Eaton Vance Tax Advantaged Global Dividend Income Fund : Commentary

Eaton Vance Closed-End Fund Market Commentary | Q1 2022

Eaton Vance Dividend Income Funds

Eaton Vance Tax-Advantaged Dividend Income Fund (EVT)

Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG)

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO)

A Word on the Markets

In the first quarter of 2022, stock investors endured the ongoing consequences of one black swan event - the COVID-19 pandemic - and the fresh consequences of another: Vladimir Putin's unprovoked invasion of Ukraine. By the market's close on March 31, 2022 - just three months after the S&P 500 index1 had posted its 70th new all-time high for 2021 - the S&P 500 had declined 4.60% in the first quarter of the new year, while the Dow Jones industrial average lost 4.10% and the Nasdaq composite sank 8.95%. What a difference a quarter makes.

The good news for investors was that each successive month of the new year was not as bad as the month before.

January was the cruelest month. As investors appeared to reevaluate the twin threats of inflation and rate hikes, U.S. and global stock indexes were a sea of red ink. Technology stocks, which had soared to high valuations early in the pandemic, were particularly hard hit by rising interest rates, as the yield on 10-year U.S. Treasurys rose about 1% during the quarter. With most bond markets in retreat as well, there were few places for equity investors to hide.

The U.S. economy continued to suffer its highest inflation in decades, and inflation was no longer described as "transitory." Federal Reserve (the Fed) Chair Jerome Powell declined to rule out a rate hike at each of the Fed's eight policy meetings during the year - a significant increase from the three hikes that had previously been projected for 2022.

In February, the threat and the subsequent reality of a war in Europe rattled markets worldwide. The Russian Federation - a significant energy supplier for much of the world and especially Europe - massed a large concentration of troops on its border with Ukraine and invaded without provocation on February 24. Oil prices shot up to levels not seen in years, putting further inflationary pressure on the price of virtually anything that needed to be transported, from airline passengers to food and consumer goods.

In March, the U.S. reported its highest year-over-year inflation rate in 40 years, at 7.9% for the 12 months ended in February. The 19-nation eurozone reported its March inflation rate at 7.5%, the highest in the history of the euro. And while COVID-19 infections continued to decline in the U.S., widespread outbreaks in China put further pressure on the global supply chain.

But while good news during the period was largely crowded out by COVID, war and inflation, by some measures the U.S. economy was doing surprisingly well. The Bureau of Labor Statistics reported that the economy added 431,000 jobs in March - its 11th straight month of 400,000+ job gains. The unemployment rate, meanwhile, declined to 3.6%, just barely above the prepandemic rate of 3.5%, a 50-year low.

Perhaps in recognition that the glass was indeed half full, optimism seemed to return to the U.S. stock market in March, with the Dow, the S&P 500 and the Nasdaq all in positive territory for the first time in three months. Elsewhere in the world, the MSCI EAFE Index of developed-market international equities also returned to positive performance in March but lost 5.91% for the quarter as a whole. Weighed down by the negative effects of rising interest rates in developed-market client nations, the MSCI Emerging Markets Index declined every month of the quarter and finished with a three-month loss of 6.97%.

1Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. NASDAQ Composite Index is a market capitalization-weighted index of all domestic and international securities listed on NASDAQ. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks. MSCI Golden Dragon Index is an unmanaged index of common stocks traded in China, Hong Kong and Taiwan. MSCI data may not be reproduced or used for any other purpose. MSCI provides no warranties, has not prepared or approved this report, and has no liability here under. Russell 1000® Value Index is an unmanaged index of U.S. large-cap value stocks. ICE® BofA® Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. Unless otherwise stated, index returns do not reflect the effect of any applicable sales charges, commissions, expenses, taxes or leverage, as applicable. It is not possible to invest directly in an index. Historical performance of the index illustrates market trends and does not represent the past or future performance of the fund. ICE® BofA® indices are not for redistribution or other uses; provided "as is", without warranties, and with no liability. Eaton Vance has prepared this report and ICE® Data Indices, LLC does not endorse it, or guarantee, review, or endorse Eaton Vance's products. BofA® is a licensed registered trademark of Bank of America Corporation in the United States and other countries. S&P Dow Jones Indices are a product of S&P Dow Jones Indices LLC ("S&P DJI") and have been licensed for use. S&P® and S&P 500® are registered trademarks of S&P DJI; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); S&P DJI, Dow Jones and their respective affiliates do not sponsor, endorse, sell or promote the Fund, will not have any liability with respect thereto and do not have any liability for any errors, omissions, or interruptions of the S&P Dow Jones Indices.

