Eaton Vance Tax-Advantaged Global Dividend Income
 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-21470
Investment Company Act File Number
Eaton Vance Tax-Advantaged Global Dividend Income Fund
(Exact Name of Registrant as Specified in Charter)
Two International Place, Boston, Massachusetts 02110
(Address of Principal Executive Offices)
Maureen A. Gemma
Two International Place, Boston, Massachusetts 02110
(Name and Address of Agent for Services)
(617) 482-8260
(Registrant’s Telephone Number, Including Area Code)
October 31
Date of Fiscal Year End
July 31, 2010
Date of Reporting Period
 
 

 

 

Item 1. Schedule of Investments

 

Eaton Vance Tax-Advantaged Global Dividend Income Fund as of July 31, 2010
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 107.2%(1)
 
                 
Security   Shares     Value  
Capital Markets — 1.9%
               
Man Group PLC
    5,850,000     $ 19,929,764  
                 
            $ 19,929,764  
                 
Chemicals — 0.8%
               
Air Liquide SA
    75,000     $ 8,425,901  
                 
            $ 8,425,901  
                 
Commercial Banks — 4.3%
               
Commonwealth Bank of Australia
    385,000     $ 18,367,557  
Wells Fargo & Co. 
    985,461       27,326,834  
                 
            $ 45,694,391  
                 
Commercial Services & Supplies — 0.8%
               
Covanta Holding Corp. 
    600,000     $ 9,042,000  
                 
            $ 9,042,000  
                 
Communications Equipment — 0.5%
               
Telefonaktiebolaget LM Ericsson, Class B
    500,000     $ 5,517,080  
                 
            $ 5,517,080  
                 
Computers & Peripherals — 1.7%
               
Hewlett-Packard Co. 
    400,000     $ 18,416,000  
                 
            $ 18,416,000  
                 
Construction Materials — 0.8%
               
Lafarge SA
    150,000     $ 8,167,437  
                 
            $ 8,167,437  
                 
Diversified Financial Services — 1.7%
               
Bank of America Corp. 
    800,000     $ 11,232,000  
Deutsche Boerse AG
    100,000       7,006,938  
                 
            $ 18,238,938  
                 
Diversified Telecommunication Services — 11.3%
               
AT&T, Inc. 
    630,000     $ 16,342,200  
BCE, Inc. 
    400,000       12,244,000  
Cable & Wireless Communication PLC
    4,900,000       4,551,788  
Deutsche Telekom AG
    450,000       6,049,431  
France Telecom SA
    1,800,000       37,648,078  
Telekom Austria AG
    273,106       3,513,001  
Telekomunikacja Polska SA
    3,000,000       15,537,994  
Telkom South Africa, Ltd. 
    1,250,000       5,843,924  
Telstra Corp., Ltd. 
    6,500,000       18,944,053  
                 
            $ 120,674,469  
                 
Electric Utilities — 15.1%
               
CEZ AS
    525,000     $ 24,040,315  
E.ON AG
    900,000       26,919,119  
Edison International
    350,000       11,602,500  
Enel SpA
    4,364,872       21,398,874  
Entergy Corp. 
    350,000       27,128,500  
Scottish and Southern Energy PLC
    1,550,000       26,970,479  
Terna Rete Elettrica Nazionale SpA
    5,500,000       22,860,323  
                 
            $ 160,920,110  
                 
Electrical Equipment — 2.0%
               
ABB, Ltd.(2)
    1,050,000     $ 21,195,067  
                 
            $ 21,195,067  
                 
 
1

 

                 
Security   Shares     Value  
Food Products — 4.9%
               
Kraft Foods, Inc., Class A
    225,000     $ 6,572,250  
Marine Harvest ASA
    8,516,473       6,401,241  
Nestle SA
    800,000       39,541,559  
                 
