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
January 31, 2011
Date of Reporting Period
 
 

 

 

Item 1. Schedule of Investments

 

 

Eaton Vance Tax-Advantaged Global Dividend Income Fund as of January 31, 2011
 
PORTFOLIO OF INVESTMENTS (Unaudited)
 
Common Stocks — 108.3%
 
                 
Security   Shares     Value  
Chemicals — 0.8%
               
Air Liquide SA(1)
    75,000     $ 9,356,518  
                 
            $ 9,356,518  
                 
Commercial Banks — 4.9%
               
Commonwealth Bank of Australia(1)
    385,000     $ 20,203,178  
State Bank of India GDR(1)
    50,000       5,875,000  
Wells Fargo & Co.(1)
    985,461       31,948,646  
                 
            $ 58,026,824  
                 
Communications Equipment — 2.2%
               
QUALCOMM, Inc. 
    250,000     $ 13,532,500  
Telefonaktiebolaget LM Ericsson, Class B(1)
    1,050,000       12,945,255  
                 
            $ 26,477,755  
                 
Computers & Peripherals — 0.9%
               
Hewlett-Packard Co.(1)
    225,000     $ 10,280,250  
                 
            $ 10,280,250  
                 
Diversified Telecommunication Services — 2.7%
               
AT&T, Inc.(1)
    630,000     $ 17,337,600  
BCE, Inc.(1)
    400,000       14,532,000  
                 
            $ 31,869,600  
                 
Electric Utilities — 9.1%
               
E.ON AG(1)
    400,000     $ 13,344,859  
Edison International(1)
    350,000       12,698,000  
Enel SpA(1)
    2,364,872       13,351,004  
Entergy Corp.(1)
    225,000       16,238,250  
Scottish and Southern Energy PLC(1)
    1,550,000       28,775,750  
Terna Rete Elettrica Nazionale SpA(1)
    5,500,000       24,022,028  
                 
            $ 108,429,891  
                 
Electrical Equipment — 1.7%
               
ABB, Ltd.(1)(2)
    840,000     $ 19,844,933  
                 
            $ 19,844,933  
                 
Energy Equipment & Services — 1.4%
               
Seadrill, Ltd.(1)
    500,000     $ 16,466,974  
                 
            $ 16,466,974  
                 
Food & Staples Retailing — 0.4%
               
George Weston, Ltd.
    70,000     $ 4,955,610  
                 
            $ 4,955,610  
                 
Food Products — 3.6%
               
Nestle SA(1)
    800,000     $ 43,220,617  
                 
            $ 43,220,617  
                 
Hotels, Restaurants & Leisure — 4.9%
               
McDonald’s Corp.(1)
    800,000     $ 58,936,000  
                 
            $ 58,936,000  
                 
Household Durables — 0.9%
               
Garmin, Ltd.(1)
    350,000     $ 10,790,500  
                 
            $ 10,790,500  
                 
 
1

 

                 
Security   Shares     Value  
Independent Power Producers & Energy Traders — 3.0%
               
Huaneng Power International, Inc., Class H(1)
    5,999,617     $ 3,348,204  
International Power PLC(1)
    4,750,000       32,110,158  
                 
            $ 35,458,362  
                 
Industrial Conglomerates — 2.2%
               
Siemens AG
    205,000     $ 26,279,676  
                 
            $ 26,279,676  
                 
Insurance — 11.4%
               
Allianz SE(1)
    225,000     $ 31,276,631  
Aviva PLC(1)
    4,500,000       32,002,954  
MetLife, Inc.(1)
    750,000       34,327,500  
Progressive Corp. 
    500,000       9,905,000  
Prudential Financial, Inc.(1)
    470,000       28,909,700  
                 
            $ 136,421,785  
                 
IT Services — 1.5%
               
International Business Machines Corp.(1)
    110,000     $ 17,820,000  
                 
            $ 17,820,000  
                 
Machinery — 5.6%
               
Deere & Co.(1)
    600,000     $ 54,540,000  
Parker Hannifin Corp.(1)
    135,000       12,070,350  
                 
            $ 66,610,350  
                 
Metals & Mining — 5.2%
               
KGHM Polska Miedz SA(1)
    150,000     $ 8,779,159  
Southern Copper Corp.(1)
    1,200,000       53,784,000  
                 
            $ 62,563,159  
                 
Multi-Utilities — 2.8%
               
GDF Suez(1)
    460,000     $ 18,220,544  
National Grid PLC(1)
    500,000       4,434,351  
United Utilities Group PLC(1)
    1,250,000       10,881,026  
                 
