency

    33,873  

Net change in unrealized appreciation (depreciation)

  $ 56,388,180  

Net realized and unrealized gain

  $ 115,779,713  

Net increase in net assets from operations

  $ 153,317,703  

 

  13   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Statements of Changes in Net Assets

 

 

Increase (Decrease) in Net Assets  

Six Months Ended

April 30, 2017
(Unaudited)

   

Year Ended

October 31, 2016

 

From operations —

   

Net investment income

  $ 37,537,990     $ 97,494,623  

Net realized gain (loss) from investment transactions, financial futures contracts, foreign currency and forward foreign currency exchange contract transactions and proceeds from securities litigation settlements

    59,391,533       (75,024,660

Net change in unrealized appreciation (depreciation) from investments, financial futures contracts and foreign currency

    56,388,180       (61,471,156

Net increase (decrease) in net assets from operations

  $ 153,317,703     $ (39,001,193

Distributions to shareholders —

   

From net investment income

  $ (46,924,632   $ (93,849,264

Total distributions

  $ (46,924,632   $ (93,849,264

Net increase (decrease) in net assets

  $ 106,393,071     $ (132,850,457
Net Assets  

At beginning of period

  $ 1,205,668,158     $ 1,338,518,615  

At end of period

  $ 1,312,061,229     $ 1,205,668,158  
Accumulated undistributed net investment income
included in net assets
 

At end of period

  $ 924,699     $ 10,311,341  

 

  14   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Statement of Cash Flows (Unaudited)

 

 

Cash Flows From Operating Activities  

Six Months Ended

April 30, 2017

 

Net increase in net assets from operations

  $ 153,317,703  

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:

 

Investments purchased

    (1,631,899,335

Investments sold

    1,708,546,590  

Increase in short-term investments, net

    (1,707,041

Net amortization/accretion of premium (discount)

    (76,594

Increase in restricted cash

    (47,963,021

Increase in dividends and interest receivable

    (3,734,423

Increase in dividends receivable from affiliated investment

    (27,773

Increase in tax reclaims receivable

    (1,917,463

Increase in payable for variation margin on open financial futures contracts

    1,271,223  

Increase in payable to affiliate for investment adviser fee

    443  

Increase in payable to affiliate for Trustees’ fees

    2,515  

Increase in accrued expenses

    280,318  

Net change in unrealized (appreciation) depreciation from investments

    (67,532,485

Net realized gain from investments

    (60,013,807

Net cash provided by operating activities

  $ 48,546,850  
Cash Flows From Financing Activities        

Distributions paid, net of reinvestments

  $ (46,924,632

Decrease in due to custodian

    (438,520

Net cash used in financing activities

  $ (47,363,152

Net increase in cash*

  $ 1,183,698  

Cash at beginning of period(1)

  $ 2,333  

Cash at end of period(1)

  $ 1,186,031  
Supplemental disclosure of cash flow information:        

Cash paid for interest and fees on borrowings

  $ 2,701,789  

 

* Includes net change in unrealized appreciation (depreciation) on foreign currency of $818.

 

(1) 

Balance includes foreign currency, at value.

 

  15   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Financial Highlights

 

 

    Six Months Ended
April 30, 2017
(Unaudited)
    Year Ended October 31,  
      2016     2015     2014     2013     2012  

Net asset value — Beginning of period

  $ 15.800     $ 17.540     $ 18.120     $ 17.390     $ 14.800     $ 14.380  
Income (Loss) From Operations                                                

Net investment income(1)

  $ 0.492     $ 1.278 (2)    $ 1.162     $ 1.304 (2)    $ 1.241 (2)    $ 1.169  

Net realized and unrealized gain (loss)

    1.523       (1.788     (0.512     0.656       2.579       0.481  

Total income (loss) from operations

  $ 2.015     $ (0.510   $ 0.650     $ 1.960     $ 3.820     $ 1.650  
Less Distributions                                                

From net investment income

  $ (0.615   $ (1.230   $ (1.230   $ (1.230   $ (1.230   $ (1.230

Total distributions

  $ (0.615   $ (1.230   $ (1.230   $ (1.230   $ (1.230   $ (1.230

Net asset value — End of period

  $ 17.200     $ 15.800     $ 17.540     $ 18.120     $ 17.390     $ 14.800  

Market value — End of period

  $ 16.750     $ 14.340     $ 16.540     $ 16.980     $ 16.040     $ 14.010  

Total Investment Return on Net Asset Value(3)

