Eaton Vance Tax-Advantaged Global Dividend Income
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
(registrants Telephone Number)
October 31
Date of Fiscal Year End
October 31, 2009
Date of Reporting Period
IMPORTANT
NOTICES REGARDING PRIVACY,
DELIVERY OF SHAREHOLDER DOCUMENTS,
PORTFOLIO HOLDINGS AND PROXY VOTING
Privacy. The Eaton Vance organization is committed
to ensuring your financial privacy. Each of the financial
institutions identified below has in effect the following policy
(Privacy Policy) with respect to nonpublic personal information
about its customers:
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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.
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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 customers account, Eaton
Vance may share information with unaffiliated third parties that
perform various required services such as transfer agents,
custodians and broker/dealers.
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Policies and procedures (including physical, electronic and
procedural safeguards) are in place that are designed to protect
the confidentiality of such information.
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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.
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Our pledge of privacy applies to the following entities within
the Eaton Vance organization: the Eaton Vance Family of Funds,
Eaton Vance Management, Eaton Vance Investment Counsel, Boston
Management and Research, and Eaton Vance Distributors, Inc.
In addition, our Privacy Policy applies only to those Eaton
Vance customers who are individuals and who have a direct
relationship with us. If a customers account (i.e., fund
shares) is held in the name of a third-party financial
adviser/broker-dealer, it is likely that only such
advisers privacy policies apply to the customer. This
notice supersedes all previously issued privacy disclosures.
For more information about Eaton Vances Privacy Policy,
please call
1-800-262-1122.
Delivery of Shareholder Documents. The Securities
and Exchange Commission (the SEC) permits funds to
deliver only one copy of shareholder documents, including
prospectuses, proxy statements and shareholder reports, to fund
investors with multiple accounts at the same residential or post
office box address. This practice is often called
householding and it helps eliminate duplicate
mailings to shareholders.
Eaton Vance, or your financial adviser, may household the
mailing of your documents indefinitely unless you instruct Eaton
Vance, or your financial adviser, otherwise.
If you would prefer that your Eaton Vance documents not be
householded, please contact Eaton Vance at
1-800-262-1122,
or contact your financial adviser.
Your instructions that householding not apply to delivery of
your Eaton Vance documents will be effective within 30 days
of receipt by Eaton Vance or your financial adviser.
Portfolio Holdings. Each Eaton Vance Fund and its
underlying Portfolio(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 SECs website at
www.sec.gov.
Form N-Q
may also be reviewed and copied at the SECs public
reference room in Washington, D.C. (call
1-800-732-0330
for information on the operation of the public reference room).
Proxy Voting. From time to time, funds are required
to vote proxies related to the securities held by the funds. The
Eaton Vance Funds or their underlying Portfolios (if applicable)
vote proxies according to a set of policies and procedures
approved by the Funds and Portfolios Boards. You may
obtain a description of these policies and procedures and
information on how the Funds or Portfolios voted proxies
relating to portfolio securities during the most recent
12 month period ended June 30, without charge, upon
request, by calling
1-800-262-1122.
This description is also available on the SECs website at
www.sec.gov.
Eaton Vance Tax-Advantaged Global Dividend Income Fund as of October 31, 2009
M A N A G E M E N T S D I S C U S S I O N O F F U N D P E R F O R M A N C E
Economic and Market Conditions
Aamer Khan, CFA
Co-Portfolio Manager
Martha Locke, CFA
Co-Portfolio Manager
Thomas H. Luster, CFA
Co-Portfolio Manager
Judith A. Saryan, CFA
Co-Portfolio Manager
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Global capital markets finished the volatile year ending October 31, 2009, on a decidedly
positive note, with market indices for U.S. and European equities both posting solid annual gains.
But as the period opened late last fall, global equities were already in the midst of a dramatic
free fall, dragged lower by the failure or near-collapse of several major financial institutions
struggling under the enormous weight of troubled assets. On the verge of illiquidity, the credit
markets virtually ceased functioning, worldwide economic activity
ground to a near standstill, and
fearful equity investors moved swiftly toward the exit signs. |
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By the second quarter of 2009, however, the downward momentum had begun to slow, buoyed by growing
optimism that massive fiscal and monetary programs instituted by governments around the world might
succeed in loosening the credit markets and rekindling economic growth. Further encouraged by signs
of economic improvement, particularly in the developing world, the equity markets bottomed during
the second week of March, which set off a series of seven consecutive monthly gains in the broad
U.S. stock market before a slight pullback in the bellwether Standard & Poors 500 Index in
October. For the year ending October 31, 2009, the S&P 500 posted a 9.80% return, while the FTSE
Eurotop 100 Index, a measure of blue-chip stocks within the Eurozone, jumped 30.40%.1 |
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Past performance is no guarantee of future results.
Returns are historical and are calculated by
determining the percentage change in net asset value
or market price (as applicable) with all distributions
reinvested. The Funds performance at market price
will differ from its results at NAV. Although market
price performance generally reflects investment
results over time, during shorter periods, returns at
market price can also be affected by factors such as
changing perceptions about the Fund, market
conditions, fluctuations in supply and demand for the
Funds 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 is for the
stated time period only; due to market volatility, the
Funds current performance may be lower or higher than
the quoted return. For performance as of the most
recent month end, please refer to www.eatonvance.com.
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Reversing the trend of 2008, growth stocks outperformed
their value counterparts for the 12-month reporting
period. As investors regained an appetite for risk, the
more defensive sectors of the global economy, including
areas such as health care and consumer staples, quickly
lost favor to the more growth-oriented information
technology and consumer discretionary sectors. |
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Corporate profits, benefiting from earlier
cost-cutting efforts and easier earnings comparisons,
began to show signs of improvement during the second and
third calendar quarters, even amid lingering concerns
about rising unemployment, muted consumer spending and
still-depressed home prices. As measured by gross
domestic product (GDP), the U.S. economy turned the
corner during the third quarter, posting an annualized
gain of about 3.5%, its first increase in a year.
Economic activity in other major economies of the world
stabilized and even grew during the period, spurred on
by accommodative monetary policy and fiscal stimulus in
some emerging markets. |
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Total Return Performance 10/31/08 10/31/09 |
NYSE Symbol |
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ETG |
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At Net Asset Value (NAV)2 |
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11.37 |
% |
At Market Price2 |
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17.40 |
% |
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Russell 1000 Value Index1 |
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4.78 |
% |
BofA Merrill Lynch Fixed Rate Preferred Stock Index1 |
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15.73 |
% |
Lipper Global Funds Average (at NAV)1 |
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21.91 |
% |
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Premium/(Discount) to NAV (10/31/09) |
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-9.65 |
% |
Total Distributions per share |
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$ |
1.456 |
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Distribution Rate3
At NAV |
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8.86 |
% |
At Market Price |
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9.80 |
% |
See page 3 for more performance information.
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1 |
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It is not possible to invest directly
in an Index or a Lipper Classification. The Indices
total returns do not reflect commissions or expenses
that would have been incurred if an investor
individually purchased or sold the securities
represented in the Indices. Unlike the Fund, an
Indexs return does not reflect the effect of
leverage. The Lipper total return is the average
total return, at net asset value, of the funds that
are in the same Lipper Classification as the Fund. |
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Performance results reflect the effects of leverage. |
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3 |
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The Distribution Rate is based on the Funds
most recent monthly distribution per share
(annualized) divided by the Funds NAV or market
price at the end of the period. The Funds monthly
distributions may be comprised of ordinary income,
net realized capital gains and return of capital. |
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Fund shares are not insured by the FDIC and are not
deposits or other obligations of, or guaranteed by,
any depository institution. Shares are subject to
investment risks, including possible loss of principal
invested.
1
Eaton Vance Tax-Advantaged Global Dividend Income Fund as of October 31, 2009
M A N A G E M E N T S D I S C U S S I O N O F F U N D P E R F O R M A N C E
Management Discussion
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The Fund is a closed-end fund and trades on the New York Stock Exchange (NYSE) under the
symbol ETG. For the 12 months ending October 31, 2009, the Funds return outperformed the Russell
1000 Value Index (the Index). |
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Within the Funds common stock allocation, favorable security selection was wholly accountable
for the Funds outperformance. The strongest contributions came from the industrials, materials,
energy and consumer staples sectors, with Fund holdings in the oil, gas and consumable fuels
industry, as well as in electric utilities and food products, adding the most alpha, or excess
performance, versus the Index. |
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Conversely, sector allocations among the Funds common stock holdings were the biggest drag on
performance relative to the Index. In particular, being underexposed to the strong-performing
consumer discretionary sector detracted, as did being overexposed to the relatively weak
telecommunication services sector. Unfavorable stock selection in the hotels, restaurants and
leisure industry also took a bite out of performance during this period of slow consumer spending. |
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As of October 31, 2009, the Fund had approximately 15% of total investments in preferred stocks.
The preferred stock market dominated by banking and financials was dramatically affected by the
credit crisis that unfolded during the fall of 2008. However, as the economy began to recover and
markets stabilized during the spring of 2009, preferred stocks likewise rebounded, showing strong
performance since the market bottom in March. The recovery was spurred by the forceful steps the
government took to
deal with systemic financial risk and bank capital adequacy, which benefited the preferred equity
providers. Many banks have made progress repaying government capital support and have been able to
raise private capital without government backing. Not surprisingly, preferred stock prices began to
rise, volatility fell, and liquidity and investor interest returned to the sector in a substantial
way. For the 12-month period ending October 31, 2009, preferred stock returns were historically
strong; up nearly 16%. At the same time, the Funds preferred stock holdings significantly
outperformed the BofA Merrill Lynch Fixed Rate Preferred Stock Index, an unmanaged, broad-based
index of preferred stocks. The portfolio benefited from our focus on the financial sector and our
bias toward large, systemically important institutions subject to the bank stress test and other
government support within that sector. |
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Based on the Funds objective of providing a high level of after-tax total return, which consists
mostly of tax-favored dividend income and capital appreciation, the Fund was invested primarily in
securities that generated a relatively high level of qualified dividend income (QDI). The Funds
investments in preferred stocks, in addition to the common stock portfolio, as well as its high
representation in international stocks, all contributed to the Funds QDI for the fiscal year. |
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Beginning with the January 2009 distribution, the Funds monthly distribution rate was reduced
from $0.1438 to $0.1025 per share. The adjustment to the Funds monthly distribution rate primarily
reflects the reduced amount of dividend income the Fund expects to receive due to the impact of the
ongoing financial crisis on corporate dividend rates. It also reflects, to a lesser extent, the
increased costs of implementing the Funds dividend capture trading strategy, which can expose the
Fund to increased trading costs and greater potential for capital loss or gain. As portfolio and
market conditions change,the rate of distribution on the Funds shares could change as well. |
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As of October 31, 2009, the Fund had leverage in the amount of 23% of the Funds total assets.
The Fund employs leverage through debt financing. Use of financial leverage creates an opportunity
for increased income but, at the same time, creates special risks, including the likelihood of
greater volatility of the net asset value and market price of the Funds common shares. The cost of
the Funds leverage rises and falls with changes in short-term interest rates.1 |
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As always, we thank you for your continued confidence and participation in the Fund. |
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1 |
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In the event of a rise in long-term
interest rates, the value of the Funds
investment portfolio could decline, which
would reduce the asset coverage for its debt
financing. |
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The views expressed throughout this report are
those of the portfolio managers and are current
only through the end of the period of the
report as stated on the cover. These views are
subject to change at any time based upon market
or other conditions, and the investment adviser
disclaims any responsibility to update such
views. These views may not be relied on as
investment advice and, because investment
decisions for a fund are based on many factors,
may not be relied on as an indication of
trading intent on behalf of any Eaton Vance
fund. Portfolio information provided in the
report may not be representative of the Funds
current or future investments and may change
due to active management.
2
Eaton Vance Tax-Advantaged Global Dividend Income Fund as of October 31, 2009
F U N D P E R F O R M A N C E
Performance1
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NYSE Symbol: |
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ETG |
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Average Annual Total Returns (at market price, NYSE) |
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One Year |
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17.40 |
% |
Five Years |
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0.88 |
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Life of Fund (1/30/04) |
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0.85 |
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Average Annual Total Returns (at net asset value) |
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One Year |
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11.37 |
% |
Five Years |
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0.84 |
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Life of Fund (1/30/04) |
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2.63 |
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1 |
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Performance results reflect the effects of leverage. |
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Past performance is no guarantee of future
results. Returns are historical and are calculated
by determining the percentage change in net asset
value or market price (as applicable) with all
distributions reinvested. The Funds performance
at market price will differ from its results at
NAV. Although market price performance generally
reflects investment results over time, during
shorter periods, returns
at market price can also be affected by factors
such as changing perceptions about the Fund,
market conditions, fluctuations in supply and
demand for the Funds 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 is for the stated time period
only; due to market volatility, the Funds current
performance may be lower or higher than the quoted
return. For performance as of the most recent
month end, please refer to www.eatonvance.com.
Fund Composition
Top 10 Common Stock Holdings2
By total investments
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StatoilHydro ASA |
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3.8 |
% |
Chevron Corp. |
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3.6 |
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McDonalds Corp. |
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3.4 |
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E.ON AG |
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3.2 |
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RWE AG |
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3.2 |
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Diamond Offshore Drilling, Inc. |
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3.0 |
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Philip Morris International, Inc. |
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2.9 |
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Scottish and Southern Energy PLC |
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2.9 |
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Southern Copper Corp. |
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2.8 |
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Nestle SA |
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2.7 |
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2 |
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Top 10 Common Stock Holdings
represented 31.5% of the Funds total
investments as of 10/31/09. Excludes
cash equivalents. |
Equity Sector Weightings3
By total investments
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3 |
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As a percentage of the Funds
total investments as of 10/31/09.