            $ 52,515,050  
                 
Hotels, Restaurants & Leisure — 5.2%
               
McDonald’s Corp. 
    800,000     $ 55,784,000  
                 
            $ 55,784,000  
                 
Independent Power Producers & Energy Traders — 0.3%
               
Huaneng Power International, Inc., Class H
    5,999,617     $ 3,497,189  
                 
            $ 3,497,189  
                 
Insurance — 9.8%
               
Allianz SE
    225,000     $ 26,129,197  
Aviva PLC
    3,500,000       19,599,397  
MetLife, Inc. 
    750,000       31,545,000  
Prudential Financial, Inc. 
    470,000       26,926,300  
                 
            $ 104,199,894  
                 
IT Services — 1.2%
               
MasterCard, Inc., Class A
    60,000     $ 12,602,400  
                 
            $ 12,602,400  
                 
Machinery — 4.4%
               
Deere & Co. 
    700,000     $ 46,676,000  
                 
            $ 46,676,000  
                 
Metals & Mining — 4.4%
               
KGHM Polska Miedz SA
    250,000     $ 8,695,026  
Southern Copper Corp. 
    1,200,000       37,692,000  
                 
            $ 46,387,026  
                 
Multi-Utilities — 4.6%
               
A2A SpA
    7,000,000     $ 10,498,691  
National Grid PLC
    500,000       4,005,171  
RWE AG
    250,000       17,657,116  
United Utilities Group PLC
    1,250,000       11,473,290  
Veolia Environnement
    200,000       5,309,181  
                 
            $ 48,943,449  
                 
Oil, Gas & Consumable Fuels — 12.8%
               
Chevron Corp. 
    650,000     $ 49,536,500  
ENI SpA
    200,000       4,086,956  
Marathon Oil Corp. 
    1,100,000       36,795,000  
Repsol YPF SA
    500,000       11,789,421  
Statoil ASA
    1,700,000       34,382,922  
                 
            $ 136,590,799  
                 
Paper & Forest Products — 0.5%
               
Weyerhaeuser Co. 
    350,000     $ 5,677,000  
                 
            $ 5,677,000  
                 
Pharmaceuticals — 3.3%
               
Merck & Co., Inc. 
    250,000     $ 8,615,000  
Pfizer, Inc. 
    700,000       10,500,000  
Sanofi-Aventis
    275,000       15,986,431  
                 
            $ 35,101,431  
                 
Real Estate Investment Trusts (REITs) — 3.9%
               
Annaly Capital Management, Inc. 
    1,150,000     $ 20,010,000  
AvalonBay Communities, Inc. 
    206,322       21,682,379  
                 
            $ 41,692,379  
                 
 
2

 

                 
Security   Shares     Value  
Road & Rail — 2.3%
               
Norfolk Southern Corp. 
    240,000     $ 13,504,800  
Union Pacific Corp. 
    150,000       11,200,500  
                 
            $ 24,705,300  
                 
Semiconductors & Semiconductor Equipment — 0.8%
               
Analog Devices, Inc. 
    300,000     $ 8,913,000  
                 
            $ 8,913,000  
                 
Tobacco — 4.8%
               
Altria Group, Inc. 
    350,000     $ 7,756,000  
Philip Morris International, Inc. 
    850,000       43,384,000  
                 
