Overview

Distribution Rates1

as of Sep 30, 2014
Distribution Rate at NAV 6.78%
Distribution Rate at Market Price 7.23%

Average Annual Returns (%) as of Sep 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV -2.06 -1.57 5.80 17.54 21.79 14.26 7.83
Market Price -2.12 -1.45 6.01 17.21 21.25 14.60 7.87
Past performance is no guarantee of future results. 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 Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Fund Facts as of Aug 31, 2014

Performance Inception 01/30/2004
Investment Objective High level of after-tax total return
CUSIP 27828S101


Portfolio Management

Walter A. Row III, CFA, CMT Managed Fund since 2013
Michael A. Allison, CFA Managed Fund since 2013
John H. Croft, CFA Managed Fund since 2010

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Performance

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
08/31/2014
Fund at NAV 3.24 1.83 8.03 25.81 17.95 15.81 8.35
Market Price 1.51 2.19 8.30 22.97 17.28 16.65 8.73
06/30/2014
Fund at NAV 1.33 5.07 7.49 27.69 14.07 18.76 8.70
Market Price 1.50 6.68 7.57 25.54 13.83 20.24 9.20
Past performance is no guarantee of future results. 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 Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Calendar Year Returns (%)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Fund at NAV 9.03 32.08 14.45 -50.56 26.70 13.14 0.08 17.23 29.62
Market Price 10.78 33.82 11.30 -55.80 44.57 12.45 -5.37 21.32 33.90

Fund Facts

Performance Inception 01/30/2004


Distribution Rates1

as of Sep 30, 2014
Distribution Rate at NAV 6.78%
Distribution Rate at Market Price 7.23%

Distribution History2

Ex-Date Distribution Reinvest Price
Sep 19, 2014 $0.10250 $17.52
Aug 20, 2014 $0.10250 $17.53
Jul 22, 2014 $0.10250 $16.83
Jun 19, 2014 $0.10250 $17.89
May 21, 2014 $0.10250 $17.52
Apr 21, 2014 $0.10250 $17.12
Mar 20, 2014 $0.10250 $16.81
Feb 19, 2014 $0.10250 $17.06
Jan 22, 2014 $0.10250 $16.18
Dec 20, 2013 $0.10250 $16.80
View All
No records in this table indicates that there has not been a distribution greater than .0001 within the past 3 years.

Tax Character of Distributions

Ordinary Dividends    
Non-Qualified Qualified Total Capital Gain Distributions Nondividend Distributions Total Distributions
Distributions ($)
2013 $0.00 $1.13 $1.13 $0.00 $0.00 $1.13
2012 $0.00 $1.23 $1.23 $0.00 $0.00 $1.23
2011 $0.00 $1.23 $1.23 $0.00 $0.00 $1.23
2010 $0.00 $1.23 $1.23 $0.00 $0.00 $1.23
2009 $0.00 $1.23 $1.23 $0.00 $0.00 $1.23
2008 $0.13 $1.70 $1.83 $0.00 $0.00 $1.83
2007 $0.00 $1.69 $1.69 $0.00 $0.00 $1.69
2006 $0.00 $1.47 $1.47 $0.00 $0.00 $1.47
2005 $0.00 $1.31 $1.31 $0.00 $0.00 $1.31
Distributions (%)
2013 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
2012 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
2011 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
2010 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
2009 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
2008 7.00% 93.00% 100.00% 0.00% 0.00% 100.00%
2007 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
2006 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
2005 0.00% 100.00% 100.00% 0.00% 0.00% 100.00%
This data reflects distributions paid on Fund shares held for the full calendar year and is not predictive of the tax character of current or future distributions. Fund shareholders should refer to the individual IRS Form 1099-DIVs provided to them shortly after each year-end to determine the appropriate federal income tax treatment of the distributions they receive. Eaton Vance is not responsible for any errors in tax reporting that may result from using the above data. Non-qualified ordinary dividends are subject to federal income tax at ordinary rates. Qualified dividends and capital gains distributions are taxable at long-term capital gains rates. Nondividend distributions, also known as return of capital distributions, are not subject to current federal income tax. Instead, the tax cost basis of each shareholder receiving a return of capital distribution is reduced by the amount of the distribution.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Portfolio

Fund Holdings (%)3,4 as of Aug 31, 2014

Holding % of Net Assets
Google Inc Class C 2.68%
Natixis 2.14%
Discover Financial Services 2.12%
Apple Inc 2.10%
Caterpillar Inc 1.84%
Chevron Corp 1.83%
CH Robinson Worldwide Inc 1.77%
Gilead Sciences Inc 1.76%
Total SA 1.69%
Roche Holding AG 1.64%
View All

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Insights & Analysis

Quarterly Commentary

A Word On The Markets  as of Jun 30, 2014

Major world equity markets moved higher in the second quarter of 2014, supported by continued low interest rates and some signs of global economic improvement. In the U.S., a gradually strengthening economy along with the Federal Reserve (the Fed)’s renewed commitment to low interest rates helped drive key equity indexes to multiple record highs during the quarter. For the most part, investors shrugged off the first-quarter economic contraction, which was largely blamed on harsh winter weather, and drew confidence from several economic reports, including further labor and housing market gains, rising industrial production and stronger auto sales.