Excludes cash equivalents. |
3
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
PORTFOLIO OF INVESTMENTS
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Common
Stocks 108.7%
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Security
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Shares
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Value
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Aerospace
& Defense 0.5%
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TransDigm Group,
Inc.(1)
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138,855
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$
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5,440,339
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$
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5,440,339
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Beverages 3.8%
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Diageo
PLC(1)
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1,500,000
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$
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24,431,990
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SABMiller
PLC(1)
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600,000
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15,726,938
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$
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40,158,928
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Capital
Markets 1.2%
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Goldman Sachs Group,
Inc.(1)
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75,000
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$
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12,762,750
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$
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12,762,750
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Chemicals 0.5%
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Terra Industries, Inc.
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175,000
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$
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5,559,750
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$
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5,559,750
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Commercial
Banks 2.0%
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Banco Santander Brasil
SA(1)(2)
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450,000
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$
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5,337,000
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Wells Fargo &
Co.(1)
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585,461
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16,111,887
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$
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21,448,887
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Computers
& Peripherals 1.8%
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Hewlett-Packard
Co.(1)
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400,000
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$
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18,984,000
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$
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18,984,000
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Construction
Materials 0.3%
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Lafarge
SA(1)
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38,095
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$
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3,092,167
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$
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3,092,167
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Diversified
Financial Services 1.1%
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Bank of America
Corp.(1)
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800,000
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$
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11,664,000
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$
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11,664,000
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Diversified
Telecommunication Services 6.5%
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AT&T,
Inc.(1)
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795,000
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$
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20,407,650
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BCE,
Inc.(1)
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748,000
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17,937,040
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Bezeq Israeli Telecommunication Corp.,
Ltd.(1)
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1,683,476
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3,757,048
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CenturyTel,
Inc.(1)
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205,000
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6,654,300
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France Telecom
SA(1)
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400,000
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9,911,514
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Koninklijke KPN
NV(1)
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550,000
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9,976,305
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$
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68,643,857
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Electric
Utilities 22.9%
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E.ON AG(1)
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1,150,000
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$
|
44,073,651
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Edison
International(1)
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450,000
|
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14,319,000
|
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Enel
SpA(1)
|
|
|
2,300,000
|
|
|
|
13,685,713
|
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Entergy
Corp.(1)
|
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|
350,000
|
|
|
|
26,852,000
|
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Exelon
Corp.(1)
|
|
|
560,000
|
|
|
|
26,297,600
|
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FPL Group,
Inc.(1)
|
|
|
700,000
|
|
|
|
34,370,000
|
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Scottish and Southern Energy
PLC(1)
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2,275,000
|
|
|
|
40,153,105
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Southern Co.
(The)(1)
|
|
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885,000
|
|
|
|
27,603,150
|
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Terna Rete Elettrica Nazionale
SpA(1)
|
|
|
4,000,000
|
|
|
|
15,859,151
|
|
|
|
|
|
|
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|
$
|
243,213,370
|
|
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Electrical
Equipment 1.0%
|
|
ABB,
Ltd.(1)
|
|
|
600,000
|
|
|
$
|
11,160,808
|
|
|
|
|
|
|
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|
$
|
11,160,808
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Energy
Equipment & Services 3.9%
|
|
Diamond Offshore Drilling,
Inc.(1)
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430,000
|
|
|
$
|
40,957,500
|
|
|
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|
|
|
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|
$
|
40,957,500
|
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Food
Products 6.1%
|
|
Kraft Foods, Inc.,
Class A(1)
|
|
|
500,000
|
|
|
$
|
13,760,000
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|
|
|
Nestle
SA(1)
|
|
|
800,000
|
|
|
|
37,201,247
|
|
|
|
Parmalat
SpA(1)
|
|
|
4,000,000
|
|
|
|
11,086,058
|
|
|
|
Tate & Lyle
PLC(1)
|
|
|
350,000
|
|
|
|
2,576,625
|
|
|
|
|
|
|
|
|
|
|
|
$
|
64,623,930
|
|
|
|
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Hotels,
Restaurants & Leisure 5.0%
|
|
Crown,
Ltd.(1)
|
|
|
900,000
|
|
|
$
|
6,551,190
|
|
|
|
McDonalds
Corp.(1)
|
|
|
800,000
|
|
|
|
46,888,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
53,439,190
|
|
|
|
|
|
|
|
Independent
Power Producers & Energy Traders 1.0%
|
|
International Power
PLC(1)
|
|
|
2,500,000
|
|
|
$
|
10,379,178
|
|
|
|
|
|
|
|
|
|
|
|
$
|
10,379,178
|
|
|
|
|
|
|
See
notes to financial statements
4
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Insurance 5.1%
|
|
AXA SA(1)
|
|
|
700,000
|
|
|
$
|
17,409,134
|
|
|
|
MetLife, Inc.
|
|
|
450,000
|
|
|
|
15,313,500
|
|
|
|
Prudential Financial,
Inc.(1)
|
|
|
470,000
|
|
|
|
21,258,100
|
|
|
|
|
|
|
|
|
|
|
|
$
|
53,980,734
|
|
|
|
|
|
|
|
IT
Services 1.2%
|
|
MasterCard, Inc.,
Class A(1)
|
|
|
60,000
|
|
|
$
|
13,141,200
|
|
|
|
|
|
|
|
|
|
|
|
$
|
13,141,200
|
|
|
|
|
|
|
|
Machinery 3.0%
|
|
Deere &
Co.(1)
|
|
|
700,000
|
|
|
$
|
31,885,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
31,885,000
|
|
|
|
|
|
|
|
Metals
& Mining 3.6%
|
|
Southern Copper
Corp.(1)
|
|
|
1,200,000
|
|
|
$
|
37,800,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
37,800,000
|
|
|
|
|
|
|
|
Multi-Utilities 5.8%
|
|
DTE Energy
Co.(1)
|
|
|
300,000
|
|
|
$
|
11,094,000
|
|
|
|
PG&E
Corp.(1)
|
|
|
150,000
|
|
|
|
6,133,500
|
|
|
|
RWE AG(1)
|
|
|
500,000
|
|
|
|
43,856,427
|
|
|
|
|
|
|
|
|
|
|
|
$
|
61,083,927
|
|
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels 16.8%
|
|
BP PLC
ADR(1)
|
|
|
200,000
|
|
|
$
|
11,324,000
|
|
|
|
Chevron
Corp.(1)
|
|
|
650,000
|
|
|
|
49,751,000
|
|
|
|
ENI SpA(1)
|
|
|
1,200,000
|
|
|
|
29,720,143
|
|
|
|
Marathon Oil
Corp.(1)
|
|
|
1,100,000
|
|
|
|
35,167,000
|
|
|
|
StatoilHydro
ASA(1)
|
|
|
2,200,000
|
|
|
|
51,841,197
|
|
|
|
|
|
|
|
|
|
|
|
$
|
177,803,340
|
|
|
|
|
|
|
|
Pharmaceuticals 5.8%
|
|
Bristol-Myers Squibb
Co.(1)
|
|
|
900,000
|
|
|
$
|
19,620,000
|
|
|
|
Novartis AG
ADR(1)
|
|
|
200,000
|
|
|
|
10,390,000
|
|
|
|
Pfizer,
Inc.(1)
|
|
|
344,750
|
|
|
|
5,871,092
|
|
|
|
Roche Holding
AG(1)
|
|
|
100,000
|
|
|
|
16,016,292
|
|
|
|
Sanofi-Aventis
SA(1)
|
|
|
125,000
|
|
|
|
9,162,778
|
|
|
|
|
|
|
|
|
|
|
|
$
|
61,060,162
|
|
|
|
|
|
|
Real
Estate Investment Trusts (REITs) 3.2%
|
|
Annaly Capital Management,
Inc.(1)
|
|
|
1,150,000
|
|
|
$
|
19,446,500
|
|
|
|
AvalonBay Communities,
Inc.(1)
|
|
|
206,322
|
|
|
|
14,190,827
|
|
|
|
|
|
|
|
|
|
|
|
$
|
33,637,327
|
|
|
|
|
|
|
|
Semiconductors
& Semiconductor Equipment 0.7%
|
|
Analog Devices,
Inc.(1)
|
|
|
300,000
|
|
|
$
|
7,689,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
7,689,000
|
|
|
|
|
|
|
|
Specialty
Retail 1.4%
|
|
Buckle, Inc.
(The)(1)
|
|
|
500,000
|
|
|
$
|
15,005,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
15,005,000
|
|
|
|
|
|
|
|
Tobacco 4.5%
|
|
Altria Group,
Inc.(1)
|
|
|
400,000
|
|
|
$
|
7,244,000
|
|
|
|
Philip Morris International,
Inc.(1)
|
|
|
850,000
|
|
|
|
40,256,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
47,500,000
|
|
|
|
|
|
|
|
|
Total
Common Stocks
|
|
|
(identified
cost $875,264,457)
|
|
$
|
1,152,114,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred
Stocks 19.0%
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
|
Capital
Markets 0.5%
|
|
Morgan Stanley,
4.00%(4)
|
|
|
260,000
|
|
|
$
|
4,966,000
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,966,000
|
|
|
|
|
|
|
|
Commercial
Banks 7.8%
|
|
ABN AMRO North America Capital Funding Trust,
6.968%(3)(4)
|
|
|
3,300
|
|
|
$
|
1,740,750
|
|
|
|
BBVA International SA Unipersonal,
5.919%(4)
|
|
|
4,000
|
|
|
|
3,212,996
|
|
|
|
BNP Paribas,
7.195%(3)(4)
|
|
|
140
|
|
|
|
13,302,282
|
|
|
|
BNP Paribas Capital Trust,
9.003%(3)(4)
|
|
|
15,000
|
|
|
|
15,378,840
|
|
|
|
Credit Agricole SA/London,
6.637%(3)(4)
|
|
|
9,950
|
|
|
|
8,236,351
|
|
|
|
DB Contingent Capital Trust II, 6.55%
|
|
|
135,000
|
|
|
|
2,755,350
|
|
|
|
Den Norske Bank,
7.729%(3)(4)
|
|
|
2,000
|
|
|
|
1,912,648
|
|
|
|
First Tennessee Bank,
3.75%(3)(4)
|
|
|
5,275
|
|
|
|
2,658,930
|
|
|
|
Landsbanki Islands HF,
7.431%(3)(4)(5)
|
|
|
14,850
|
|
|
|
8,910
|
|
|
|
Lloyds Banking Group PLC,
6.657%(3)(4)
|
|
|
18,000
|
|
|
|
12,258,504
|
|
|
|
PNC Financial Services Group, Inc.,
Series L, 9.875%(4)
|
|
|
48,600
|
|
|
|
1,348,650
|
|
|
|
Royal Bank of Scotland Group PLC,
7.64%(4)
|
|
|
131
|
|
|
|
6,511,735
|
|
|
|
Santander Finance SA Unipersonal, 10.50%
|
|
|
81,766
|
|
|
|
2,237,118
|
|
|
|
See
notes to financial statements
5
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
|
|
|
|
|
|
|
|
Security
|
|
Shares
|
|
|
Value
|
|
|
|
|
|
Commercial
Banks (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard Chartered PLC,
6.409%(3)(4)
|
|
|
99
|
|
|
$
|
7,991,963
|
|
|
|
Wells Fargo & Co., 7.50%
|
|
|
2,900
|
|
|
|
2,595,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
82,150,527
|
|
|
|
|
|
|
|
Diversified
Financial Services 0.8%
|
|
American Express Co.,
6.80%(4)
|
|
|
2,406
|
|
|
$
|
2,156,428
|
|
|
|
CoBank, ACB,
11.00%(3)
|
|
|
110,000
|
|
|
|
5,139,068
|
|
|
|
General Electric Capital Corp.,
6.375%(4)
|
|
|
1,094
|
|
|
|
982,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
8,277,996
|
|
|
|
|
|
|
|
Electric
Utilities 0.4%
|
|
Entergy Arkansas, Inc., 6.45%
|
|
|
50,000
|
|
|
$
|
1,060,940
|
|
|
|
Georgia Power Co., 6.50%
|
|
|
20,000
|
|
|
|
1,983,750
|
|
|
|
Southern California Edison Co., 6.00%
|
|
|
17,000
|
|
|
|
1,470,500
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,515,190
|
|
|
|
|
|
|
|
Food
Products 0.5%
|
|
Dairy Farmers of America,
7.875%(3)
|
|
|
75,230
|
|
|
$
|
5,327,224
|
|
|
|
|
|
|
|
|
|
|
|
$
|
5,327,224
|
|
|
|
|
|
|
|
Insurance 8.4%
|
|
Aegon NV, 6.375%
|
|
|
470,000
|
|
|
$
|
7,802,000
|
|
|
|
Arch Capital Group, Ltd., Series A, 8.00%
|
|
|
77,000
|
|
|
|
1,863,400
|
|
|
|
Arch Capital Group, Ltd., Series B, 7.875%
|
|
|
11,000
|
|
|
|
260,480
|
|
|
|
AXA SA,
6.379%(3)(4)
|
|
|
2,500
|
|
|
|
2,216,380
|
|
|
|
AXA SA,
6.463%(3)(4)
|
|
|
21,675
|
|
|
|
18,708,104
|
|
|
|
Endurance Specialty Holdings, Ltd., 7.75%
|
|
|
246,200
|
|
|
|
5,391,780
|
|
|
|
ING Capital Funding Trust III,
8.439%(4)
|
|
|
21,300
|
|
|
|
18,868,839
|
|
|
|
Prudential PLC, 6.50%
|
|
|
18,500
|
|
|
|
15,619,291
|
|
|
|
RenaissanceRe Holdings, Ltd., Series C, 6.08%
|
|
|
257,500
|
|
|
|
4,820,400
|
|
|
|
RenaissanceRe Holdings, Ltd., Series D, 6.60%
|
|
|
115,000
|
|
|
|
2,370,150
|
|
|
|
Zurich Regcaps Fund Trust VI,
0.992%(3)(4)
|
|
|
16,200
|
|
|
|
11,274,188
|
|
|
|
|
|
|
|
|
|
|
|
$
|
89,195,012
|
|
|
|
|
|
|
|
Oil,
Gas & Consumable Fuels 0.6%
|
|
Kinder Morgan GP, Inc.,
8.33%(3)(4)
|
|
|
7,000
|
|
|
$
|
6,525,750
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,525,750
|
|
|
|
|
|
|
|
|
Total
Preferred Stocks
|
|
|
(identified
cost $259,082,241)
|
|
$
|
200,957,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds
& Notes 1.0%
|
|
|
|
Principal
|
|
|
|
|
|
|
|
|
Amount
|
|
|
|
|
|
|
Security
|
|
(000s
omitted)
|
|
|
Value
|
|
|
|
|
|
|
Commercial
Banks 0.6%
|
|
Capital One Capital V, 10.25%, 8/15/39
|
|
$
|
5,750
|
|
|
$
|
6,578,891
|
|
|
|
|
|
|
|
|
|
|
|
$
|
6,578,891
|
|
|
|
|
|
|
|
Retail-Food
and Drug 0.4%
|
|
CVS Caremark Corp.,
6.302%, 6/1/37(4)
|
|
$
|
5,000
|
|
|
$
|
4,302,445
|
|
|
|
|
|
|
|
|
|
|
|
$
|
4,302,445
|
|
|
|
|
|
|
|
|
Total
Corporate Bonds & Notes
|
|
|
(identified
cost $9,990,709)
|
|
$
|
10,881,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-Term
Investments 0.5%
|
|
|
|
Interest
|
|
|
|
|
|
|
Description
|
|
(000s
omitted)
|
|
|
Value
|
|
|
|
|
|
Cash Management Portfolio,
0.00%(6)
|
|
$
|
4,918
|
|
|
$
|
4,917,868
|
|
|
|
|
|
|
|
|
Total
Short-Term Investments
|
|
|
(identified
cost $4,917,868)
|
|
$
|
4,917,868
|
|
|
|
|
|
|
|
|
Total
Investments 129.2%
|
|
|
(identified
cost $1,149,255,275)
|
|
$
|
1,368,871,247
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Assets, Less Liabilities (29.2)%
|
|
$
|
(309,365,895
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets 100.0%
|
|
$
|
1,059,505,352
|
|
|
|
|
|
The percentage shown for each investment category in the
Portfolio of Investments is based on net assets.