            $ 51,140,000  
                 
Wireless Telecommunication Services — 3.1%
               
Millicom International Cellular SA
    350,000     $ 32,627,000  
                 
            $ 32,627,000  
                 
                 
Total Common Stocks
(identified cost $883,434,935)
          $ 1,143,273,074  
                 
 
Preferred Stocks — 19.8%
 
                 
Security   Shares     Value  
Commercial Banks — 11.2%
               
Bank of America Corp., 8.125%(3)
    4,000     $ 4,098,484  
Barclays Bank PLC, 7.434%(3)(4)
    7,000       6,960,401  
BBVA International SA Unipersonal, 5.919%(3)
    6,000       4,934,538  
BNP Paribas, 7.195%(3)(4)
    140       13,469,078  
CoBank, ACB, 11.00%(4)
    110,000       6,132,500  
Credit Agricole SA/London, 6.637%(3)(4)
    9,950       8,543,886  
DB Contingent Capital Trust II, 6.55%
    135,000       3,038,850  
HSBC Holdings PLC, 8.00%
    374,000       9,716,520  
JPMorgan Chase & Co., 7.90%(3)
    9,500       10,145,411  
Landsbanki Islands HF, 7.431%(2)(3)(4)(5)
    14,850       0  
Lloyds Banking Group PLC, 6.657%(2)(3)(4)
    18,000       10,530,000  
Royal Bank of Scotland Group PLC, 7.648%(3)
    3,450       2,994,576  
Royal Bank of Scotland Group PLC, Series F, 7.65%
    57,778       1,197,738  
Royal Bank of Scotland Group PLC, Series L, 5.75%
    204,405       3,333,845  
Santander Finance SA Unipersonal, 10.50%
    297,766       8,337,448  
Standard Chartered PLC, 6.409%(3)(4)
    99       9,003,159  
UBS Preferred Funding Trust I, 8.622%(3)
    7,150       7,393,415  
Wells Fargo & Co., Class A, 7.50%
    9,600       9,360,000  
                 
            $ 119,189,849  
                 
Electric Utilities — 0.5%
               
Entergy Arkansas, Inc., 6.45%
    54,000     $ 1,289,250  
Georgia Power Co., 6.50%
    20,000       2,078,126  
Southern California Edison Co., 6.00%
    17,000       1,708,500  
                 
            $ 5,075,876  
                 
Food Products — 0.7%
               
Dairy Farmers of America, 7.875%(4)
    75,230     $ 6,138,302  
Ocean Spray Cranberries, Inc., 6.25%(4)
    12,750       953,859  
                 
            $ 7,092,161  
                 
Insurance — 6.0%
               
Aegon NV, 6.375%
    470,000     $ 9,470,500  
Arch Capital Group, Ltd., Series A, 8.00%
    77,000       1,963,500  
AXA SA, 6.379%(3)(4)
    2,500       2,032,543  
AXA SA, 6.463%(3)(4)
    10,535       8,513,576  
Endurance Specialty Holdings, Ltd., Series A, 7.75%
    246,200       5,982,660  
 
3

 

                 
Security   Shares     Value  
ING Capital Funding Trust III, 8.439%(3)
    21,300     $ 20,706,752  
Prudential PLC, 6.50%
    8,500       7,515,802  
RenaissanceRe Holdings, Ltd., Series C, 6.08%
    257,500       5,616,075  
RenaissanceRe Holdings, Ltd., Series D, 6.60%
    115,000       2,748,500  
                 
            $ 64,549,908  
                 
Oil, Gas & Consumable Fuels — 0.6%
               
Kinder Morgan GP, Inc., 8.33%(3)(4)
    7,000     $ 7,031,062  
                 
            $ 7,031,062  
                 
Real Estate Investment Trusts (REITs) — 0.8%
               
CapLease, Inc., 8.125%
    200,000     $ 4,752,000  
Developers Diversified Realty Corp., Series I, 7.50%
    145,000       3,230,600  
Regency Centers Corp., Series C, 7.45%
    11,750       291,987  
                 
            $ 8,274,587  
                 
                 
Total Preferred Stocks
(identified cost $238,768,267)
          $ 211,213,443  
                 
 
Corporate Bonds & Notes — 3.7%
 
                     
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Commercial Banks — 2.0%
                   
Banco Industriale Comercial SA, 8.50%, 4/27/20(4)
  $     2,800     $ 2,884,000  
Capital One Capital V, 10.25%, 8/15/39
        1,818       1,979,347  
Citigroup Capital XXI, 8.30% to 12/21/37, 12/21/57, 12/21/77(6)(7)
        10,460       10,826,100  
Fifth Third Capital Trust IV, 6.50% to 4/15/17, 4/15/37, 4/15/67(6)(7)
        6,000       5,205,000  
SunTrust Capital VIII, 6.10% to 12/15/36, 12/1/66(6)
        900       751,647  
                     