U.S. stock market volatility during the quarter was quite low by historical standards and downturns short-lived, as many investors perceived buying opportunities. In June, the outbreak of hostilities in Iraq sent stocks lower, but investors returned to equities a few days later after the Fed reiterated its pledge to maintain low interest rates and downplayed inflation fears. The major indexes quickly rebounded, with some reaching new highs, before falling back in the final week of the period.

Globally, Europe’s sluggish economic recovery faced a new challenge from rising oil prices amid the turmoil in the Middle East. In China, a positive manufacturing report offered some encouragement following recent government initiatives to bolster the country’s slowing economic growth.

In this slow but steady environment, most major market indexes delivered respectable returns for the three-month period. The Dow Jones Industrial Average5 returned 2.83%, while the broader S&P 500 Index6 rose 5.23%. In general, large-cap U.S. stocks outperformed their small-cap counterparts for the quarter. Overseas, the MSCI EAFE Index7 of developed-market equities advanced 4.09%.

Performance Summary 

Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) outperformed its equity benchmark, the MSCI World Index,8 at net asset value by 23bps for the quarter ended June 30, 2014. The outperformance of the Fund was primarily driven by stock selection in the health care and materials sectors. The positive effect of leverage in a generally up market also aided the Fund’s outperformance. The use of leverage magnifies the Fund’s exposure to its underlying investments in both up and down markets. As of period-end, the Fund had leverage of 23.0% of its aggregate net assets plus borrowings outstanding. The Fund’s preferred allocation detracted from relative performance, as preferred securities underperformed versus the equity benchmark for the quarter. Stock selection in the energy and financials sectors also detracted from the Fund’s relative performance.

Average Annual Returns (%) as of Jun 30, 2014

1 Month 3 Months YTD 1 Year 3 Years 5 Years 10 Years
Fund at NAV 1.33 5.07 7.49 27.69 14.07 18.76 8.70
Market Price 1.50 6.68 7.57 25.54 13.83 20.24 9.20
Past performance is no guarantee of future results. 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 Fund's current performance may be lower or higher than quoted. The Fund's performance at market price will differ from its results at NAV. Returns are historical and are calculated by determining the percentage change in net asset value or market price (as applicable) with all distributions reinvested and includes management fees and other expenses. Until the reinvestment of Fund distributions is completed, returns are calculated using the lower of the net asset value or market price of the shares on the distribution ex date. Once the reinvestment is complete, returns are calculated using the average reinvestment price. Performance less than one year is cumulative.

Fund Facts as of Jun 30, 2014

Performance Inception 01/30/2004


Investment Outlook And Fund Positioning 

The Fed’s continued accommodative stance, the prospect of gradual economic improvement and many investors’ seeming willingness to buy stocks on short-term pullbacks have raised expectations for modest equity market gains in the coming months.

However, investors will be keeping a close eye on equity valuations going forward, especially after Fed Chair Janet Yellen cautioned that elevated stock prices and low volatility may indicate excessive investor complacency. Along with valuation levels, investors will also be monitoring stocks’ reaction if second-quarter corporate profits disappoint, or if U.S. inflation continues to edge higher and leads the Fed to signal a possible change in policy.

Globally, investors will be looking for evidence that recent government stimulus efforts are having a beneficial impact on the key economies of China, Europe and Japan. Ongoing geopolitical tensions in Iraq, Syria and Ukraine will also bear watching in the period ahead.

The views expressed in this report are those of portfolio manager(s) and are current only through the date stated at the top of this page. These views are subject to change at any time based upon market or other conditions, and Eaton Vance disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Eaton Vance fund. This commentary may contain statements that are not historical facts, referred to as "forward looking statements". The Fund's actual future results may differ significantly from those stated in any forward-looking statement, depending on factors such as changes in securities or financial markets or general economic conditions, the volume of sales and purchases of Fund shares, the continuation of investment advisory, administrative and service contracts, and other risks discussed from time to time in the Fund's filings with the Securities and Exchange Commission.