ADR - American Depositary Receipt
|
|
|
(1)
|
|
Security has been segregated as collateral with the custodian
for borrowings under the Committed Facility Agreement. |
|
(2)
|
|
Non-income producing security. |
|
(3)
|
|
Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be sold in
transactions exempt from registration, normally to qualified
institutional buyers. At October 31, 2009, the aggregate
value of these securities is $112,679,892 or 10.6% of the
Funds net assets. |
|
(4)
|
|
Variable rate security. The stated interest rate represents the
rate in effect at October 31, 2009. |
|
(5)
|
|
Defaulted security. |
See
notes to financial statements
6
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
PORTFOLIO OF
INVESTMENTS CONTD
|
|
|
(6)
|
|
Affiliated investment company available to Eaton Vance
portfolios and funds which invests in high quality, U.S. dollar
denominated money market instruments. The rate shown is the
annualized
seven-day
yield as of October 31, 2009. |
|
|
|
|
|
|
|
|
|
|
|
Country
Concentration of Portfolio
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Country
|
|
Total
Investments
|
|
|
Value
|
|
|
|
|
|
United States
|
|
|
57.2
|
%
|
|
$
|
783,754,003
|
|
|
|
United Kingdom
|
|
|
9.6
|
|
|
|
131,354,038
|
|
|
|
Germany
|
|
|
6.4
|
|
|
|
87,930,078
|
|
|
|
Switzerland
|
|
|
5.5
|
|
|
|
74,768,347
|
|
|
|
Italy
|
|
|
5.1
|
|
|
|
70,351,065
|
|
|
|
France
|
|
|
5.0
|
|
|
|
68,736,428
|
|
|
|
Norway
|
|
|
3.9
|
|
|
|
53,753,845
|
|
|
|
Peru
|
|
|
2.8
|
|
|
|
37,800,000
|
|
|
|
Canada
|
|
|
1.3
|
|
|
|
17,937,040
|
|
|
|
Netherlands
|
|
|
1.3
|
|
|
|
17,778,305
|
|
|
|
Bermuda
|
|
|
0.7
|
|
|
|
9,053,950
|
|
|
|
Australia
|
|
|
0.5
|
|
|
|
6,551,190
|
|
|
|
Brazil
|
|
|
0.4
|
|
|
|
5,337,000
|
|
|
|
Israel
|
|
|
0.3
|
|
|
|
3,757,048
|
|
|
|
Iceland
|
|
|
0.0
|
|
|
|
8,910
|
|
|
|
|
|
Total Investments
|
|
|
100.0
|
%
|
|
$
|
1,368,871,247
|
|
|
|
|
|
See
notes to financial statements
7
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
FINANCIAL STATEMENTS
Statement
of Assets and Liabilities
|
|
|
|
|
|
|
As of
October 31, 2009
|
|
|
|
|
|
|
Assets
|
|
Unaffiliated investments, at value
(identified cost, $1,144,337,407)
|
|
$
|
1,363,953,379
|
|
|
|
Affiliated investment, at value
(identified cost, $4,917,868)
|
|
|
4,917,868
|
|
|
|
Cash
|
|
|
17,214,314
|
|
|
|
Foreign currency, at value (identified cost, $471,965)
|
|
|
470,440
|
|
|
|
Dividends and interest receivable
|
|
|
4,091,674
|
|
|
|
Receivable for investments sold
|
|
|
62,867,133
|
|
|
|
Tax reclaims receivable
|
|
|
3,561,514
|
|
|
|
|
|
Total assets
|
|
$
|
1,457,076,322
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
Notes payable
|
|
$
|
339,000,000
|
|
|
|
Payable for investments purchased
|
|
|
57,257,501
|
|
|
|
Payable to affiliates:
|
|
|
|
|
|
|
Investment adviser fee
|
|
|
849,381
|
|
|
|
Trustees fees
|
|
|
4,208
|
|
|
|
Accrued expenses
|
|
|
459,880
|
|
|
|
|
|
Total liabilities
|
|
$
|
397,570,970
|
|
|
|
|
|
Net Assets
|
|
$
|
1,059,505,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sources
of Net Assets
|
|
Common shares, $0.01 par value, unlimited number of shares
authorized, 76,265,526 shares issued and outstanding
|
|
$
|
762,655
|
|
|
|
Additional paid-in capital
|
|
|
1,447,052,689
|
|
|
|
Accumulated net realized loss
|
|
|
(609,096,805
|
)
|
|
|
Accumulated undistributed net investment income
|
|
|
872,124
|
|
|
|
Net unrealized appreciation
|
|
|
219,914,689
|
|
|
|
|
|
Net Assets
|
|
$
|
1,059,505,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Asset Value
|
|
($1,059,505,352
¸
76,265,526 common shares issued and outstanding)
|
|
$
|
13.89
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year
Ended
|
|
|
|
|
|
October 31,
2009
|
|
|
|
|
|
|
Investment
Income
|
|
Dividends (net of foreign taxes, $6,449,472)
|
|
$
|
102,773,386
|
|
|
|
Interest
|
|
|
156,482
|
|
|
|
Interest income allocated from affiliated investment
|
|
|
234,399
|
|
|
|
Expenses allocated from affiliated investment
|
|
|
(147,307
|
)
|
|
|
|
|
Total investment income
|
|
$
|
103,016,960
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
Investment adviser fee
|
|
$
|
11,015,588
|
|
|
|
Trustees fees and expenses
|
|
|
50,548
|
|
|
|
Custodian fee
|
|
|
576,395
|
|
|
|
Transfer and dividend disbursing agent fees
|
|
|
23,959
|
|
|
|
Legal and accounting services
|
|
|
116,738
|
|
|
|
Printing and postage
|
|
|
138,254
|
|
|
|
Interest expense and fees
|
|
|
8,111,610
|
|
|
|
Miscellaneous
|
|
|
136,732
|
|
|
|
|
|
Total expenses
|
|
$
|
20,169,824
|
|
|
|
|
|
Deduct
|
|
|
|
|
|
|
Reduction of investment adviser fee
|
|
$
|
2,144,600
|
|
|
|
Reduction of custodian fee
|
|
|
15
|
|
|
|
|
|
Total expense reductions
|
|
$
|
2,144,615
|
|
|
|
|
|
|
|
|
|
|
|
|
Net expenses
|
|
$
|
18,025,209
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
84,991,751
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Realized
and Unrealized Gain (Loss)
|
|
Net realized gain (loss)
|
|
|
|
|
|
|
Investment transactions
|
|
$
|
(218,162,836
|
)
|
|
|
Foreign currency transactions
|
|
|
464,621
|
|
|
|
|
|
Net realized loss
|
|
$
|
(217,698,215
|
)
|
|
|
|
|
Change in unrealized appreciation (depreciation)
|
|
|
|
|
|
|
Investments
|
|
$
|
209,211,058
|
|
|
|
Foreign currency
|
|
|
608,226
|
|
|
|
|
|
Net change in unrealized appreciation (depreciation)
|
|
$
|
209,819,284
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized and unrealized loss
|
|
$
|
(7,878,931
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
77,112,820
|
|
|
|
|
|
See
notes to financial statements
8
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
FINANCIAL
STATEMENTS CONTD
Statements
of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
Increase
(Decrease)
|
|
Year Ended
|
|
|
Year Ended
|
|
|
|
in Net Assets
|
|
October 31,
2009
|
|
|
October 31,
2008
|
|
|
|
|
From operations
|
|
|
|
|
|
|
|
|
|
|
Net investment income
|
|
$
|
84,991,751
|
|
|
$
|
176,936,492
|
|
|
|
Net realized loss from investment and foreign currency
transactions
|
|
|
(217,698,215
|
)
|
|
|
(292,065,876
|
)
|
|
|
Net change in unrealized appreciation (depreciation) from
investments and foreign currency
|
|
|
209,819,284
|
|
|
|
(1,037,034,117
|
)
|
|
|
Distributions to preferred shareholders
From net investment income
|
|
|
|
|
|
|
(15,517,433
|
)
|
|
|
|
|
Net increase (decrease) in net assets from operations
|
|
$
|
77,112,820
|
|
|
$
|
(1,167,680,934
|
)
|
|
|
|
|
Distributions to common shareholders
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
$
|
(111,073,112
|
)
|
|
$
|
(131,603,793
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(111,073,112
|
)
|
|
$
|
(131,603,793
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net decrease in net assets
|
|
$
|
(33,960,292
|
)
|
|
$
|
(1,299,284,727
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Assets Applicable to
Common Shares
|
|
At beginning of year
|
|
$
|
1,093,465,644
|
|
|
$
|
2,392,750,371
|
|
|
|
|
|
At end of year
|
|
$
|
1,059,505,352
|
|
|
$
|
1,093,465,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
undistributed
net investment income
included in net assets
applicable to common shares
|
|
At end of year
|
|
$
|
872,124
|
|
|
$
|
28,327,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
|
|
|
|
Cash Flows From
Operating Activities
|
|
October 31,
2009
|
|
|
|
|
Net increase in net assets from operations
|
|
$
|
77,112,820
|
|
|
|
Adjustments to reconcile net increase in net assets from
operations to net cash provided by operating activities:
|
|
|
|
|
|
|
Investments purchased
|
|
|
(1,124,268,306
|
)
|
|
|
Investments sold
|
|
|
1,323,256,084
|
|
|
|
Decrease in short-term investments, net
|
|
|
28,079,859
|
|
|
|
Net amortization/accretion of premium (discount)
|
|
|
(949
|
)
|
|
|
Increase in dividends and interest receivable
|
|
|
(1,021,797
|
)
|
|
|
Decrease in interest receivable from affiliated investment
|
|
|
22,405
|
|
|
|
Increase in receivable for investments sold
|
|
|
(62,630,875
|
)
|
|
|
Increase in tax reclaims receivable
|
|
|
(1,093,677
|
)
|
|
|
Increase in payable for investments purchased
|
|
|
34,625,811
|
|
|
|
Decrease in payable to affiliate for investment adviser fee
|
|
|
(58,534
|
)
|
|
|
Increase in payable to affiliate for Trustees fees
|
|
|
48
|
|
|
|
Decrease in accrued expenses
|
|
|
(157,996
|
)
|
|
|
Net change in unrealized (appreciation) depreciation from
investments
|
|
|
(209,211,058
|
)
|
|
|
Net realized loss from investments
|
|
|
218,162,836
|
|
|
|
Return of capital distributions from investments
|
|
|
5,941,195
|
|
|
|
|
|
Net cash provided by operating activities
|
|
$
|
288,757,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
Flows From Financing Activities
|
|
Distributions paid, net of reinvestments
|
|
$
|
(111,073,112
|
)
|
|
|
Repayments of notes payable
|
|
|
(160,000,000
|
)
|
|
|
|
|
Net cash used in financing activities
|
|
$
|
(271,073,112
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash*
|
|
$
|
17,684,754
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at beginning of year
|
|
$
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash at end of
year(1)
|
|
$
|
17,684,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
Cash paid for interest and fees on borrowings
|
|
$
|
8,150,569
|
|
|
|
|
|
* Includes net
change in unrealized appreciation (depreciation) on foreign
currency of $(1,525).