            $ 33,535,921  
                 
Oil, Gas & Consumable Fuels — 14.6%
               
Chevron Corp.(1)
    650,000     $ 61,704,500  
ConocoPhillips(1)
    235,000       16,793,100  
ENI SpA(1)
    1,550,000       36,697,904  
Marathon Oil Corp.(1)
    400,000       18,280,000  
Repsol YPF SA(1)
    500,000       15,738,305  
Statoil ASA(1)
    1,000,000       24,300,403  
                 
            $ 173,514,212  
                 
Pharmaceuticals — 9.2%
               
AstraZeneca PLC
    175,000     $ 8,531,930  
Merck & Co., Inc.(1)
    320,000       10,614,400  
Novartis AG
    460,000       25,608,118  
Pfizer, Inc.(1)
    835,000       15,213,700  
Roche Holding AG
    150,000       22,820,695  
Takeda Pharmaceutical Co., Ltd.(1)
    570,000       27,474,417  
                 
            $ 110,263,260  
                 
Real Estate Investment Trusts (REITs) — 4.6%
               
Annaly Capital Management, Inc.(1)
    1,750,000     $ 31,202,500  
AvalonBay Communities, Inc.(1)
    206,322       23,918,909  
                 
            $ 55,121,409  
                 
Road & Rail — 4.4%
               
Norfolk Southern Corp.(1)
    435,000     $ 26,617,650  
Union Pacific Corp.(1)
    270,000       25,550,100  
                 
            $ 52,167,750  
                 
 
2

 

                 
Security   Shares     Value  
Software — 1.2%
               
Microsoft Corp.(1)
    500,000     $ 13,862,500  
                 
            $ 13,862,500  
                 
Tobacco — 7.5%
               
Altria Group, Inc.(1)
    350,000     $ 8,228,500  
British American Tobacco PLC
    415,000       15,327,099  
Imperial Tobacco Group PLC
    600,000       17,126,746  
Philip Morris International, Inc.(1)
    850,000       48,654,000  
                 
            $ 89,336,345  
                 
Wireless Telecommunication Services — 1.6%
               
Millicom International Cellular SA(1)
    200,000     $ 18,650,000  
                 
            $ 18,650,000  
                 
                 
Total Common Stocks
(identified cost $935,302,733)
          $ 1,290,260,201  
                 
 
Preferred Stocks — 16.9%
 
                 
Security   Shares     Value  
Commercial Banks — 9.4%
               
Bank of America Corp., 8.125%(3)
    5,605     $ 5,915,668  
Barclays Bank PLC, 7.434%(3)(4)
    8,450       8,384,960  
BBVA International SA Unipersonal, 5.919%(3)
    6,370       4,939,120  
BNP Paribas, 7.195%(3)(4)
    140       13,510,154  
Credit Agricole SA/London, 6.637%(3)(4)
    9,950       8,744,568  
Farm Credit Bank of Texas, Series I, 10.00%
    7,625       8,072,969  
JPMorgan Chase & Co., 7.90%(3)
    10,910       12,021,871  
KeyCorp, Series A, 7.75%
    65,000       7,189,000  
Landsbanki Islands HF, 7.431%(2)(3)(4)(5)(6)
    14,850       0  
Lloyds Banking Group PLC, 6.657%(2)(3)(4)
    18,000       12,915,000  
Royal Bank of Scotland Group PLC, 7.648%(3)
    3,450       3,108,636  
Royal Bank of Scotland Group PLC, Series F, 7.65%
    57,778       1,268,227  
Royal Bank of Scotland Group PLC, Series L, 5.75%
    204,405       3,628,189  
Santander Finance SA Unipersonal, 10.50%
    117,780       3,295,484  
Standard Chartered PLC, 6.409%(3)(4)
    99       9,280,339  
Wells Fargo & Co., Class A, 7.50%
    9,600       10,008,000  
                 
            $ 112,282,185  
                 
Diversified Financial Services — 0.3%
               
Heller Financial, Inc., Series D, 6.95%
    31,000     $ 3,079,658  
                 
            $ 3,079,658  
                 
Electric Utilities — 0.9%
               
Entergy Arkansas, Inc., 6.45%
    54,000     $ 1,343,250  
Georgia Power Co., 6.50%
    20,000       2,066,876  
Southern California Edison Co., 6.00%
    82,931       7,873,262  
                 
            $ 11,283,388  
                 
Food Products — 0.6%
               
Dairy Farmers of America, 7.875%(4)
    75,230     $ 6,747,190  
Ocean Spray Cranberries, Inc., 6.25%(4)
    12,750       1,000,875  
                 
            $ 7,748,065  
                 
Insurance — 4.5%
               
Aegon NV, 6.375%
    180,238     $ 3,882,326  
Allianz SE, 8.375%
    34,080       897,797  
Arch Capital Group, Ltd., Series A, 8.00%
    2,985       75,819  
AXA SA, 6.379%(3)(4)
    4,810       4,381,487  
AXA SA, 6.463%(3)(4)
    8,225       7,349,227  
Endurance Specialty Holdings, Ltd., Series A, 7.75%
    246,200       6,428,282  
ING Capital Funding Trust III, 3.903%(3)
    18,300       17,553,031  
 