    13.33 %(4)      (2.09 )%      4.21     12.01     27.29     12.64

Total Investment Return on Market Value(3)

    21.61 %(4)      (5.77 )%      4.86     13.80     24.03     14.94
Ratios/Supplemental Data                                                

Net assets, end of period (000’s omitted)

  $ 1,312,061     $ 1,205,668     $ 1,338,519     $ 1,382,839     $ 1,326,899     $ 1,129,418  

Ratios (as a percentage of average daily net assets):

           

Expenses excluding interest and fees(5)

    1.21 %(6)      1.24     1.20     1.18     1.24     1.26

Interest and fee expense

    0.53 %(6)      0.37     0.25     0.24     0.30     0.48

Total expenses(5)

    1.74 %(6)      1.61     1.45     1.42     1.54     1.74

Net investment income

    6.06 %(6)      7.84 %(2)      6.47     7.21 %(2)      7.73 %(2)      8.08

Portfolio Turnover

    100 %(4)      200     163     122     105     120

Senior Securities:

           

Total notes payable outstanding (in 000’s)

  $ 425,000     $ 425,000     $ 425,000     $ 425,000     $ 425,000     $ 425,000  

Asset coverage per $1,000 of notes payable(7)

  $ 4,087     $ 3,837     $ 4,149     $ 4,254     $ 4,122     $ 3,657  

 

(1) 

Computed using average shares outstanding.

 

(2) 

Net investment income per share includes special dividends which amounted to $0.195, $0.534 and $0.260 per share for the years ended October 31, 2016, 2014 and 2013, respectively. Excluding special dividends, the ratio of net investment income to average daily net assets would have been 6.64%, 4.26% and 6.11% for the years ended October 31, 2016, 2014 and 2013, respectively.

 

(3) 

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.

(4) 

Not annualized.

 

(5) 

Excludes the effect of custody fee credits, if any, of less than 0.005%. Effective September 1, 2015, custody fee credits, which were earned on cash deposit balances, were discontinued by the custodian.

(6) 

Annualized.

 

(7) 

Calculated by subtracting the Fund’s total liabilities (not including the notes payable) from the Fund’s total assets, and dividing the result by the notes payable balance in thousands.

 

  16   See Notes to Financial Statements.


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Notes to Financial Statements (Unaudited)

 

 

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 asked prices therefore on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the 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 asked 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 asked 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 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. Financial 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 financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average asked prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial 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 financial 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 financial 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 financial 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 financial 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 financial futures contracts.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that fairly reflects the security’s value, or 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 condition, 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.

 

  17  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

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 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 six months ended April 30, 2017, the Fund received approximately $1,014,000 from Poland for previously withheld foreign taxes and interest thereon. Such amount is reflected as Other income in the Statement of Operations. Additionally, approximately $797,000 of previously recorded income for dividend tax reclaims is unpaid and included in Tax reclaims receivable in the Statement of Assets and Liabilities. 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 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.

As of April 30, 2017, 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 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  Financial Futures Contracts — Upon entering into a financial 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 financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial 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.

I  Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

J  Statement of Cash Flows — The cash amount shown in the Statement of Cash Flows of the Fund is the amount included in the Fund’s Statement of Assets and Liabilities and represents the unrestricted cash on hand at its custodian and does not include any short-term investments.

K  Interim Financial Statements — The interim financial statements relating to April 30, 2017 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Fund’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

 

  18  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

2  Distributions to Shareholders and Income Tax Information

The Fund intends to make monthly distributions of net investment income to common shareholders. In addition, at least annually, the Fund intends to distribute all or substantially all of its net realized capital gains (reduced by available capital loss carryforwards from prior years). 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.