(1) Balance
includes foreign currency, at value.
See
notes to financial statements
9
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
FINANCIAL
STATEMENTS CONTD
Financial
Highlights
Selected
data for a common share outstanding during the periods
stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
|
|
Year Ended
|
|
Period Ended
|
|
|
|
|
2009
|
|
2008
|
|
2007
|
|
October 31,
2006(1)
|
|
December 31,
2005
|
|
December 31,
2004(2)
|
|
|
|
Net asset value Beginning of period (Common shares)
|
|
$
|
14.340
|
|
|
$
|
31.370
|
|
|
$
|
26.210
|
|
|
$
|
22.170
|
|
|
$
|
21.680
|
|
|
$
|
19.100
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
(Loss) From Operations
|
|
Net investment
income(4)
|
|
$
|
1.114
|
|
|
$
|
2.320
|
|
|
$
|
2.102
|
|
|
$
|
1.635
|
|
|
$
|
1.624
|
|
|
$
|
1.544
|
|
|
|
Net realized and unrealized gain (loss)
|
|
|
(0.108
|
)
|
|
|
(17.421
|
)
|
|
|
5.158
|
|
|
|
3.868
|
|
|
|
0.482
|
|
|
|
2.622
|
|
|
|
Distributions to preferred shareholders
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From net investment income
|
|
|
|
|
|
|
(0.203
|
)
|
|
|
(0.468
|
)
|
|
|
(0.365
|
)
|
|
|
(0.310
|
)
|
|
|
(0.122
|
)
|
|
|
|
|
Total income (loss) from operations
|
|
$
|
1.006
|
|
|
$
|
(15.304
|
)
|
|
$
|
6.792
|
|
|
$
|
5.138
|
|
|
$
|
1.796
|
|
|
$
|
4.044
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less
Distributions to Common Shareholders
|
|
From net investment income
|
|
$
|
(1.456
|
)
|
|
$
|
(1.726
|
)
|
|
$
|
(1.632
|
)
|
|
$
|
(1.098
|
)
|
|
$
|
(1.308
|
)
|
|
$
|
(1.345
|
)
|
|
|
|
|
Total distributions to common shareholders
|
|
$
|
(1.456
|
)
|
|
$
|
(1.726
|
)
|
|
$
|
(1.632
|
)
|
|
$
|
(1.098
|
)
|
|
$
|
(1.308
|
)
|
|
$
|
(1.345
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred and common shares offering costs charged to paid-in
capital(4)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
0.002
|
|
|
$
|
(0.020
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred shares underwriting
discounts(4)
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
(0.099
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net asset value End of period (Common shares)
|
|
$
|
13.890
|
|
|
$
|
14.340
|
|
|
$
|
31.370
|
|
|
$
|
26.210
|
|
|
$
|
22.170
|
|
|
$
|
21.680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market value End of period (Common shares)
|
|
$
|
12.550
|
|
|
$
|
12.300
|
|
|
$
|
28.300
|
|
|
$
|
24.690
|
|
|
$
|
20.560
|
|
|
$
|
19.790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Net Asset
Value(5)
|
|
|
11.37
|
%
|
|
|
(50.33
|
)%
|
|
|
27.22
|
%
|
|
|
24.73
|
%(6)
|
|
|
9.68
|
%
|
|
|
20.63
|
%(6)(7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investment Return on Market
Value(5)
|
|
|
17.40
|
%
|
|
|
(52.78
|
)%
|
|
|
21.83
|
%
|
|
|
26.70
|
%(6)
|
|
|
11.43
|
%
|
|
|
10.11
|
%(6)(7)
|
|
|
|
|
See
notes to financial statements
10
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
FINANCIAL
STATEMENTS CONTD
Financial
Highlights
Selected data for
a common share outstanding during the periods stated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
October 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
|
|
Year Ended
|
|
Period Ended
|
|
|
|
|
2009
|
|
2008
|
|
2007
|
|
October 31,
2006(1)
|
|
December 31,
2005
|
|
December 31,
2004(2)
|
|
|
|
|
|
Ratios/Supplemental
Data
|
|
Net assets applicable to common shares, end of period
(000s omitted)
|
|
$
|
1,059,505
|
|
|
$
|
1,093,466
|
|
|
$
|
2,392,750
|
|
|
$
|
1,998,876
|
|
|
$
|
1,690,612
|
|
|
$
|
1,653,815
|
|
|
|
Ratios (as a percentage of average daily net assets
applicable
to common
shares):(8)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses excluding interest and
fees(10)
|
|
|
1.07
|
%
|
|
|
1.03
|
%
|
|
|
1.04
|
%
|
|
|
1.10
|
%(9)
|
|
|
1.15
|
%
|
|
|
1.08
|
%(9)
|
|
|
Interest and fee
expense(11)
|
|
|
0.87
|
%
|
|
|
0.65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
expenses(10)
|
|
|
1.94
|
%
|
|
|
1.68
|
%
|
|
|
1.04
|
%
|
|
|
1.10
|
%(9)
|
|
|
1.15
|
%
|
|
|
1.08
|
%(9)
|
|
|
Net investment income
|
|
|
9.06
|
%
|
|
|
9.25
|
%
|
|
|
7.30
|
%
|
|
|
8.14
|
%(9)
|
|
|
7.38
|
%
|
|
|
8.63
|
%(9)
|
|
|
Portfolio Turnover
|
|
|
87
|
%
|
|
|
82
|
%
|
|
|
35
|
%
|
|
|
34
|
%(6)
|
|
|
97
|
%
|
|
|
124
|
%(6)
|
|
|
|
|
The ratios reported above are based on net assets applicable
solely to common shares. The ratios based on net assets,
including amounts related to preferred shares and borrowings,
are as follows:
|
Ratios (as a percentage of average daily net assets applicable
to common shares plus preferred shares and
borrowings):(8)
|
Expenses excluding interest and
fees(10)
|
|
|
0.77
|
%
|
|
|
0.75
|
%
|
|
|
0.77
|
%
|
|
|
0.78
|
%(9)
|
|
|
0.79
|
%
|
|
|
0.77
|
%(9)
|
|
|
Interest and fee
expense(11)
|
|
|
0.62
|
%
|
|
|
0.47
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
expenses(10)
|
|
|
1.39
|
%
|
|
|
1.22
|
%
|
|
|
0.77
|
%
|
|
|
0.78
|
%(9)
|
|
|
0.79
|
%
|
|
|
0.77
|
%(9)
|
|
|
Net investment income
|
|
|
6.48
|
%
|
|
|
6.70
|
%
|
|
|
5.44
|
%
|
|
|
5.78
|
%(9)
|
|
|
5.10
|
%
|
|
|
6.16
|
%(9)
|
|
|
|
|
Senior Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total notes payable outstanding (in 000s)
|
|
$
|
339,000
|
|
|
$
|
499,000
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Asset coverage per $1,000 of notes
payable(12)
|
|
$
|
4,125
|
|
|
$
|
3,191
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
$
|
|
|
|
|
Total preferred shares outstanding
|
|
|
|
(13)
|
|
|
|
(13)
|
|
|
30,000
|
|
|
|
30,000
|
|
|
|
30,000
|
|
|
|
30,000
|
|
|
|
Asset coverage per preferred
share(14)
|
|
$
|
|
(13)
|
|
$
|
|
(13)
|
|
$
|
104,767
|
|
|
$
|
91,638
|
|
|
$
|
81,359
|
|
|
$
|
80,127
|
|
|
|
Involuntary liquidation preference per preferred
share(15)
|
|
$
|
|
(13)
|
|
$
|
|
(13)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
Approximate market value per preferred
share(15)
|
|
$
|
|
(13)
|
|
$
|
|
(13)
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
$
|
25,000
|
|
|
|
|
|
|
|
|
(1)
|
|
For the
ten-month
period ended October 31, 2006. The Fund changed its fiscal
year-end from December 31 to October 31. |
|
(2)
|
|
For the period from the start of business, January 30,
2004, to December 31, 2004. |
|
(3)
|
|
Net asset value at beginning of period reflects the deduction of
the sales load of $0.90 per share paid by the shareholder from
the $20.00 offering price. |
|
(4)
|
|
Computed using average common shares outstanding. |
|
(5)
|
|
Returns are historical and are calculated by determining the
percentage change in net asset value or market value with all
distributions reinvested. |
|
(6)
|
|
Not annualized. |
|
(7)
|
|
Total investment return on net asset value is calculated
assuming a purchase at the offering price of $20.00 less the
sales load of $0.90 per share paid by the shareholder on the
first day and a sale at the net asset value on the last day of
the period reported with all distributions reinvested. Total
investment return on market value is calculated assuming a
purchase at the offering price of $20.00 less the sales load of
$0.90 per share paid by the shareholder on the first day and a
sale at the current market price on the last day of the period
reported with all distributions reinvested. |
|
(8)
|
|
Ratios do not reflect the effect of dividend payments to
preferred shareholders. |
|
(9)
|
|
Annualized. |
|
(10)
|
|
Excludes the effect of custody fee credits, if any, of less than
0.005%. |
|
(11)
|
|
Interest and fee expense relates to the notes payable incurred
to redeem the Funds preferred shares (see Note 7). |
|
(12)
|
|
Calculated by subtracting the Funds total liabilities (not
including the notes payable) from the Funds total assets,
and dividing the result by the notes payable balance in
thousands. |
|
(13)
|
|
The Funds preferred shares were fully redeemed during the
year ended October 31, 2008. |
|
(14)
|
|
Calculated by subtracting the Funds total liabilities (not
including the preferred shares) from the Funds total
assets, and dividing the result by the number of preferred
shares outstanding. |
|
(15)
|
|
Plus accumulated and unpaid dividends. |
See
notes to financial statements
11
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
NOTES TO FINANCIAL STATEMENTS
1 Significant
Accounting Policies
Eaton Vance Tax-Advantaged Global Dividend Income Fund (the
Fund) is a Massachusetts business trust registered under the
Investment Company Act of 1940, as amended (the 1940 Act), as a
diversified, closed-end management investment company. The
Funds 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. A
source of authoritative accounting principles applied in the
preparation of the Funds financial statements is the
Financial Accounting Standards Board (FASB) Accounting Standards
Codification (the Codification), which superseded existing
non-Securities and Exchange Commission accounting and reporting
standards for interim and annual reporting periods ending after
September 15, 2009. The adoption of the Codification for
the current reporting period did not impact the Funds
application of generally accepted accounting principles.
A Investment
Valuation Equity securities (including common
shares of closed-end investment companies) listed on a U.S.
securities exchange generally are valued at the last sale price
on the day of valuation or, if no sales took place on such date,
at the mean between the closing bid and asked prices therefore
on the exchange where such securities are principally traded.
Equity securities listed on the NASDAQ Global or Global Select
Market generally are valued at the 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 will use 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. The value of preferred
equity securities that are valued by a pricing service on a bond
basis will be adjusted by an income factor, to be determined by
the investment adviser, to reflect the next anticipated regular
dividend. Debt obligations (including short-term obligations
with a remaining maturity of more than sixty days) will normally
be valued on the basis of quotations provided by third party
pricing services. The pricing services will use various
techniques that consider factors including, but not limited to,
reported trades or dealer quotations prices or yields of
securities with similar characteristics, benchmark yields,
broker/dealer quotes, issuer spreads, as well as industry and
economic events. Short-term debt securities with a remaining
maturity of sixty days or less are generally valued at amortized
cost, which approximates market value. Foreign securities 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 generally is determined as
of the close of trading on the principal exchange on which such
securities trade. Events occurring after the close of trading on
foreign exchanges may result in adjustments to the valuation of
foreign securities to more accurately reflect their fair value
as of the close of regular trading on the New York Stock
Exchange. When valuing foreign equity securities that meet
certain criteria, the Trustees have approved the use of a fair
value service that values such securities to reflect market
trading that occurs after the close of the applicable foreign
markets of comparable securities or other instruments that have
a strong correlation to the fair-valued securities. Investments
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 most fairly reflects
the securitys 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 all 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 securitys
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 companys or entitys financial
condition, and an evaluation of the forces that influence the
issuer and the market(s) in which the security is purchased and
sold.
The Fund may invest in Cash Management Portfolio (Cash
Management), an affiliated investment company managed by Boston
Management and Research (BMR), a subsidiary of Eaton Vance
Management (EVM). Cash Management generally values its
investment securities utilizing the amortized cost valuation
technique permitted by
Rule 2a-7
under the 1940 Act, pursuant to which Cash Management must
comply with certain conditions. This technique involves
initially valuing a portfolio security at its cost and
thereafter assuming a constant amortization to maturity of any
discount or premium. If amortized cost is determined
12
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
not to approximate fair value, Cash Management may value its
investment securities in the same manner as debt obligations
described above.
B Investment
Transactions Investment transactions for
financial statement purposes are accounted for on a trade date
basis. Realized gains and losses on investments sold are
determined on the basis of identified cost.
C Income
Dividend income is recorded on the ex-dividend date for
dividends received in cash
and/or
securities. However, if the ex-dividend date has passed, certain
dividends from foreign securities are recorded as the Fund is
informed of the ex-dividend date. Withholding taxes on foreign
dividends and capital gains have been provided for in accordance
with the Funds understanding of the applicable
countries tax rules and rates. Interest income is recorded
on the basis of interest accrued, adjusted for amortization of
premium or accretion of discount.