3

 

                 
Security   Shares     Value  
Prudential PLC, 6.50%
    8,500     $ 7,987,637  
RenaissanceRe Holdings, Ltd., Series C, 6.08%
    157,500       3,676,050  
RenaissanceRe Holdings, Ltd., Series D, 6.60%
    56,153       1,375,748  
                 
            $ 53,607,404  
                 
Marine — 0.5%
               
Seaspan Corp., 9.50%
    228,000     $ 5,905,200  
                 
            $ 5,905,200  
                 
Real Estate Investment Trusts (REITs) — 0.7%
               
CapLease, Inc., Series A, 8.125%
    200,000     $ 5,007,000  
Developers Diversified Realty Corp., Series G, 8.00%
    49,100       1,220,626  
Developers Diversified Realty Corp., Series I, 7.50%
    67,000       1,573,160  
                 
            $ 7,800,786  
                 
                 
Total Preferred Stocks
(identified cost $219,352,567)
          $ 201,706,686  
                 
 
Corporate Bonds & Notes — 7.7%
 
                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Commercial Banks — 2.6%
               
Banco Industriale Comercial SA, 8.50%, 4/27/20(4)
  $ 1,050     $ 1,085,438  
Citigroup Capital XXI, 8.30% to 12/21/37, 12/21/57, 12/21/77(7)(8)
    10,460       10,969,925  
Groupe BPCE, 12.50% to 9/30/19, 8/29/49(4)(7)
    4,505       4,986,386  
Northgroup Preferred Capital Corp., 6.378% to 10/15/17, 1/29/49(4)(7)
    8,900       8,227,792  
PNC Preferred Funding Trust II, 6.113% to 3/15/12, 3/29/49(4)(7)
    3,900       2,961,422  
SunTrust Preferred Capital I, 5.853% to 12/15/11, 6/29/49(7)
    2,800       2,149,000  
                 
            $ 30,379,963  
                 
Diversified Financial Services — 1.0%
               
GE Capital Trust I, 6.375% to 11/15/17, 11/15/67(7)
  $ 5,115     $ 5,185,331  
HSBC Finance Capital Trust IX, 5.911% to 11/30/15, 11/30/35(7)
    6,515       6,311,407  
                 
            $ 11,496,738  
                 
Electric Utilities — 1.6%
               
Energisa SA, 9.50%, 1/29/49(4)
  $ 2,300     $ 2,271,250  
Integrys Energy Group, Inc., 6.11% to 12/1/16, 12/1/66(7)
    6,110       5,933,842  
PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67(7)
    8,600       8,459,992  
Wisconsin Energy Corp., 6.25% to 5/15/17, 5/15/67(7)
    2,700       2,696,709  
                 
            $ 19,361,793  
                 
Insurance — 1.2%
               
MetLife, Inc., 10.75% to 8/1/34, 8/1/39, 8/1/69(7)(8)
  $ 2,660     $ 3,700,403  
QBE Capital Funding II LP, 6.797% to 6/1/17, 6/29/49(4)(7)
    2,115       1,923,971  
XL Capital, Ltd., 6.50% to 4/15/17, 12/29/49(7)
    10,000       9,138,000  
                 
            $ 14,762,374  
                 
Pipelines — 0.9%
               
Enbridge Energy Partners, LP, 8.05% to 10/1/17, 10/1/37, 10/1/77(7)(8)
  $ 2,465     $ 2,611,840  
Enterprise Products Operating, LLC, 7.00% to 6/1/17, 6/1/67(7)
    1,650       1,645,411  
Enterprise Products Operating, LLC, 7.034% to 1/15/18, 1/15/68(7)
    1,270       1,325,790  
Southern Union Co., 7.20% to 11/1/11, 11/1/66(7)
    4,385       4,143,825  
TransCanada Pipelines, Ltd., 6.35% to 5/15/17, 5/15/67(7)
    1,152       1,157,121  
                 
            $ 10,883,987  
                 
 
4

 

                 
    Principal
 		       
    Amount
 		       
Security   (000’s omitted)     Value  
Retail-Food and Drug — 0.4%
               
CVS Caremark Corp., 6.302% to 6/1/12, 6/1/37, 6/1/62(7)(8)
  $ 5,000     $ 4,820,245  
                 
            $ 4,820,245  
                 
                 
Total Corporate Bonds & Notes
(identified cost $87,108,165)
          $ 91,705,100  
                 
 
Short-Term Investments — 0.7%
 
                 
    Interest
 		       
Description   (000’s omitted)     Value  
Eaton Vance Cash Reserves Fund, LLC, 0.21%(9)
  $ 8,447     $ 8,446,968  
                 
                 
Total Short-Term Investments
(identified cost $8,446,968)
          $ 8,446,968  
                 
                 
Total Investments — 133.6%
(identified cost $1,250,210,433)
          $ 1,592,118,955  
                 
                 
Other Assets, Less Liabilities — (33.6)%
          $ (400,624,241 )
                 
                 
Net Assets — 100.0%
          $ 1,191,494,714  
                 
 
             
The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
             
GDR
  -   Global 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)
      Variable rate security. The stated interest rate represents the rate in effect at January 31, 2011.    
             