At October 31, 2016, the Fund, for federal income tax purposes, had capital loss carryforwards of $176,970,330 and deferred capital losses of $80,661,181 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. Such capital loss carryforwards will expire on October 31, 2017 ($145,215,149) and October 31, 2018 ($31,755,181) and their character is short-term. Under tax regulations, capital losses incurred in taxable years beginning after December 2010 are considered deferred capital losses and are treated as arising on the first day of the Fund’s next taxable year, retaining the same short-term or long-term character as when originally deferred. Deferred capital losses are required to be used prior to capital loss carryforwards, which carry an expiration date. As a result of this ordering rule, capital loss carryforwards may be more likely to expire unused. Of the deferred capital losses at October 31, 2016, $80,661,181 are short-term.

The cost and unrealized appreciation (depreciation) of investments of the Fund at April 30, 2017, as determined on a federal income tax basis, were as follows:

 

Aggregate cost

  $ 1,610,945,518  

Gross unrealized appreciation

  $ 97,614,148  

Gross unrealized depreciation

    (24,993,462

Net unrealized appreciation

  $ 72,620,686  

3  Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by EVM as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement, the fee is computed at an annual rate of 0.85% of the Fund’s average daily gross assets up to and including $1.5 billion, 0.83% over $1.5 billion up to and including $3 billion, and at reduced rates on daily gross assets over $3 billion, and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. The fee reduction cannot be terminated without the consent of a majority of Trustees and a majority of shareholders. For the six months ended April 30, 2017, the Fund’s investment adviser fee amounted to $7,036,523, or 0.85% (annualized) of the Fund’s average daily gross assets. Pursuant to a sub-advisory agreement effective November 16, 2015, EVM pays Eaton Vance Management (International) Limited (EVMI), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.

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. For the six months ended April 30, 2017, no significant amounts have been deferred. 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 $1,613,580,126 and $1,686,948,904, respectively, for the six months ended April 30, 2017.

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 six months ended April 30, 2017 and the year ended October 31, 2016.

 

  19  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

On November 11, 2013, the Board of Trustees of the Fund authorized the repurchase by the Fund of up to 10% of its then currently outstanding common shares 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. There were no repurchases of common shares by the Fund for the six months ended April 30, 2017 and the year ended October 31, 2016.

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 forward foreign currency exchange 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. A summary of obligations under these financial instruments at April 30, 2017 is included in the Portfolio of Investments. At April 30, 2017, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

At April 30, 2017, there were no forward foreign currency exchange contracts outstanding.

The Fund is subject to equity price risk in the normal course of pursuing its investment objective. The Fund enters 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 fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is equity price risk at April 30, 2017 was as follows:

 

    Fair Value  
Derivative   Asset Derivative(1)      Liability Derivative(1)  

Futures contracts

  $ 3,306,451      $ (14,484,629

 

(1) 

Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts. Only the current day’s variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as Receivable or Payable for variation margin on open financial futures contracts, as applicable.

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 six months ended April 30, 2017 was as follows:

 

Derivative  

Realized Gain (Loss)

on Derivatives Recognized

in Income(1)

     Change in Unrealized
Appreciation (Depreciation) on
Derivatives Recognized in Income
(2)
 

Futures contracts

  $ (777,271    $ (11,178,178

 

(1) 

Statement of Operations location: Net realized gain (loss) – Financial futures contracts.

 

(2) 

Statement of Operations location: Change in unrealized appreciation (depreciation) – Financial futures contracts.

The average notional cost of futures contracts outstanding during the six months ended April 30, 2017, which is indicative of the volume of this derivative type, was approximately as follows:

 

Futures
Contracts — Long
    Futures
Contracts — Short
 
  $177,734,000     $ 176,724,000  

7  Committed Facility Agreement

The Fund has entered into a Committed Facility Agreement, as amended (the Agreement) with major financial institutions that allows it to borrow up to $530 million over a rolling 179 calendar day period. Interest is charged at a rate above 1-month LIBOR and is payable monthly. The Fund is charged a commitment fee of 0.35% per annum on the unused portion of the commitment if outstanding borrowings are less than 80% of the borrowing limit. Under the terms of the Agreement, the Fund is required to satisfy certain collateral requirements and maintain a certain level of net assets. At April 30, 2017, the

 

  20  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

Fund had borrowings outstanding under the Agreement of $425 million at an interest rate of 1.75%. The carrying amount of the borrowings at April 30, 2017 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 April 30, 2017. For the six months ended April 30, 2017, the average borrowings under the Agreement and the average annual interest rate (excluding fees, if any) were $425 million and 1.57%, respectively.