D Federal
Taxes The Funds 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.
At October 31, 2009, the Fund, for federal income tax
purposes, had a capital loss carryforward of $604,312,709 which
will 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 will 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 carryforward will expire
on October 31, 2012 ($52,539,884), October 31, 2013
($19,953,734), October 31, 2014 ($31,368,172),
October 31, 2015 ($4,901,953), October 31, 2016
($283,602,117) and October 31, 2017 ($211,946,849).
As of October 31, 2009, the Fund had no uncertain tax
positions that would require financial statement recognition,
de-recognition, or disclosure. Each of the Funds federal
tax returns filed in the
3-year
period ended October 31, 2009 remains subject to
examination by the Internal Revenue Service.
E Expense
Reduction State Street Bank and
Trust Company (SSBT) serves as custodian of the Fund.
Pursuant to the custodian agreement, SSBT receives a fee reduced
by credits, which are determined based on the average daily cash
balance the Fund maintains with SSBT. All credit balances, if
any, used to reduce the Funds custodian fees are reported
as a reduction of expenses in the Statement of Operations.
F 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.
G Use
of Estimates The preparation of the financial
statements in conformity with accounting principles generally
accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts
of assets and liabilities at the date of the financial
statements and the reported amounts of income and expense during
the reporting period. Actual results could differ from
those estimates.
H Indemnifications
Under the Funds organizational documents, its
officers and Trustees may be indemnified against certain
liabilities and expenses arising out of the performance of their
duties to the Fund, and shareholders are indemnified against
personal liability for the obligations of the Fund.
Additionally, in the normal course of business, the Fund enters
into agreements with service providers that may contain
indemnification clauses. The Funds 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.
I Statement
of Cash Flows The cash amount shown in the
Statement of Cash Flows of the Fund is the amount included in
the Funds Statement of Assets and Liabilities and
represents the cash on hand at its custodian and does not
include any short-term investments.
2 Distributions
to Shareholders
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, if any). Distributions are
recorded on the ex-dividend date. The Fund distinguishes between
distributions on a tax
13
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
basis and a financial reporting basis. Accounting principles
generally accepted in the United States of America require that
only distributions in excess of tax basis earnings and profits
be reported in the financial statements as a return of capital.
Permanent differences between book and tax accounting relating
to distributions are reclassified to paid-in capital. For tax
purposes, distributions from short-term capital gains are
considered to be from ordinary income.
The tax character of distributions declared for the years ended
October 31, 2009 and October 31, 2008 was
as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
October 31,
|
|
|
2009
|
|
|
2008
|
|
|
|
|
|
Distributions declared from:
|
|
|
|
|
|
|
|
|
|
|
Ordinary income
|
|
$
|
111,073,112
|
|
|
$
|
147,121,226
|
|
|
|
During the year ended October 31, 2009, accumulated net
realized loss was decreased by $1,373,971 and accumulated
undistributed net investment income was decreased by $1,373,971
due to differences between book and tax accounting, primarily
for foreign currency gain(loss) and distributions from real
estate investment trusts (REITs). These reclassifications had no
effect on the net assets or net asset value per share of the
Fund.
As of October 31, 2009, the components of distributable
earnings (accumulated losses) and unrealized appreciation
(depreciation) on a tax basis were as follows:
|
|
|
|
|
|
|
Undistributed ordinary income
|
|
$
|
872,124
|
|
|
|
Capital loss carryforward
|
|
$
|
(604,312,709
|
)
|
|
|
Net unrealized appreciation
|
|
$
|
215,130,593
|
|
|
|
The differences between components of distributable earnings
(accumulated losses) on a tax basis and the amounts reflected in
the Statement of Assets and Liabilities are primarily due to
wash sales.
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 its 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 as daily
gross assets exceed $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 the
Trustees and shareholders. The portion of the investment adviser
fee payable by Cash Management on the Funds investment of
cash therein is credited against the Funds investment
adviser fee. For the year ended October 31, 2009, the
Funds investment adviser fee totaled $11,154,983 of which
$139,395 was allocated from Cash Management and $11,015,588 was
paid or accrued directly by the Fund. For the year ended
October 31, 2009, the Funds investment adviser fee,
including the portion allocated from Cash Management, was 0.85%
of the Funds average daily gross assets. EVM also serves
as administrator of the Fund, but receives no compensation.
In addition, EVM has contractually agreed to reimburse the Fund
for fees and other expenses at an annual rate of 0.20% of the
Funds average daily gross assets during the first five
full years of the Funds operations, 0.15% of the
Funds average daily gross assets in year six, 0.10% in
year seven and 0.05% in year eight. Such reimbursement will be
reduced by an amount, if any, by which the annual effective
advisory fee rate is less than 0.85% of the Funds average
daily gross assets. The Fund concluded its first five full years
of operations on January 30, 2009. Pursuant to this
agreement, EVM waived $2,144,600 of expenses for the year ended
October 31, 2009.
Except for Trustees of the Fund who are not members of
EVMs organization, officers and Trustees 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 year ended
October 31, 2009, 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 $1,124,268,306 and $1,323,256,084,
respectively, for the year ended October 31, 2009.
5 Common
Shares of Beneficial Interest
The Fund may issue common shares pursuant to its dividend
reinvestment plan. There were no transactions in common shares
for the years ended October 31, 2009 and October 31,
2008.
6 Federal
Income Tax Basis of Investments
The cost and unrealized appreciation (depreciation) of
investments of the Fund at October 31, 2009, as determined
on a federal income tax basis, were as follows:
|
|
|
|
|
|
|
Aggregate cost
|
|
$
|
1,154,039,371
|
|
|
|
|
|
Gross unrealized appreciation
|
|
$
|
286,461,508
|
|
|
|
Gross unrealized depreciation
|
|
|
(71,629,632
|
)
|
|
|
|
|
Net unrealized appreciation
|
|
$
|
214,831,876
|
|
|
|
|
|
14
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
7 Committed
Facility Agreement
The Fund has entered into a Committed Facility Agreement, as
amended (the Agreement) with a major financial institution that
allowed it to borrow up to $750 million over a rolling 180
calendar day period. Effective November 6, 2009, the
borrowing limit was reduced to $426 million. Interest is
charged at a rate above
3-month
LIBOR
(1-month
LIBOR prior to January 1, 2009) and is payable
monthly. The Fund is charged a commitment fee of 0.55% (0.25%
prior to January 1, 2009) per annum on the unused
portion of the commitment. Under the terms of the Agreement, the
Fund is required to satisfy certain collateral requirements and
maintain a certain level of net assets. At October 31,
2009, the Fund had borrowings outstanding under the Agreement of
$339 million at an interest rate of 1.08%. The carrying
amount of the borrowings at October 31, 2009 approximated
its fair value. For the year ended October 31, 2009, the
average borrowings under the Agreement and the average interest
rate were $374,224,658 and 1.59%, 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
The Fund adopted FASB Statement of Financial Accounting
Standards No. 157 (FAS 157), Fair Value
Measurements, (currently FASB Accounting Standards
Codification (ASC)
820-10),
effective November 1, 2008. Such standard established a
three-tier
hierarchy to prioritize the assumptions, referred to as inputs,
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 funds own assumptions in determining the fair
value of investments)
|
The inputs or methodology used for valuing securities are not
necessarily an indication of the risk associated with investing
in those securities.
At October 31, 2009, the inputs used in valuing the
Funds investments, which are carried at value, were as
follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quoted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prices in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active
|
|
|
Significant
|
|
|
|
|
|
|
|
|
|
|
|
Markets for
|
|
|
Other
|
|
|
Significant
|
|
|
|
|
|
|
|
|
Identical
|
|
|
Observable
|
|
|
Unobservable
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Inputs
|
|
|
Inputs
|
|
|
|
|
|
|
|
|
|
Asset
Description
|
|
(Level
1)
|
|
|
(Level
2)
|
|
|
(Level
3)
|
|
|
Total
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Discretionary
|
|
$
|
61,893,000
|
|
|
$
|
6,551,190
|
|
|
$
|
|
|
|
$
|
68,444,190
|
|
|
|
Consumer Staples
|
|
|
61,260,000
|
|
|
|
91,022,858
|
|
|
|
|
|
|
|
152,282,858
|
|
|
|
Energy
|
|
|
137,199,500
|
|
|
|
81,561,340
|
|
|
|
|
|
|
|
218,760,840
|
|
|
|
Financials
|
|
|
116,084,564
|
|
|
|
17,409,134
|
|
|
|
|
|
|
|
133,493,698
|
|
|
|
Health Care
|
|
|
35,881,092
|
|
|
|
25,179,070
|
|
|
|
|
|
|
|
61,060,162
|
|
|
|
Industrials
|
|
|
37,325,339
|
|
|
|
11,160,808
|
|
|
|
|
|
|
|
48,486,147
|
|
|
|
Information Technology
|
|
|
39,814,200
|
|
|
|
|
|
|
|
|
|
|
|
39,814,200
|
|
|
|
Materials
|
|
|
43,359,750
|
|
|
|
3,092,167
|
|
|
|
|
|
|
|
46,451,917
|
|
|
|
Telecommunication Services
|
|
|
44,998,990
|
|
|
|
23,644,867
|
|
|
|
|
|
|
|
68,643,857
|
|
|
|
Utilities
|
|
|
146,669,250
|
|
|
|
168,007,225
|
|
|
|
|
|
|
|
314,676,475
|
|
|
|
|
|
Total Common Stocks
|
|
$
|
724,485,685
|
|
|
$
|
427,628,659
|
*
|
|
$
|
|
|
|
$
|
1,152,114,344
|
|
|
|
|
|
Preferred Stocks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples
|
|
$
|
|
|
|
$
|
5,327,224
|
|
|
$
|
|
|
|
$
|
5,327,224
|
|
|
|
Energy
|
|
|
|
|
|
|
6,525,750
|
|
|
|
|
|
|
|
6,525,750
|
|
|
|
Financials
|
|
|
36,410,828
|
|
|
|
148,178,707
|
|
|
|
|
|
|
|
184,589,535
|
|
|
|
Utilities
|
|
|
1,470,500
|
|
|
|
3,044,690
|
|
|
|
|
|
|
|
4,515,190
|
|
|
|
|
|
Total Preferred Stocks
|
|
$
|
37,881,328
|
|
|
$
|
163,076,371
|
|
|
$
|
|
|
|
$
|
200,957,699
|
|
|
|
|
|
Corporate Bonds & Notes
|
|
$
|
|
|
|
$
|
10,881,336
|
|
|
$
|
|
|
|
$
|
10,881,336
|
|
|
|
Short-Term Investments
|
|
|
4,917,868
|
|
|
|
|
|
|
|
|
|
|
|
4,917,868
|
|
|
|
|
|
Total Investments
|
|
$
|
767,284,881
|
|
|
$
|
601,586,366
|
|
|
$
|
|
|
|
$
|
1,368,871,247
|
|
|
|
|
|
|
|
|
*
|
|
Includes foreign equity securities whose values were adjusted to
reflect market trading that occurred after the close of trading
in their applicable foreign markets. |
The Fund held no investments or other financial instruments as
of October 31, 2008 whose fair value was determined using
Level 3 inputs.
15
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
NOTES TO FINANCIAL
STATEMENTS CONTD
10 Review
for Subsequent Events
In connection with the preparation of the financial statements
of the Fund as of and for the year ended October 31, 2009,
events and transactions subsequent to October 31, 2009
through December 17, 2009, the date the financial
statements were issued, have been evaluated by the Funds
management for possible adjustment
and/or
disclosure. Management has not identified any subsequent events
requiring financial statement disclosure as of the date these
financial statements were issued.
16
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
To the Trustees
and Shareholders of Eaton Vance
Tax-Advantaged Global Dividend Income Fund:
We have audited the accompanying statement of assets and
liabilities of Eaton Vance Tax-Advantaged Global Dividend Income
Fund (the Fund), including the portfolio of
investments, as of October 31, 2009, and the related
statements of operations and cash flows for the year then ended,
the statements of changes in net assets for each of the two
years in the period then ended, and the financial highlights for
each of the periods presented. These financial statements and
financial highlights are the responsibility of the Funds
management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. The Fund
is not required to have, nor were we engaged to perform, an
audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are
appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Funds
internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles
used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. Our
procedures included confirmation of securities owned as of
October 31, 2009, by correspondence with the custodian and
brokers; where replies were not received from brokers, we
performed other auditing procedures. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all material
respects, the financial position of Eaton Vance Tax-Advantaged
Global Dividend Income Fund as of October 31, 2009, the
results of its operations and its cash flows for the year then
ended, the changes in its net assets for each of the two years
in the period then ended, and the financial highlights for each
of the periods presented, in conformity with accounting
principles generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 17, 2009
17
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
FEDERAL TAX
INFORMATION (Unaudited)
The
Form 1099-DIV
you receive in January 2010 will show the tax status of all
distributions paid to your account in calendar year 2009.
Shareholders are advised to consult their own tax adviser with
respect to the tax consequences of their investment in the Fund.
As required by the Internal Revenue Code regulations,
shareholders must be notified within 60 days of the
Funds fiscal year end regarding the status of qualified
dividend income for individuals and the dividends received
deduction for corporations.
Qualified Dividend Income. The Fund designates
$102,153,875, or up to the maximum amount of such dividends
allowable pursuant to the Internal Revenue Code, as qualified
dividend income eligible for the reduced tax rate of 15%.