(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 January 31, 2011, the aggregate value of these securities is $93,770,059 or 7.9% of the Fund’s net assets.    
             
(5)
      Defaulted security.    
             
(6)
      Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.    
             
(7)
      Security converts to floating rate after the indicated fixed-rate coupon period.    
             
(8)
      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.    
             
(9)
      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 January 31, 2011. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2011 was $7,210.    
 
5

 

Country Concentration of Portfolio
 
                 
    Percentage of
 		       
Country   Total Investments     Value  
United States
    54.2 %   $ 862,683,549  
United Kingdom
    10.5       167,001,430  
Switzerland
    7.7       122,284,863  
Italy
    4.6       74,070,936  
Germany
    4.5       71,798,963  
Peru
    3.4       53,784,000  
France
    2.8       44,294,162  
Japan
    1.7       27,474,417  
Norway
    1.5       24,300,403  
Australia
    1.4       22,127,149  
Canada
    1.3       20,644,731  
Luxembourg
    1.2       18,650,000  
Bermuda
    1.1       17,918,541  
Spain
    1.0       15,738,305  
Sweden
    0.8       12,945,255  
Cayman Islands
    0.6       9,138,000  
Poland
    0.5       8,779,159  
Hong Kong
    0.4       5,905,200  
India
    0.4       5,875,000  
Brazil
    0.2       3,356,688  
China
    0.2       3,348,204  
Iceland
    0.0       0  
                 
Total Investments
    100.0 %   $ 1,592,118,955  
                 
 
The Fund did not have any open financial instruments at January 31, 2011.
 
The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2011, as determined on a federal income tax basis, were as follows:
 
         
Aggregate cost
  $ 1,251,832,968  
         
Gross unrealized appreciation
  $ 372,987,546  
Gross unrealized depreciation
    (32,701,559 )
         
Net unrealized appreciation
  $ 340,285,987  
         
 
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
 
  •   Level 1 — quoted prices in active markets for identical investments
 
  •   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
 
  •   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)
 
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
6

 

At January 31, 2011, the hierarchy of 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
  $ 69,726,500     $ —     $ —     $ 69,726,500  
Consumer Staples
    61,838,110       75,674,462       —       137,512,572  
Energy
    96,777,600       93,203,586       —       189,981,186  
Financials
    166,087,255       83,482,763       —       249,570,018  
Health Care
    25,828,100       84,435,160       —       110,263,260  
Industrials
    145,057,776       19,844,933       —       164,902,709  
Information Technology
    55,495,250       12,945,255       —       68,440,505  
Materials
    53,784,000       18,135,677       —       71,919,677  
Telecommunication Services
    50,519,600       —       —       50,519,600  
Utilities
    28,936,250       148,487,924       —       177,424,174  
 
 
Total Common Stocks
  $ 754,050,441     $ 536,209,760 *   $ —     $ 1,290,260,201  
 
 
Preferred Stocks
                               
Consumer Staples
  $ —     $ 7,748,065     $ —     $ 7,748,065  
Financials
    48,627,911       128,142,122       0       176,770,033  
Industrials
    5,905,200       —       —       5,905,200  
Utilities
    —       11,283,388       —       11,283,388  
 
 
Total Preferred Stocks
  $ 54,533,111     $ 147,173,575     $ 0     $ 201,706,686  
 
 
Corporate Bonds & Notes
  $ —     $ 91,705,100     $ —     $ 91,705,100  
Short-Term Investments
    —       8,446,968       —       8,446,968  
 
 
Total
  $ 808,583,552     $ 783,535,403     $ 0     $ 1,592,118,955  
 
 
 
*  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.
 
There was no activity in investments valued based on Level 3 inputs during the fiscal year to date ended January 31, 2011 to require a reconciliation of Level 3 investments. At January 31, 2011, the value of investments transferred between Level 1 and Level 2, if any, during the fiscal year to date then ended was not significant.
 
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/ Judith A. Saryan    
  Judith A. Saryan   
  President   
 
Date: March 24, 2011
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/ Judith A. Saryan    
  Judith A. Saryan   
  President   
 
Date: March 24, 2011
         
   
By:   /s/ Barbara E. Campbell    
  Barbara E. Campbell   
  Treasurer   
 
Date: March 24, 2011