                $ 21,646,094  
                     
Diversified Financial Services — 0.3%
                   
GE Capital Trust I, 6.375% to 11/15/17, 11/15/67(6)
  $     3,500     $ 3,346,875  
                     
                $ 3,346,875  
                     
Insurance — 0.9%
                   
Everest Reinsurance Holdings, Inc., 6.60% to 5/15/17, 5/15/37, 5/1/67(6)(7)
  $     990     $ 886,050  
QBE Capital Funding II LP, 6.797% to 6/1/17, 6/29/49(4)(6)
        1,320       1,089,718  
XL Capital, Ltd., 6.50% to 4/15/17, 12/29/49(6)
        10,000       7,700,000  
                     
                $ 9,675,768  
                     
Retail-Food and Drug — 0.5%
                   
CVS Caremark Corp., 6.302% to 6/1/12, 6/1/37, 6/1/62(6)(7)
  $     5,000     $ 4,601,905  
                     
                $ 4,601,905  
                     
                     
Total Corporate Bonds & Notes
(identified cost $37,237,023)
              $ 39,270,642  
                     
 
4

 

Short-Term Investments — 0.6%
 
                     
    Interest
 		       
Description   (000’s omitted)     Value  
Eaton Vance Cash Reserves Fund, LLC, 0.25%(8)
  $     6,755     $ 6,754,571  
                     
                     
Total Short-Term Investments
(identified cost $6,754,571)
              $ 6,754,571  
                     
                     
Total Investments — 131.3%
(identified cost $1,166,194,796)
              $ 1,400,511,730  
                     
                     
Other Assets, Less Liabilities — (31.3)%
              $ (334,036,214 )
                     
                     
Net Assets — 100.0%
              $ 1,066,475,516  
                     
             
 
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
         
(1)
      Security has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.
         
(2)
      Non-income producing security.
         
(3)
      Variable rate security. The stated interest rate represents the rate in effect at July 31, 2010.
         
(4)
      Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2010, the aggregate value of these securities is $83,282,084 or 7.8% of the Fund’s net assets.
         
(5)
      Defaulted security.
         
(6)
      Security converts to floating rate after the indicated fixed-rate coupon period.
         
(7)
      The maturity dates shown are the scheduled maturity date and final maturity date, respectively. The scheduled maturity date is earlier than the final maturity date due to the possibility of earlier repayment.
         
(8)
      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 July 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC and Cash Management Portfolio, an affiliated investment company, for the fiscal year to date ended July 31, 2010 was $17,640 and $0, respectively.
 
Country Concentration of Portfolio
 
                 
    Percentage of
 		       
Country   Total Investments     Value  
United States
    49.9 %   $ 698,832,508  
United Kingdom
    8.5       118,823,794  
France
    6.8       94,627,033  
Germany
    6.0       83,761,801  
Switzerland
    4.3       60,736,626  
Italy
    4.2       58,844,844  
Norway
    2.9       40,784,163  
Australia
    2.7       38,401,328  
Peru
    2.7       37,692,000  
Luxembourg
    2.3       32,627,000  
Poland
    1.7       24,233,020  
Czech Republic
    1.7       24,040,315  
Spain
    1.4       20,126,869  
Bermuda
    1.2       16,310,735  
Canada
    0.9       12,244,000  
Netherlands
    0.7       9,470,500  
Cayman Islands
    0.6       7,700,000  
South Africa
    0.4       5,843,924  
Sweden
    0.4       5,517,080  
Austria
    0.3       3,513,001  
China
    0.2       3,497,189  
Brazil
    0.2       2,884,000  
Iceland
    0.0       0  
                 
Total Investments
    100.0 %   $ 1,400,511,730  
                 
 
5

 

A summary of financial instruments outstanding at July 31, 2010 is as follows:
 