Dividends Received Deduction. Corporate shareholders
are generally entitled to take the dividends received deduction
on the portion of the Funds dividend distribution that
qualifies under tax law. For the Funds fiscal 2009
ordinary income dividends, 32.25% qualifies for the corporate
dividends received deduction.
18
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund as
of October 31, 2009
ANNUAL MEETING OF
SHAREHOLDERS (Unaudited)
The Fund held its Annual Meeting of Shareholders on
August 28, 2009. The following action was taken by the
shareholders:
Item 1: The election of Ronald A. Pearlman,
Helen Frame Peters and Ralph F. Verni as Class III Trustees
of the Fund for a
three-year
term expiring in 2012.
|
|
|
|
|
|
|
|
|
|
|
Nominee for
Trustee
|
|
Number of
Shares
|
|
|
|
Elected by All
Shareholders
|
|
For
|
|
|
Withheld
|
|
|
|
|
|
Ronald A. Pearlman
|
|
|
69,497,557
|
|
|
|
4,306,332
|
|
|
|
Helen Frame Peters
|
|
|
69,612,971
|
|
|
|
4,190,918
|
|
|
|
Ralph F. Verni
|
|
|
69,681,309
|
|
|
|
4,122,580
|
|
|
|
19
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund
DIVIDEND REINVESTMENT PLAN
The Fund offers a dividend reinvestment plan (the Plan) pursuant
to which shareholders may elect to have distributions
automatically reinvested in common shares (the Shares) of the
Fund. You may elect to participate in the Plan by completing the
Dividend Reinvestment Plan Application Form. If you do not
participate, you will receive all distributions in cash paid by
check mailed directly to you by American Stock
Transfer & Trust Company (AST) dividend paying
agent. On the distribution payment date, if the net asset value
per Share is equal to or less than the market price per Share
plus estimated brokerage commissions, then new Shares will be
issued. The number of Shares shall be determined by the greater
of the net asset value per Share or 95% of the market price.
Otherwise, Shares generally will be purchased on the open market
by the Plan Agent. Distributions subject to income tax (if any)
are taxable whether or not shares are reinvested.
If your shares are in the name of a brokerage firm, bank, or
other nominee, you can ask the firm or nominee to participate in
the Plan on your behalf. If the nominee does not offer the Plan,
you will need to request that your shares be re-registered in
your name with the Funds transfer agent, AST, or you will
not be able to participate.
The Plan Agents service fee for handling distributions
will be paid by the Fund. Each participant will be charged their
pro-rata share of brokerage commissions on all open-market
purchases.
Plan participants may withdraw from the Plan at any time by
writing to the Plan Agent at the address noted on the following
page. If you withdraw, you will receive shares in your name for
all Shares credited to your account under the Plan. If a
participant elects by written notice to the Plan Agent to have
the Plan Agent sell part or all of his or her Shares and remit
the proceeds, the Plan Agent is authorized to deduct a $5.00 fee
plus brokerage commissions from the proceeds.
If you wish to participate in the Plan and your shares are held
in your own name, you may complete the form on the following
page and deliver it to the Plan Agent.
Any inquiries regarding the Plan can be directed to the Plan
Agent, AST, at 1-866-439-6787.
20
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund
APPLICATION FOR PARTICIPATION IN
DIVIDEND REINVESTMENT PLAN
This form is for shareholders who hold their common shares in
their own names. If your common shares are held in the name of a
brokerage firm, bank, or other nominee, you should contact your
nominee to see if it will participate in the Plan on your
behalf. If you wish to participate in the Plan, but your
brokerage firm, bank, or nominee is unable to participate on
your behalf, you should request that your common shares be
re-registered in your own name which will enable your
participation in the Plan.
The following authorization and appointment is given with the
understanding that I may terminate it at any time by terminating
my participation in the Plan as provided in the terms and
conditions of the Plan.
Please print exact name on account:
Shareholder
signature
Date
Shareholder
signature
Date
Please sign exactly as your common shares are registered. All
persons whose names appear on the share certificate must sign.
YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE
YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.
This authorization form, when signed, should be mailed to the
following address:
Eaton Vance Tax-Advantaged Global Dividend Income Fund
c/o American Stock Transfer & Trust Company
P.O. Box 922
Wall Street Station
New York, NY
10269-0560
Number of
Employees
The Fund is organized as a Massachusetts business trust and is
registered under the Investment Company Act of 1940, as amended,
as a diversified, closed-end management investment company and
has no employees.
Number of
Shareholders
As of October 31, 2009, our records indicate that there are
179 registered shareholders and approximately 64,667
shareholders owning the Fund shares in street name, such as
through brokers, banks, and financial intermediaries.
If you are a street name shareholder and wish to receive our
reports directly, which contain important information about the
Fund, please write or call:
Eaton Vance Distributors, Inc.
Two International Place
Boston, MA 02110
1-800-262-1122
New York Stock Exchange symbol
The New York Stock Exchange symbol is ETG.
21
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY AGREEMENT
Overview
of the Contract Review Process
The Investment Company Act of 1940, as amended (the 1940
Act), provides, in substance, that each investment
advisory agreement between a fund and its investment adviser
will continue in effect from year to year only if its
continuance is approved at least annually by the funds
board of trustees, including by a vote of a majority of the
trustees who are not interested persons of the fund
(Independent Trustees), cast in person at a meeting
called for the purpose of considering such approval.
At a meeting of the Boards of Trustees (each a
Board) of the Eaton Vance group of mutual funds (the
Eaton Vance Funds) held on April 27, 2009, the
Board, including a majority of the Independent Trustees, voted
to approve continuation of existing advisory and
sub-advisory
agreements for the Eaton Vance Funds for an additional
one-year
period. In voting its approval, the Board relied upon the
affirmative recommendation of the Contract Review Committee of
the Board (formerly the Special Committee), which is a committee
comprised exclusively of Independent Trustees. Prior to making
its recommendation, the Contract Review Committee reviewed
information furnished for a series of meetings of the Contract
Review Committee held in February, March and April 2009.
Such information included, among other things, the following:
Information
about Fees, Performance and Expenses
|
|
|
|
|
An independent report comparing the advisory and related fees
paid by each fund with fees paid by comparable funds;
|
|
|
An independent report comparing each funds total expense
ratio and its components to comparable funds;
|
|
|
An independent report comparing the investment performance of
each fund to the investment performance of comparable funds over
various time periods;
|
|
|
Data regarding investment performance in comparison to relevant
peer groups of funds and appropriate indices;
|
|
|
Comparative information concerning fees charged by each adviser
for managing other mutual funds and institutional accounts using
investment strategies and techniques similar to those used in
managing the fund;
|
|
|
Profitability analyses for each adviser with respect to each
fund;
|
Information
about Portfolio Management
|
|
|
|
|
Descriptions of the investment management services provided to
each fund, including the investment strategies and processes
employed, and any changes in portfolio management processes and
personnel;
|
|
|
Information concerning the allocation of brokerage and the
benefits received by each adviser as a result of brokerage
allocation, including information concerning the acquisition of
research through soft dollar benefits received in
connection with the funds brokerage, and the
implementation of a soft dollar reimbursement program
established with respect to the funds;
|
|
|
Data relating to portfolio turnover rates of each fund;
|
|
|
The procedures and processes used to determine the fair value of
fund assets and actions taken to monitor and test the
effectiveness of such procedures and processes;
|
Information
about each Adviser
|
|
|
|
|
Reports detailing the financial results and condition of each
adviser;
|
|
|
Descriptions of the qualifications, education and experience of
the individual investment professionals whose responsibilities
include portfolio management and investment research for the
funds, and information relating to their compensation and
responsibilities with respect to managing other mutual funds and
investment accounts;
|
|
|
Copies of the Codes of Ethics of each adviser and its
affiliates, together with information relating to compliance
with and the administration of such codes;
|
|
|
Copies of or descriptions of each advisers proxy voting
policies and procedures;
|
|
|
Information concerning the resources devoted to compliance
efforts undertaken by each adviser and its affiliates on behalf
of the funds (including descriptions of various compliance
programs) and their record of compliance with investment
policies and restrictions, including policies with respect to
market-timing, late trading and selective portfolio disclosure,
and with policies on personal securities transactions;
|
|
|
Descriptions of the business continuity and disaster recovery
plans of each adviser and its affiliates;
|
Other
Relevant Information
|
|
|
|
|
Information concerning the nature, cost and character of the
administrative and other non-investment management services
provided by Eaton Vance Management and its affiliates;
|
|
|
Information concerning management of the relationship with the
custodian, subcustodians and fund accountants by each adviser or
the funds administrator; and
|
|
|
The terms of each advisory agreement.
|
22
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT CONTD
In addition to the information identified above, the Contract
Review Committee considered information provided from time to
time by each adviser throughout the year at meetings of the
Board and its committees. Over the course of the twelve-month
period ended April 30, 2009, the Board met eighteen 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, five, six, six and six times, respectively. At such
meetings, the Trustees received, among other things,
presentations by the portfolio managers and other investment
professionals of each adviser relating to the investment
performance of each fund and the investment strategies used in
pursuing the funds investment objective.
For funds that invest through one or more underlying portfolios,
the Board considered similar information about the portfolio(s)
when considering the approval of advisory agreements. In
addition, in cases where the funds 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, 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 advisory and
sub-advisory
agreement and the weight to be given to each such factor. The
conclusions reached with respect to each advisory and
sub-advisory
agreement were based on a comprehensive evaluation of all the
information provided and not any single factor. Moreover, each
member of the Contract Review Committee may have placed varying
emphasis on particular factors in reaching conclusions with
respect to each advisory and
sub-advisory
agreement.
Results
of the Process
Based on its consideration of the foregoing, and such other
information as it deemed relevant, including the factors and
conclusions described below, the Contract Review Committee
concluded that the continuance of the investment advisory
agreement between Eaton Vance Tax-Advantaged Global Dividend
Income Fund (the Fund), and Eaton Vance Management
(the Adviser), including its fee structure, is in
the interests of shareholders and, therefore, the Contract
Review Committee recommended to the Board approval of the
agreement. The Board accepted the recommendation of the Contract
Review Committee as well as the factors considered and
conclusions reached by the Contract Review Committee with
respect to the agreement. Accordingly, the Board, including a
majority of the Independent Trustees, voted to approve
continuation of the investment advisory agreement for the Fund.
Nature,
Extent and Quality of Services
In considering whether to approve the investment advisory
agreement of the Fund, the Board evaluated the nature, extent
and quality of services provided to the Fund by the Adviser.
The Board considered the Advisers 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, including recent changes to such personnel. In
particular, the Board evaluated the abilities and experience of
such investment personnel in analyzing special considerations
relevant to investing in dividend-paying common and preferred
stocks and foreign markets. The Board noted the Advisers
in-house equity research capabilities and experience in managing
funds that seek to maximize after-tax returns. The Board also
took into account the resources dedicated to portfolio
management and other services, including the compensation paid
to recruit and retain investment personnel, and the time and
attention devoted to the Fund by senior management.
The Board also reviewed the compliance programs of the Adviser
and relevant affiliates thereof. Among other matters, the Board
considered compliance and reporting matters relating to personal
trading by investment personnel, selective disclosure of
portfolio holdings, late trading, frequent trading, portfolio
valuation, business continuity and the allocation of investment
opportunities. The Board also evaluated the responses of the
Adviser and its affiliates to requests from regulatory
authorities such as the Securities and Exchange Commission and
the Financial Industry Regulatory Authority.
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 family of funds.
The Board considered the Advisers recommendations for
Board action and other steps taken in response to the
unprecedented dislocations experienced in the capital markets
over recent periods, including sustained periods of high
volatility, credit disruption and government intervention. In
particular, the Board considered the Advisers efforts and
expertise with respect to each of the following matters as they
relate to the Fund
and/or other
funds within the Eaton Vance family of funds:
(i) negotiating and maintaining the availability of bank
loan facilities and other sources of credit used for investment
purposes or to satisfy liquidity needs; (ii) establishing
the fair value of securities and other instruments held in
investment portfolios during periods of market volatility and
issuer-specific
23
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund
BOARD OF TRUSTEES ANNUAL
APPROVAL OF THE INVESTMENT ADVISORY
AGREEMENT CONTD
disruptions; and (iii) the ongoing monitoring of investment
management processes and risk controls. In addition, the Board
considered the Advisers actions with respect to the
Auction Preferred Shares (APS) issued by the Fund,
including the Advisers efforts to seek alternative forms
of debt and other leverage that may over time reduce financing
costs associated with APS and enable the Fund to restore
liquidity for APS holders.
After consideration of the foregoing factors, among others, the
Board concluded that the nature, extent and quality of services
provided by the Adviser, taken as a whole, are appropriate and
consistent with the terms of the investment advisory agreement.
Fund Performance
The Board compared the Funds investment performance to a
relevant universe of similarly managed funds identified by an
independent data provider and appropriate benchmark indices. The
Board reviewed comparative performance data for the
one- and
three-year
periods ended September 30, 2008 for the Fund. On the basis
of the foregoing and other relevant information, the Board
concluded that the performance of the Fund was satisfactory.
Management
Fees and Expenses
The Board reviewed contractual investment advisory fee rates
payable by the Fund (referred to as management
fees). As part of its review, the Board considered the
Funds management fees and total expense ratio for the year
ended September 30, 2008, as compared to a group of
similarly managed funds selected by an independent data
provider. The Board considered that the Adviser had waived fees
and/or paid
expenses for the Fund.
After reviewing the foregoing information, and in light of the
nature, extent and quality of the services provided by the
Adviser, the Board concluded that the management fees charged
for advisory and related services and the Funds total
expense ratio are reasonable.