8  Risks Associated with Foreign Investments

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

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.

 

 

  21  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Notes to Financial Statements (Unaudited) — continued

 

 

At April 30, 2017, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

 

Asset Description   Level 1      Level 2      Level 3      Total  

Common Stocks

          

Consumer Discretionary

  $ 64,108,880      $ 134,686,550      $         —      $ 198,795,430  

Consumer Staples

    24,664,059        45,129,979               69,794,038  

Energy

    38,014,719        40,418,417               78,433,136  

Financials

    37,419,146        313,984,736               351,403,882  

Health Care

    60,844,816        39,002,338               99,847,154  

Industrials

    49,371,897        86,351,800               135,723,697  

Information Technology

    78,011,877        20,916,681               98,928,558  

Materials

    10,048,426        29,254,586               39,303,012  

Real Estate

    17,529,516                      17,529,516  

Telecommunication Services

           85,544,015               85,544,015  

Utilities

    15,129,836        124,978,787               140,108,623  

Total Common Stocks

  $ 395,143,172      $ 920,267,889    $      $ 1,315,411,061  

Preferred Stocks

          

Consumer Staples

  $      $ 10,901,685      $      $ 10,901,685  

Energy

    10,235,553                      10,235,553  

Financials

    71,992,198        19,095,969               91,088,167  

Industrials

    4,852,218                      4,852,218  

Real Estate

    9,002,083                      9,002,083  

Utilities

    14,154,719                      14,154,719  

Total Preferred Stocks

  $ 110,236,771      $ 29,997,654      $      $ 140,234,425  

Corporate Bonds & Notes

  $      $ 147,858,785      $         —      $ 147,858,785  

Exchange-Traded Funds

    36,731,855                      36,731,855  

Short-Term Investments

           43,330,078               43,330,078  

Total Investments

  $ 542,111,798      $ 1,141,454,406      $      $ 1,683,566,204  

Futures Contracts

  $ 2,598,358      $ 708,093      $      $ 3,306,451  

Total

  $ 544,710,156      $ 1,142,162,499      $      $ 1,686,872,655  

Liability Description

                                  

Futures Contracts

  $      $ (14,484,629    $      $ (14,484,629

Total

  $      $ (14,484,629    $      $ (14,484,629

 

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

The Fund held no investments or other financial instruments as of October 31, 2016 whose fair value was determined using Level 3 inputs. At April 30, 2017, the value of investments transferred between Level 1 and Level 2 during the six months then ended was not significant.

 

  22  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

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 each investment advisory agreement between a fund and its investment adviser will continue in effect from year to year only if its continuation is approved at least annually by the fund’s board of trustees, including by a vote of a majority of the trustees who are not “interested persons” of the fund (“Independent Trustees”), cast in person at a meeting called for the purpose of considering such approval.

At a meeting of the Boards of Trustees (each a “Board”) of the registered investment companies advised by either Eaton Vance Management or its affiliate, Boston Management and Research, (the “Eaton Vance Funds”) held on April 25, 2017, the Board, including a majority of the Independent Trustees, voted to approve continuation of existing investment advisory and sub-advisory agreements for the Eaton Vance Funds for an additional one-year period. In voting its approval, the Board relied upon the affirmative recommendation of its Contract Review Committee, which is a committee comprised exclusively of Independent Trustees. Prior to making its recommendation, the Contract Review Committee reviewed information furnished by each adviser to the Eaton Vance Funds (including information specifically requested by the Board) for a series of meetings of the Contract Review Committee held between February and April 2017. The Contract Review Committee also considered information received at prior meetings of the Board and its committees, as relevant to its annual evaluation of the investment advisory and sub-advisory agreements.