The information contained herein is provided for informational purposes only and does not constitute a solicitation of an offer to buy or sell Fund shares. Common shares of the Fund are only available for purchase and sale at current market price on a stock exchange. There is no assurance that the Fund will achieve its investment objective. The Fund is subject to numerous risks, including investment risks. Shares of closed-end funds often trade at a discount from their net asset value. The Fund is not a complete investment program and you may lose money investing in the Fund. An investment in the Fund may not be appropriate for all investors. Investors should review and consider carefully the Fund’s investment objective, risks, charges and expenses.

The premium/discount is calculated as [(market price/NAV)-1].

Links to Morningstar Fact Sheet and CEF Connect: By clicking on the link from this page to the Morningstar fact sheet or CEF Connect, you will leave the Eaton Vance website. Eaton Vance is not responsible for the content of any such third-party website. See “Terms and Conditions” below.


Attribution

No attribution information is available.


Management

Biography
Walter A. Row III, CFA, CMT

Walter A. Row III, CFA, CMT

Vice President, Eaton Vance Management
Joined Eaton Vance 1996

Walter Row is a vice president of Eaton Vance Management, portfolio manager and team leader of Eaton Vance’s global core team. He is responsible for buy and sell decisions, portfolio construction and risk management for the firm’s global core equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 1996.

Walter began his career in the investment management industry in 1981. Before joining Eaton Vance, he was an equity analyst and portfolio manager with State Street Research & Management. He has additional experience as a financial consultant with Advest, Inc.

Walter earned a B.S. from Yale University and an MBA from Harvard University Graduate School of Business Administration. He is a CFA charterholder.

Education
  • B.S. Yale University
  • M.B.A. Harvard Business School
Experience
  • Managed Fund since 2013
Biography
Michael A. Allison, CFA

Michael A. Allison, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2000

Michael Allison is a vice president of Eaton Vance Management and portfolio manager on Eaton Vance’s global core team. He is responsible for buy and sell decisions, portfolio construction and risk management for a number of the firm’s global core equity strategies. He is a member of the firm’s Equity Strategy Committee. He joined Eaton Vance in 2000.

Mike began his career in the investment management industry in 1988. Before joining Eaton Vance, Mike was an equity analyst for Schroder Investment Management North America Inc. He was also affiliated with Fleet Investment Advisors and Phoenix Home Life Mutual Fund Insurance Co.

Mike earned a B.S.B.A. from the University of Denver. He is a member of the Boston Security Analysts Society and is a CFA charterholder.

Education
  • B.S.B.A., The University of Denver
Experience
  • Managed Fund since 2013
Biography
John H. Croft, CFA

John H. Croft, CFA

Vice President, Eaton Vance Management
Joined Eaton Vance 2004

John Croft is a vice president of Eaton Vance Management, director of credit research and portfolio manager on Eaton Vance's investment-grade fixed-income team.

Prior to joining Eaton Vance in 2004, John was a credit analyst with Fidelity Management & Research Co., focusing on credit analysis of international and domestic financial institutions.

John earned a B.A. in economics and chemistry from Colgate University and an M.B.A. in finance from the University of Chicago Graduate School of Business. He is a CFA charterholder.

Education
  • B.A. Colgate University
  • M.B.A. Booth School of Business, University of Chicago
Experience
  • Managed Fund since 2010

Fund Literature

Fund Literature

Annual Report

Commentary

Fact Sheet

Equity Dividend Income Closed-End Fund Guide

Holdings-1st or 3rd fiscal quarters-www.sec.gov

Reinvesting Closed-End Fund Distributions

Return of Capital Distributions Demystified

Information Concerning APS Auctions & Dividend Rates

Auction Preferred Shares Market Update

Morningstar ETG Fact Sheet

Eaton Vance Announces Upcoming Retirement of Judith A. Saryan, CFA, and Changes to Eaton Vance Dividend Fund Portfolio Teams

Eaton Vance Closed-End Funds Adopt Share Repurchase Programs

Distribution Dates and Amounts Announced for Certain Eaton Vance Closed-End Funds

Eaton Vance Tax-Advantaged Global Dividend Income Fund Report of Earnings

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions; Eaton Vance Tax-Advantaged Dividend Income Fund Increases Distribution

Eaton Vance Closed-End Funds Annual Meeting of Shareholders

Eaton Vance Tax-Advantaged Global Dividend Income Fund Report of Earnings

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Tax-Advantaged Global Dividend Income Fund Report of Earnings

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Eaton Vance Tax-Advantaged Global Dividend Income Fund Report of Earnings

Eaton Vance Closed-End Equity Funds Declare Monthly Distributions

Section 16 Filings - www.sec.gov

Semi-Annual Report


 

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