Profitability
The Board reviewed the level of profits realized by the Adviser
and relevant affiliates thereof 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 with and without regard to revenue sharing or other
payments by the Adviser and its affiliates to third parties in
respect of distribution services. The Board also considered
other direct or indirect benefits received by the Adviser and
its affiliates in connection with its relationship with the
Fund, including the benefits of research services that may be
available to the Adviser as a result of securities transactions
effected for the Fund and other advisory clients.
The Board concluded that, in light of the foregoing factors and
the nature, extent and quality of the services rendered, the
profits realized by the Adviser and its affiliates are
reasonable.
Economies
of Scale
In reviewing management fees and profitability, the Board also
considered the extent to which the Adviser and its affiliates,
on the one hand, and the Fund, on the other hand, can expect to
realize benefits from economies of scale as the assets of the
Fund increase. The Board acknowledged the difficulty in
accurately measuring the benefits resulting from the economies
of scale with respect to the management of any specific fund or
group of funds. The Board reviewed data summarizing the
increases and decreases in the assets of the Fund since
inception and of all Eaton Vance Funds as a group over various
time periods, and evaluated the extent to which the total
expense ratio of the Fund and the profitability of the Adviser
and its affiliates may have been affected by such increases and
decreases. The Board also considered the fact that the Fund is
not continuously offered, and noted that, at its request, the
Adviser had agreed to add breakpoints to the Funds
advisory fee effective May 1, 2008. Based upon the
foregoing, the Board concluded that the benefits from economies
of scale are currently being shared equitably by the Adviser and
its affiliates and the Fund and that, assuming reasonably
foreseeable increases in the assets of the Fund, the structure
of the advisory fee, which includes breakpoints at several asset
levels, can be expected to cause the Adviser and its affiliates
and the Fund to continue to share such benefits equitably.
24
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund
MANAGEMENT AND ORGANIZATION
Fund Management. The Trustees of Eaton Vance
Tax-Advantaged Global Dividend Income Fund (the Fund) are
responsible for the overall management and supervision of the
Funds affairs. The Trustees and officers of the Fund are
listed below. Except as indicated, each individual has held the
office shown or other offices in the same company for the last
five years. The Noninterested Trustees consist of
those Trustees who are not interested persons of the
Fund, as that term is defined under the 1940 Act. The business
address of each Trustee and officer is Two International Place,
Boston, Massachusetts 02110. As used below, EVC
refers to Eaton Vance Corp., EV refers to Eaton
Vance, Inc., EVM refers to Eaton Vance Management,
BMR refers to Boston Management and Research and
EVD refers to Eaton Vance Distributors, Inc. EVC and
EV are the corporate parent and trustee, respectively, of EVM
and BMR. EVD is a wholly-owned subsidiary of EVC. Each officer
affiliated with Eaton Vance may hold a position with other Eaton
Vance affiliates that is comparable to his or her position with
EVM listed below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term of
|
|
|
|
Number of
Portfolios
|
|
|
|
|
|
Position(s)
|
|
Office and
|
|
|
|
in Fund
Complex
|
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal
Occupation(s)
|
|
Overseen By
|
|
|
|
Date of
Birth
|
|
Fund
|
|
Service
|
|
During Past Five
Years
|
|
Trustee(1)
|
|
|
Other
Directorships Held
|
|
|
|
Interested
Trustee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thomas E. Faust Jr.
5/31/58
|
|
Class II
Trustee and Vice
President
|
|
Until 2011. 3 years. Trustee since 2007 and Vice President since
2003.
|
|
Chairman, Chief Executive Officer and President of EVC, Director
and President of EV, Chief Executive Officer and President of
EVM and BMR, and Director of EVD. Trustee
and/or
officer of 176 registered investment companies and 4 private
investment companies managed by EVM or BMR. Mr. Faust is an
interested person because of his positions with EVM, BMR, EVD,
EVC and EV, which are affiliates of the Fund.
|
|
|
176
|
|
|
Director of EVC
|
|
Noninterested
Trustees
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Benjamin C. Esty
1/2/63
|
|
Class I
Trustee
|
|
Until 2010. 3 years. Trustee since 2005.
|
|
Roy and Elizabeth Simmons Professor of Business Administration
and Finance Unit Head, Harvard University Graduate School of
Business Administration.
|
|
|
176
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allen R. Freedman
4/3/40
|
|
Class I
Trustee
|
|
Until 2010. 3 years. Trustee since 2007.
|
|
Former Chairman
(2002-2004)
and a Director
(1983-2004)
of Systems & Computer Technology Corp. (provider of
software to higher education). Formerly, a Director of Loring
Ward International (fund distributor)
(2005-2007).
Formerly, Chairman and a Director of Indus International, Inc.
(provider of enterprise management software to the power
generating industry)
(2005-2007).
|
|
|
176
|
|
|
Director of Assurant, Inc. (insurance provider) and Stonemor
Partners, L.P. (owner and operator of cemeteries)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
William H. Park
9/19/47
|
|
Class II
Trustee
|
|
Until 2011. 3 years. Trustee since 2003.
|
|
Vice Chairman, Commercial Industrial Finance Corp. (specialty
finance company) (since 2006). Formerly, President and Chief
Executive Officer, Prizm Capital Management, LLC (investment
management firm)
(2002-2005).
|
|
|
176
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ronald A. Pearlman
7/10/40
|
|
Class III
Trustee
|
|
Until 2012. 3 years. Trustee since 2003.
|
|
Professor of Law, Georgetown University Law Center.
|
|
|
173
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Helen Frame Peters
3/22/48
|
|
Class III
Trustee
|
|
Until 2012. 3 years. Trustee since 2008.
|
|
Professor of Finance, Carroll School of Management, Boston
College. Adjunct Professor of Finance, Peking University,
Beijing, China (since 2005).
|
|
|
176
|
|
|
Director of BJs Wholesale Club, Inc. (wholesale club
retailer)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Heidi L. Steiger
7/8/53
|
|
Class II
Trustee
|
|
Until 2011. 3 years. Trustee since 2007.
|
|
Managing Partner, Topridge Associates LLC (global wealth
management firm) (since 2008); Senior Advisor (since 2008),
President
(2005-2008),
Lowenhaupt Global Advisors, LLC (global wealth management firm).
Formerly, President and Contributing Editor, Worth Magazine
(2004-2005).
Formerly, Executive Vice President and Global Head of Private
Asset Management (and various other positions), Neuberger Berman
(investment firm)
(1986-2004).
|
|
|
176
|
|
|
Director of Nuclear Electric Insurance Ltd. (nuclear insurance
provider), Aviva USA (insurance provider) and CIFG (family of
financial guaranty companies) and Advisory Director of Berkshire
Capital Securities LLC (private investment banking firm)
|
25
Eaton Vance
Tax-Advantaged Global Dividend Income
Fund
MANAGEMENT AND
ORGANIZATION CONTD
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term of
|
|
|
|
Number of
Portfolios
|
|
|
|
|
|
Position(s)
|
|
Office and
|
|
|
|
in Fund
Complex
|
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal
Occupation(s)
|
|
Overseen By
|
|
|
|
Date of
Birth
|
|
Fund
|
|
Service
|
|
During Past Five
Years
|
|
Trustee(1)
|
|
|
Other
Directorships Held
|
|
|
Noninterested
Trustees (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lynn A. Stout
9/14/57
|
|
Class I Trustee
|
|
Until 2010. 3 years. Trustee since 2003.
|
|
Paul Hastings Professor of Corporate and Securities Law (since
2006) and Professor of Law
(2001-2006),
University of California at Los Angeles School of Law.
|
|
|
176
|
|
|
None
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ralph F. Verni
1/26/43
|
|
Chairman of
the Board
and Class III
Trustee
|
|
Until 2012. 3 years. Trustee since 2005; Chairman of the Board
since 2007.
|
|
Consultant and private investor.
|
|
|
176
|
|
|
None
|
Principal Officers
who are not Trustees
|
|
|
|
|
|
|
|
|
|
|
Term of
|
|
|
|
|
Position(s)
|
|
Office and
|
|
|
Name and
|
|
with the
|
|
Length of
|
|
Principal
Occupation(s)
|
Date of
Birth
|
|
Fund
|
|
Service
|
|
During Past Five
Years
|
|
|
|
|
|
|
|
|
Duncan W. Richardson
10/26/57
|
|
President
|
|
Since 2003
|
|
Director of EVC and Executive Vice President and Chief Equity
Investment Officer of EVC, EVM and BMR. Officer of 82 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Aamer Khan
6/7/60
|
|
Vice President
|
|
Since 2005
|
|
Vice President of EVM and BMR. Officer of 35 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Martha G. Locke
6/21/52
|
|
Vice President
|
|
Since 2008
|
|
Vice President of EVM and BMR. Officer of 4 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Thomas H. Luster
4/8/62
|
|
Vice President
|
|
Since 2003
|
|
Vice President of EVM and BMR. Officer of 54 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Judith A. Saryan
8/21/54
|
|
Vice President
|
|
Since 2003
|
|
Vice President of EVM and BMR. Officer of 51 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Barbara E. Campbell
6/19/57
|
|
Treasurer
|
|
Since 2005
|
|
Vice President of EVM and BMR. Officer of 176 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Maureen A. Gemma
5/24/60
|
|
Secretary and Chief Legal Officer
|
|
Secretary since 2007 and Chief Legal Officer since 2008
|
|
Vice President of EVM and BMR. Officer of 176 registered
investment companies managed by EVM or BMR.
|
|
|
|
|
|
|
|
Paul M. ONeil
7/11/53
|
|
Chief Compliance Officer
|
|
Since 2004
|
|
Vice President of EVM and BMR. Officer of 176 registered
investment companies managed by EVM or BMR.
|
|
|
|
(1)
|
|
Includes both master and feeder funds in a master-feeder
structure. |
In accordance with Section 303A.12(a) of the New York
Stock Exchange Listed Company Manual, the Funds Annual CEO
Certification certifying as to compliance with NYSEs
corporate governance listing standards was submitted to the
Exchange on September 17, 2009. The Fund has also filed its
CEO and CFO certifications required by Section 302 of the
Sarbanes-Oxley Act with the SEC as an exhibit to its most recent
Form N-CSR.
26
This Page Intentionally Left Blank
This Page Intentionally Left Blank
Investment
Adviser and Administrator of
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
Eaton Vance
Management
Two International
Place
Boston, MA 02110
Custodian
State Street
Bank and Trust Company
200 Clarendon
Street Boston, MA
02116
Transfer
Agent
American Stock
Transfer & Trust Company
59 Maiden Lane
Plaza Level
New York, NY 10038
Independent
Registered Public Accounting Firm
Deloitte &
Touche LLP
200 Berkeley
Street
Boston, MA
02116-5022
Eaton Vance
Tax-Advantaged Global Dividend Income Fund
Two
International Place
Boston, MA
02110
Item 2. Code of Ethics
The registrant has adopted a code of ethics applicable to its Principal Executive Officer,
Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide
a copy of such code of ethics to any person upon request, without charge, by calling
1-800-262-1122.
Item 3. Audit Committee Financial Expert
The registrants Board has designated William H. Park, an independent trustee, as its audit
committee financial expert. Mr. Park is a certified public accountant who is the Vice Chairman of
Commercial Industrial Finance Corp (specialty finance company). Previously, he served as President and Chief
Executive Officer of Prizm Capital Management, LLC (investment management firm) and as Executive
Vice President and Chief Financial Officer of United Asset Management Corporation (UAM) (a
holding company owning institutional investment management firms).
Item 4. Principal Accountant Fees and Services
(a) (d)
The following table presents the aggregate fees billed to the registrant for the registrants
fiscal years ended October 31, 2008 and October 31, 2009 by the Funds principal accountant,
Deloitte & Touche LLP (D&T), for professional services rendered for the audit of the registrants
annual financial statements and fees billed for other services rendered by the principal accountant
during such period.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
10/31/08 |
|
10/31/09 |
|
Audit Fees |
|
$ |
77,935 |
|
|
$ |
76,900 |
|
|
|
|
|
|
|
|
|
|
Audit-Related Fees(1) |
|
$ |
0 |
|
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
Tax Fees(2) |
|
$ |
10,310 |
|
|
$ |
10,810 |
|
|
|
|
|
|
|
|
|
|
All Other Fees(3) |
|
$ |
1,890 |
|
|
$ |
2,500 |
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
90,135 |
|
|
$ |
90,210 |
|
|
|
|
(1) |
|
Audit-related fees consist of the aggregate fees billed for assurance and related
services that are reasonably related to the performance of the audit of the registrants
financial statements and are not reported under the category of audit fees and specifically
include fees for the performance of certain agreed-upon procedures relating to the
registrants auction preferred shares. |
|
(2) |
|
Tax fees consist of the aggregate fees billed for professional services
rendered by the principal accountant relating to tax compliance, tax advice, and tax planning
and specifically include fees for tax return preparation and other related tax
compliance/planning matters. |
|
(3) |
|
All other fees consist of the aggregate fees billed for products and services
provided by the registrants principal accountant other than audit, audit-related, and tax
services. |
For both the fiscal years ended October 31, 2008 and October 31, 2009, the registrant was
billed $40,000, by D&T, for work done in connection with its Rule 17Ad-13 examination of Eaton
Vance Managements assertion that it has maintained an effective internal control structure over
sub-transfer agent and registrar functions, such services being pre-approved in accordance with
Rule 2-01(c)(7)(ii) of Regulation S-X.