The information that the Board considered included, among other things, the following (for funds that invest through one or more underlying portfolio(s), 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 the advisory and related fees paid by each fund with 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 comparable funds;

 

 

A report from an independent data provider comparing the investment performance of each fund (including, where relevant, yield data, Sharpe ratios and information ratios) to the investment performance of comparable funds over various time periods;

 

 

Data regarding investment performance in comparison to benchmark indices, as well as customized groups of peer funds and blended indices identified by the adviser in consultation with the Board;

 

 

For each fund, comparative information concerning the fees charged and the services provided by each adviser in managing other accounts (including mutual funds, other collective investment funds and institutional accounts) using investment strategies and techniques similar to those used in managing such fund;

 

 

Profitability analyses for each adviser with respect to each fund;

Information about Portfolio Management and Trading

 

 

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

 

 

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

 

 

Information about each adviser’s policies and practices with respect to trading, including each adviser’s processes for monitoring best execution of portfolio transactions;

 

 

Information about the allocation of brokerage transactions and the benefits received by each adviser as a result of brokerage allocation, including information concerning the acquisition of research through client commission arrangements and policies with respect to “soft dollars”;

 

 

Data relating to portfolio turnover rates of each fund;

Information about each Adviser

 

 

Reports detailing the financial results and condition of each adviser;

 

 

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

 

 

The Code of Ethics of each adviser and its affiliates, together with information relating to compliance with and the administration of such codes;

 

 

Policies and procedures relating to proxy voting and the handling of corporate actions and class actions;

 

 

Information concerning the resources devoted to compliance efforts undertaken by each adviser and its affiliates (including descriptions of various compliance programs) and their record of compliance;

 

 

Information concerning the business continuity and disaster recovery plans of each adviser and its affiliates;

 

 

A description of Eaton Vance Management’s procedures for overseeing third party advisers and sub-advisers, including with respect to regulatory and compliance issues, investment management and other matters;

 

  23  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Board of Trustees’ Contract Approval — continued

 

 

Other Relevant Information

 

 

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 management of the relationship with the custodian, subcustodians and fund accountants by each adviser or the funds’ administrator; and

 

 

The terms of each investment advisory agreement.

Over the course of the twelve-month period ended April 30, 2017, with respect to one or more funds, the Board met ten times and the Contract Review Committee, the Audit Committee, the Governance Committee, the Portfolio Management Committee and the Compliance Reports and Regulatory Matters Committee, each of which is a Committee comprised solely of Independent Trustees, met seven, thirteen, six, eight and ten times, respectively. At such meetings, the Trustees participated in investment and performance reviews with the portfolio managers and other investment professionals of each investment adviser relating to each fund, and considered various investment and trading strategies used in pursuing each fund’s investment objective, such as the use of derivative instruments, as well as risk management techniques. The Board and its Committees also 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 and other fund advisers with respect to such matters. In addition to the formal meetings of the Board and its Committees, the Independent Trustees hold regular teleconferences in between meetings to discuss, among other topics, matters relating to the continuation of investment advisory and sub-advisory agreements.

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

The Contract Review Committee was assisted throughout the contract review process by Goodwin Procter LLP, independent legal counsel for the Independent Trustees. The members of the Contract Review Committee relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating each investment advisory and sub-advisory agreement and the weight to be given to each such factor. The conclusions reached with respect to each investment advisory and sub-advisory agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each member of the Contract Review Committee may have placed varying emphasis on particular factors in reaching conclusions with respect to each investment advisory and sub-advisory agreement. In evaluating each investment advisory and sub-advisory agreement, including the specific fee structures and other terms of the agreements, the Contract Review Committee was informed by multiple years of analysis and discussion among the Independent Trustees and the Eaton Vance Funds’ advisers and sub-advisers.

Results of the Process

Based on its consideration of the foregoing, and such other information as it deemed relevant, including the factors and conclusions described below, the Contract Review Committee concluded that the continuation of the investment advisory agreement of Eaton Vance Tax-Advantaged Global Dividend Income Fund (the “Fund”) with Eaton Vance Management (the “Adviser”) and the sub-advisory agreement with Eaton Vance Management (International) Limited (the “Sub-adviser”), an affiliate of the Adviser, including their fee structures, is in the interests of shareholders and, therefore, the Contract Review Committee recommended to the Board approval of each agreement. The Board accepted the recommendation of the Contract Review Committee based on the material factors considered and conclusions reached by the Contract Review Committee with respect to the agreements. Accordingly, the Board, including a majority of the Independent Trustees, voted to approve continuation of the investment advisory 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 of 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 process with respect to the types of investments held by the Fund, including the education, experience and number of its investment professionals and other personnel who provide portfolio management, investment research, and similar services to the Fund. With respect to the Adviser, the Board considered the Adviser’s responsibilities overseeing the Sub-adviser and coordinating activities in implementing the Fund’s investment strategy. The Board considered the Adviser’s in-house equity research capabilities and experience in managing funds that seek to maximize after-tax returns. The Board also 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, as well as the compensation methods of the Adviser and other factors, such as 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