Forward Foreign Currency Exchange Contracts
 
Sales
 
                 
Settlement
          Net Unrealized
 		 
Date   Deliver   In Exchange For   Depreciation  
8/6/10
  Euro
29,269,465 		  United States Dollar
36,283,160 		  $ (1,859,304 )
8/6/10
  Euro
31,374,081 		  United States Dollar
39,008,807 		    (1,876,286 )
8/6/10
  Euro
29,397,773 		  United States Dollar
36,251,864 		    (2,057,806 )
8/6/10
  Euro
33,462,389 		  United States Dollar
41,254,474 		    (2,351,994 )
8/6/10
  Euro
38,990,053 		  United States Dollar
48,256,234 		    (2,553,602 )
                 
            $ (10,698,992 )
                 
 
At July 31, 2010, the Fund had sufficient cash and/or securities to cover commitments under these contracts.
 
The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund may enter into forward foreign currency exchange contracts. The Fund may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing.
 
At July 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in a liability position and whose primary underlying risk exposure is foreign exchange risk was $10,698,992.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2010, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 1,171,002,970  
         
Gross unrealized appreciation
  $ 276,253,472  
Gross unrealized depreciation
    (46,744,712 )
         
Net unrealized appreciation
  $ 229,508,760  
         
 
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •   Level 1 — quoted prices in active markets for identical investments
 
  •   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
6

 

At July 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:
 
                                 
    Quoted Prices in
 		                   
    Active Markets for
 		    Significant Other
 		    Significant
 		       
    Identical Assets     Observable Inputs     Unobservable Inputs        
       
Asset Description   (Level 1)     (Level 2)     (Level 3)     Total  
   
Common Stocks
                               
Consumer Discretionary
  $ 55,784,000     $ —     $ —     $ 55,784,000  
Consumer Staples
    57,712,250       45,942,800       —       103,655,050  
Energy
    86,331,500       50,259,299       —       136,590,799  
Financials
    138,722,513       91,032,853       —       229,755,366  
Health Care
    19,115,000       15,986,431       —       35,101,431  
Industrials
    80,423,300       21,195,067       —       101,618,367  
Information Technology
    39,931,400       5,517,080       —       45,448,480  
Materials
    43,369,000       25,288,364       —       68,657,364  
Telecommunication Services
    65,764,988       87,536,481       —       153,301,469  
Utilities
    38,731,000       174,629,748       —       213,360,748  
 
 
Total Common Stocks
  $ 625,884,951     $ 517,388,123 *   $ —     $ 1,143,273,074  
 
 
                                 
Preferred Stocks
                               
Consumer Staples
  $ —     $ 7,092,161     $ —     $ 7,092,161  
Energy
    —       7,031,062       —       7,031,062  
Financials
    69,040,224       122,974,120       —       192,014,344  
Utilities
    1,708,500       3,367,376       —       5,075,876  
 
 
Total Preferred Stocks
  $ 70,748,724     $ 140,464,719     $ —     $ 211,213,443  
 
 
                                 
Corporate Bonds & Notes
  $ —     $ 39,270,642     $ —     $ 39,270,642  
Short-Term Investments
    —       6,754,571       —       6,754,571  
 
 
Total Investments
  $ 696,633,675     $ 703,878,055     $ —     $ 1,400,511,730  
 
 
                                 
Liability Description                        
   
Forward Foreign Currency Exchange Contracts
  $ —     $ (10,698,992 )   $ —     $ (10,698,992 )
 
 
Total
  $ —     $ (10,698,992 )   $ —     $ (10,698,992 )
 
 
 
* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.
 
The Fund held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.
 
For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.
 
7

 

Item 2. Controls and Procedures
(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.
(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

 

 

Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Eaton Vance Tax-Advantaged Global Dividend Income Fund
         
  By:   /s/ Duncan W. Richardson    
    Duncan W. Richardson   
    President   
Date: September 24, 2010
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
         
  By:   /s/ Duncan W. Richardson    
    Duncan W. Richardson   
    President   
Date: September 24, 2010
         
  By:   /s/ Barbara E. Campbell    
    Barbara E. Campbell   
    Treasurer   
Date: September 24, 2010