(e)(1) The registrants audit committee has adopted policies and procedures relating to the
pre-approval of services provided by the registrants principal accountant (the Pre-Approval
Policies). The Pre-Approval Policies establish a framework intended to assist the audit committee
in the proper discharge of its pre-approval responsibilities. As a general matter, the
Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services
determined to be pre-approved by the audit committee; and (ii) delineate specific procedures
governing the mechanics of the pre-approval process,
including the approval and monitoring of audit and non-audit service fees. Unless a service is
specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by
the audit committee.
The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must
be reviewed and ratified by the registrants audit committee at least annually. The registrants
audit committee maintains full responsibility for the appointment, compensation, and oversight of
the work of the registrants principal accountant.
(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrants audit
committee pursuant to the de minimis exception set forth in Rule 2-01 (c)(7)(i)(C) of Regulation
S-X.
(f) Not applicable.
(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related,
tax, and other services) billed to the registrant by the registrants principal accountant for the
registrants fiscal year ended October 31, 2008 and the fiscal year ended October 31, 2009; and
(ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to
the Eaton Vance organization by the registrants principal accountant for the same time periods.
|
|
|
|
|
|
|
|
|
Fiscal Years Ended |
|
10/31/08 |
|
10/31/09 |
|
Registrant
|
|
$ |
12,200 |
|
|
$ |
13,310 |
|
|
|
|
|
|
|
|
|
|
Eaton Vance(1)
|
|
$ |
325,329 |
|
|
$ |
280,861 |
|
|
|
|
(1) |
|
The investment adviser to the registrant, as well as any of its affiliates that
provide ongoing services to the registrant, are subsidiaries of Eaton Vance Corp. |
(h) The registrants audit committee has considered whether the provision by the registrants
principal accountant of non-audit services to the registrants investment adviser and any entity
controlling, controlled by, or under common control with the adviser that provides ongoing services
to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is
compatible with maintaining the principal accountants independence.
Item 5. Audit Committee of Listed registrants
The registrant has a separately-designated standing audit committee established in accordance with
Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. William H. Park
(Chair), Lynn A. Stout, Heidi L. Steiger and Ralph F. Verni are the members of the registrants
audit committee.
Item 6. Schedule of Investments
Please see schedule of investments contained in the Report to Stockholders included under Item 1 of
this Form N-CSR.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment
Companies
The Board of Trustees of the Trust has adopted a proxy voting policy and procedure (the Fund
Policy), pursuant to which the Trustees have delegated proxy voting responsibility to the Funds
investment adviser and adopted the investment advisers proxy voting policies and procedures (the
Policies) which are described below. The Trustees will review the Funds proxy voting records
from time to time and will annually consider approving the Policies for the upcoming year. In the
event that a conflict of interest arises between the Funds shareholders and the investment
adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment
adviser will generally refrain from voting the proxies related to the companies giving rise to such
conflict until it consults with the Boards Special Committee except as contemplated under the Fund
Policy. The Boards Special Committee will instruct the investment adviser on the appropriate
course of action.
The Policies are designed to promote accountability of a companys management to its shareholders
and to align the interests of management with those shareholders. An independent proxy
voting service (Agent), currently Institutional Shareholder Services, Inc., has been retained to
assist in the voting of proxies through the provision of vote analysis, implementation and
recordkeeping and disclosure services. The investment adviser will generally vote proxies through
the Agent. The Agent is required to vote all proxies and/or refer then back to the investment
adviser pursuant to the Policies. It is generally the policy of the investment adviser to vote in
accordance with the recommendation of the Agent. The Agent shall refer to the investment adviser
proxies relating to mergers and restructurings, and the disposition of assets, termination,
liquidation and mergers contained in mutual fund proxies. The investment adviser will normally
vote against anti-takeover measures and other proposals designed to limit the ability of
shareholders to act on possible transactions, except in the case of closed-end management
investment companies. The investment adviser generally supports management on social and
environmental proposals. The investment adviser may abstain from voting from time to time where it
determines that the costs associated with voting a proxy outweighs the benefits derived from
exercising the right to vote or the economic effect on shareholders interests or the value of the
portfolio holding is indeterminable or insignificant.
In addition, the investment adviser will monitor situations that may result in a conflict of
interest between the Funds shareholders and the investment adviser, the administrator, or any of
their affiliates or any affiliate of the Fund by maintaining a list of significant existing and
prospective corporate clients. The investment advisers personnel responsible for reviewing and
voting proxies on behalf of the Fund will report any proxy received or expected to be received from
a company included on that list to the personal of the investment adviser identified in the
Policies. If such personnel expects to instruct the Agent to vote such proxies in a manner
inconsistent with the guidelines of the Policies or the recommendation of the Agent, the personnel
will consult with members of senior management of the investment adviser to determine if a material
conflict of interests exists. If it is determined that a
material conflict does exist, the investment adviser will seek instruction on how to vote from the
Special Committee.
Information on how the Fund voted proxies relating to portfolio securities during the most recent
12 month period ended June 30 is available (1) without charge, upon request, by calling
1-800-262-1122, and (2) on the Securities and Exchange Commissions website at http://www.sec.gov.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Aamer Khan, Martha G. Locke, Thomas H. Luster, Judith A. Saryan and other Eaton Vance
Management (EVM) investment professionals comprise the investment team responsible for the
overall and day-to-day management of the Funds investments as well as allocations of the Funds
assets between common and preferred stocks. Messrs. Khan and Luster, and Mmes. Locke and Saryan
are the portfolio managers responsible for the day-to-day management of specific segments of the
Funds investment portfolio.
Mr. Khan has been with Eaton Vance since 2000 and is a Vice President of EVM and Boston Management
and Research, an Eaton Vance subsidiary (BMR). Ms. Locke has been with Eaton Vance since 1997
and is a Vice President of EVM and BMR. Mr. Luster has been with Eaton Vance since 1995 and is a
Vice President of EVM and BMR. He is co-head of Eaton Vances Investment Grade Fixed Income Group.
Ms. Saryan has been an Eaton Vance portfolio manager since 1999 and is a Vice President of EVM and
BMR. This information is provided as of the date of filing of this report.
The following tables show, as of the Funds most recent fiscal year end, the number of accounts
each portfolio manager managed in each of the listed categories and the total assets in the
accounts managed within each category. The table also shows the number of accounts with respect to
which the advisory fee is based on the performance of the account, if any, and the total assets in
those accounts.
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Number of |
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Number |
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Accounts |
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Total Assets of |
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of All |
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Total Assets of |
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Paying a |
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Accounts Paying a |
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Accounts |
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All Accounts* |
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Performance Fee |
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Performance Fee* |
Aamer Khan |
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Registered Investment Companies |
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5 |
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$ |
4,900.2 |
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0 |
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$ |
0 |
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Other Pooled Investment Vehicles |
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0 |
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$ |
0 |
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0 |
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$ |
0 |
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Other Accounts |
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0 |
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$ |
0 |
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0 |
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$ |
0 |
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Martha G. Locke |
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Registered Investment Companies |
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3 |
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$ |
1,509.7 |
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0 |
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$ |
0 |
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Other Pooled Investment Vehicles |
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0 |
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$ |
0 |
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0 |
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$ |
0 |
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Other Accounts |
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0 |
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$ |
0 |
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0 |
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$ |
0 |
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Thomas H. Luster |
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Registered Investment Companies |
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5 |
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$ |
4,559.5 |
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0 |
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$ |
0 |
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Other Pooled Investment Vehicles |
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0 |
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$ |
0 |
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0 |
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$ |
0 |
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Other Accounts |
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5 |
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$ |
204.7 |
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0 |
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$ |
0 |
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Number of |
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Number |
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Accounts |
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Total Assets of |
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of All |
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Total Assets of |
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Paying a |
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Accounts Paying a |
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Accounts |
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All Accounts* |
|
Performance Fee |
|
Performance Fee* |
Judith A. Saryan |
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Registered Investment Companies |
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6 |
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$ |
6,290.9 |
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0 |
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$ |
0 |
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Other Pooled Investment Vehicles |
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0 |
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$ |
0 |
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0 |
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$ |
0 |
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Other Accounts |
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0 |
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$ |
0 |
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0 |
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$ |
0 |
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* |
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In millions of dollars. |
The following table shows the dollar range of Fund shares beneficially owned by each portfolio
manager as of the Funds most recent fiscal year end.
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Dollar Range of |
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Equity Securities |
Portfolio Manager |
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Owned in the Fund |
Aamer Khan |
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None |
Martha G. Locke |
|
None |
Thomas H. Luster |
|
$ |
10,001 - $50,000 |
|
Judith A. Saryan |
|
None |
Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in
connection with a portfolio managers management of the Funds investments on the one hand and
investments of other accounts for which a portfolio manager is responsible on the other. For
example, a portfolio manager may have conflicts of interest in allocating management time,
resources and investment opportunities among the Fund and other accounts he or she advises. In
addition, due to differences in the investment strategies or restrictions between the Fund and the
other accounts, a portfolio manager may take action with respect to another account that differs
from the action taken with respect to the Fund. In some cases, another account managed by a
portfolio manager may compensate the investment adviser or sub-adviser based on the performance of
the securities held by that account. The existence of such a performance based fee may create
additional conflicts of interest for a portfolio manager in the allocation of management time,
resources and investment opportunities. Whenever conflicts of interest arise, a portfolio manager
will endeavor to exercise his or her discretion in a manner that he or she believes is equitable to
all interested persons. EVM has adopted several policies and procedures designed to address these
potential conflicts including: a code of ethics; and policies which govern the investment
advisers trading practices, including among other things the aggregation and allocation of trades
among clients, brokerage allocation, cross trades and best execution.
Compensation Structure for EVM
Compensation of EVMs portfolio managers and other investment professionals has three primary
components: (1) a base salary, (2) an annual cash bonus, and (3) annual stock-based compensation
consisting of options to purchase shares of EVCs nonvoting common stock and restricted shares of
EVCs nonvoting common stock. EVMs investment professionals also receive certain retirement,
insurance and other benefits that are broadly available to EVMs employees. Compensation of EVMs
investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based
compensation awards, and adjustments in base salary are typically paid or put into effect at or
shortly after the October 31st fiscal year end of EVC.
Method to Determine Compensation. EVM compensates its portfolio managers based primarily on the
scale and complexity of their portfolio responsibilities and the total return performance of
managed funds and accounts versus appropriate peer groups or benchmarks. In addition to rankings
within peer groups of funds on the basis of absolute performance, consideration may also be given
to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not
limited to, the Sharpe Ratio. Performance is normally based on periods ending on the September
30th preceding fiscal year
end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by
Lipper Inc. and/or Morningstar, Inc. When a funds peer group as determined by Lipper or
Morningstar is deemed by EVMs management not to provide a fair comparison, performance may instead
be evaluated primarily against a custom peer group. In evaluating the performance of a fund and
its manager, primary emphasis is normally placed on three-year performance, with secondary
consideration of performance over longer and shorter periods. For funds that are tax-managed or
otherwise have an objective of after-tax returns, performance is measured net of taxes. For other
funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other
than total return (such as current income), consideration will also be given to the funds success
in achieving its objective. For managers responsible for multiple funds and accounts, investment
performance is evaluated on an aggregate basis, based on averages or weighted averages among
managed funds and accounts. Funds and accounts that have performance-based advisory fees are not
accorded disproportionate weightings in measuring aggregate portfolio manager performance.
The compensation of portfolio managers with other job responsibilities (such as heading an
investment group or providing analytical support to other portfolios) will include consideration of
the scope of such responsibilities and the managers performance in meeting them.
EVM seeks to compensate portfolio managers commensurate with their responsibilities and
performance, and competitive with other firms within the investment management industry. EVM
participates in investment-industry compensation surveys and utilizes survey data as a factor in
determining salary, bonus and stock-based compensation levels for portfolio managers and other
investment professionals. Salaries, bonuses and stock-based compensation are also influenced by
the operating performance of EVM and its parent company. The overall annual cash bonus pool is
based on a substantially fixed percentage of pre-bonus operating income. While the salaries of
EVMs portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may
fluctuate significantly from year to year, based on changes in manager performance and other
factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based
compensation may represent a substantial portion of total compensation.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated
Purchasers.
No such purchases this period.
Item 10. Submission of Matters to a Vote of Security Holders.
No Material Changes.
Item 11. Controls and Procedures
(a) It is the conclusion of the registrants principal executive officer and principal
financial officer that the effectiveness of the registrants current disclosure controls and
procedures (such disclosure controls and procedures having been evaluated within 90 days of the
date of this filing) provide reasonable assurance that the information required to be disclosed by
the registrant has been recorded, processed, summarized and reported within the time period
specified in the Commissions rules and forms and that the information required to be disclosed by
the registrant has been accumulated and communicated to the registrants principal executive
officer and principal financial officer in order to allow timely decisions regarding required
disclosure.
(b) There have been no changes in the registrants internal controls over financial reporting
during the second fiscal quarter of the period covered by this report that has materially affected,
or is reasonably likely to materially affect, the registrants internal control over financial
reporting.
Item 12. Exhibits
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(a)(1)
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Registrants Code of Ethics Not applicable (please see Item 2). |
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(a)(2)(i)
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Treasurers Section 302 certification. |
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(a)(2)(ii)
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Presidents Section 302 certification. |
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(b)
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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
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By:
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/s/ Duncan W. Richardson
Duncan W. Richardson
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President |
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Date:
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December 14, 2009 |
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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.
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By:
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/s/ Barbara E. Campbell
Barbara E. Campbell
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Treasurer |
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Date:
|
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December 14, 2009 |
|
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By:
|
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/s/ Duncan W. Richardson
Duncan W. Richardson
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President |
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Date:
|
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December 14, 2009 |
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