 

  24  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Board of Trustees’ Contract Approval — continued

 

 

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 compliance programs of the Adviser and relevant affiliates thereof, including the Sub-adviser. Among other matters, the Board considered compliance and reporting matters relating to personal trading by investment professionals, selective 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 was aware that on April 24, 2017 a former employee of the Adviser agreed to plead guilty to fraud charges arising from the individual’s prior activities as an equity options trader for certain Eaton Vance Funds. The Board was informed that the Adviser became aware of the matter on April 18, 2017, at which time management contacted federal authorities, alerted the Board and began an internal investigation. The Adviser represented to the Board that, based on information available as of April 25, 2017, management had no reason to believe that any other employee of the Adviser or its affiliates was involved in any wrongful activities or that any fund had been materially harmed. The Adviser agreed to keep the Board fully apprised as additional information is learned, and assured the Board that any fund harmed by the former employee’s wrongful activities will be made whole, as determined in consultation with the Board. The Board concluded that the Adviser’s actions in response to these events are appropriate and consistent with the Adviser’s commitment to protect and provide quality services to the Eaton Vance Funds.

The Board considered shareholder and other administrative services provided or managed by Eaton Vance Management and its affiliates, including transfer agency and accounting services. The Board evaluated the benefits to shareholders of investing in a fund that is a part of a large 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 and appropriate benchmark indices. The Board’s review included comparative performance data for the one-, three- and five- and ten-year periods ended September 30, 2016 for the Fund. The Board concluded that the performance of the Fund was satisfactory.

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 September 30, 2016, 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 Fund expense ratios 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 Other “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 services. The Board also considered other direct or indirect fall-out benefits received by the Adviser and its affiliates, including the Sub-adviser, in connection with their 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.

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.

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

 

  25  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Board of Trustees’ Contract Approval — continued

 

 

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 any benefits from economies of scale. The Board also concluded that, assuming reasonably foreseeable increases in the assets of the Fund, 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.

 

  26  


Eaton Vance

Tax-Advantaged Global Dividend Income Fund

April 30, 2017

 

Officers and Trustees

 

 

Officers of Eaton Vance Tax-Advantaged Global Dividend Income Fund

 

 

Edward J. Perkin

President

Maureen A. Gemma

Vice President, Secretary and

Chief Legal Officer

James F. Kirchner

Treasurer

Paul M. O’Neil

Chief Compliance Officer

 

 

Trustees of Eaton Vance Tax-Advantaged Global Dividend Income Fund

 

 

William H. Park

Chairperson

Scott E. Eston

Thomas E. Faust Jr.*

Mark R. Fetting**

Cynthia E. Frost

George J. Gorman

Valerie A. Mosley

Helen Frame Peters

Susan J. Sutherland

Harriett Tee Taggart

Ralph F. Verni

Scott E. Wennerholm**

 

 

*  Interested Trustee

 

**  Messrs. Fetting and Wennerholm began serving as Trustees effective September 1, 2016.

 

 

Number of Employees

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

Number of Shareholders

As of April 30, 2017, Fund records indicate that there are 33 registered shareholders and approximately 49,134 shareholders owning the Fund shares in street name, such as through brokers, banks, and financial intermediaries.

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

Eaton Vance Distributors, Inc.

Two International Place

Boston, MA 02110

1-800-262-1122

New York Stock Exchange symbol

The New York Stock Exchange symbol is ETG.

 

  27  


Eaton Vance Funds

 

IMPORTANT NOTICES

 

 

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

 

 

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

 

 

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

 

 

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

 

 

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

Our pledge of privacy applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Management’s Real Estate Investment Group and Boston Management and Research. In addition, our Privacy Policy applies only to those Eaton Vance customers who are individuals and who have a direct relationship with us. If a customer’s account (i.e., fund shares) is held in the name of a third-party financial advisor/broker-dealer, it is likely that only such advisor’s privacy policies apply to the customer. This notice supersedes all previously issued privacy disclosures. For more information about Eaton Vance’s Privacy Policy, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (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. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial advisor, may household the mailing of your documents indefinitely unless you instruct AST, or your financial advisor, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial advisor. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial advisor.

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

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 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 outstanding common shares as of the approved date 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 “Individual Investors — Closed-End Funds”.

 

  28  


Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Management (International) Limited

125 Old Broad St.

London, EC2N 1AR

United Kingdom

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

American Stock Transfer & Trust Company, LLC

6201 15th Avenue

Brooklyn, NY 11219

Fund Offices

Two International Place

Boston, MA 02110

 


LOGO

7737    4.30.17


Item 2. Code of Ethics

Not required in this filing.

Item 3. Audit Committee Financial Expert

Not required in this filing.

Item 4. Principal Accountant Fees and Services

Rule 2-01(c)(1)(ii)(A) of Regulation S-X (the “Loan Rule”) prohibits an accounting firm, such as the Fund’s principal accountant, Deloitte & Touche LLP (“D&T”), from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm generally would not be independent if it or a “covered person” of the accounting firm (within the meaning of applicable SEC rules relating to auditor independence) receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Based on information provided to the Audit Committee of the Board of Trustees (the “Audit Committee”) of the Eaton Vance family of funds by D&T, certain relationships between D&T and its affiliates (“Deloitte Entities”) and one or more lenders who are record owners of shares of one or more funds within the Eaton Vance family of funds (the “Funds”) implicate the Loan Rule, calling into question D&T’s independence with respect to the Funds. The Funds are providing this disclosure to explain the facts and circumstances as well as D&T’s conclusions concerning D&T’s objectivity and impartiality with respect to the audits of the Funds notwithstanding the existence of one or more breaches of the Loan Rule.

On June 20, 2016, the U.S. Securities and Exchange Commission (the “SEC”) issued no-action relief to another mutual fund complex (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016) (the “No-Action Letter”)) related to an auditor independence issue arising under the Loan Rule. In the No-Action Letter, the SEC indicated that it would not recommend enforcement action against the fund group if the auditor is not in compliance with the Loan Rule provided that: (1) the auditor has complied with PCAOB Rule 3526(b)(1) and 3526(b)(2); (2) the auditor’s non-compliance under the Loan Rule is with respect to certain lending relationships; and (3) notwithstanding such non-compliance, the auditor has concluded that it is objective and impartial with respect to the issues encompassed within its engagement as auditor of the funds. The SEC has indicated that the no-action relief will expire 18 months from its issuance.

Based on information provided by D&T to the Audit Committee, the requirements of the No-Action Letter appear to be met with respect to D&T’s lending relationships described above. Among other things, D&T has advised the Audit Committee of its conclusion that the consequences of the breach of the Loan Rule have been satisfactorily addressed, that D&T’s objectivity and impartiality in the planning and conduct of the audits of the Fund’s financial statements has not been compromised and that, notwithstanding the breach, D&T is in a position to continue as the auditor for the Funds and D&T does not believe any actions need to be taken with respect to previously issued reports by D&T. D&T has advised the Audit Committee that these conclusions were based in part on its consideration of the No-Action Letter and other relevant information communicated to the Audit Committee.

Item 5. Audit Committee of Listed Registrants

Not required in this filing.

Item 6. Schedule of Investments

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

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

Not required in this filing.

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

Not required in this filing.

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

No such purchases this period.


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

No material changes.

Item 11. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

 

(a)(1)   Registrant’s Code of Ethics – Not applicable (please see Item 2).
(a)(2)(i)   Treasurer’s Section 302 certification.
(a)(2)(ii)   President’s Section 302 certification.
(b)   Combined Section 906 certification.


Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Tax-Advantaged Global Dividend Income Fund

 

By:  

/s/ Edward J. Perkin

  Edward J. Perkin
  President
Date:   June 26, 2017

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:   June 26, 2017
By:  

/s/ Edward J. Perkin

  Edward J. Perkin
  President
Date:   June 26, 2017