NOT FDIC INSURED | OFFER NO BANK GUARANTEE | MAY LOSE VALUE | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY | NOT A DEPOSIT

Performance Summary

Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) outperformed its equity benchmark, the Russell 1000 Value Index, at net asset value for the quarter ended December 31, 2021. The top contributions to the underlying equity portfolio's results stemmed from stock selection within the communication services, industrials and real estate sectors. In contrast, the top detractors were stock picks within the health care sector, followed by the materials and financial sectors. Its preferred securities allocation detracted from the Fund's relative performance for the quarter. The Fund's use of leverage contributed to results.

Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) outperformed its equity benchmark, the MSCI World Index, at net asset value for the quarter ended December 31, 2021. The top contributions to the underlying equity portfolio's results stemmed from stock selection within the industrials and health care sectors. In contrast, the top detractors were stock picks within consumer discretionary followed by the information technology sector. Its preferred securities allocation added to the Fund's relative performance for the quarter. The Fund's use of leverage contributed to results.

Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO) underperformed its equity benchmark, the MSCI World Index, at net asset value for the quarter ended December 31, 2021. The top contributions to the underlying equity portfolio's results stemmed from stock selection within the industrials, health care, and financials sectors. Meanwhile, the top detractors were stock picks within the consumer discretionary, consumer staples, and energy sectors. Its preferred securities allocation was a detractor for the quarter. The Fund's use of leverage contributed to results.

% Average Annual Total Returns (as of 03/31/2022)

Inception	Since
Date	QTD	YTD	1 Year	3 Years	5 Years	10 Years	Inception
Eaton Vance Tax-Advantaged Dividend Income Fund (EVT) at NAV2	09/30/2003	-2.85	-2.85	10.60	14.68	12.58	12.32	10.11
Eaton Vance Tax-Advantaged Dividend Income Fund (EVT)
-0.98	-0.98	18.00	17.56	14.86	13.97	10.38
at Market Price2
-8.13	-8.13	8.21	14.85	12.16	11.12	8.72
-7.71	-7.71	15.41	18.21	13.67	11.80	8.70
-9.36	-9.36	7.96	16.47	13.39	12.12	11.12
-5.59	-5.59	22.60	16.69	14.69	14.25	11.49
-0.74	-0.74	11.67	13.01	10.28	11.69	9.22
-5.15	-5.15	10.12	14.96	12.42	10.88	8.11
-6.72	-6.72	-3.63	3.36	3.83	5.16	3.79

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 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. Closed-end fund shares are bought and sold at "market prices" determined by competitive bidding on exchanges and not at the Fund's Net Asset Value (NAV). Performance less than or equal to one year is cumulative. For performance as of the most recent month-end, please refer to eatonvance.com.

Eaton Vance Tax-Advantaged Dividend Income Fund and Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund have adopted a policy to pay common shareholders a stable monthly distribution, and may pay distributions consisting of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains distributions and nondividend distributions, also known as return of capital. There is no assurance that the Fund will always be able to pay distributions of a particular size. See note 2 for more information.

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.

2Eaton Vance Tax-Advantaged Dividend Income Fund and Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund currently makes distributions in accordance with a managed distribution plan. As of 12/31/2021 distributions may include amounts characterized for federal income tax purposes as ordinary dividends (including qualified dividends), capital gain distributions and nondividend distributions, also known as return of capital distributions. A return of capital distribution may include, for example, a return of some or all of the money that an investor invested in Fund shares. With each distribution, the Fund issues a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. Notices and press releases for the last 24 months are available on the Eaton Vance website (http://funds.eatonvance.com/19a-Fund-Distribution-Notices.php). The amounts and sources of distributions reported in notices and press releases are only estimates and are not provided for tax reporting purposes. The Fund reports the character of distributions for federal income tax purposes for each calendar year on Form 1099-DIV. The Fund's distributions in any period may be more or less than the net return earned by the Fund on its investments, and therefore should not be used as a measure of performance or confused with "yield" or "income." Distributions in excess of Fund returns will cause its NAV to erode. Investors should not draw any conclusions about the Fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

About Risk

The value of investments held by the Fund may increase or decrease in response to economic, and financial events (whether real, expected or perceived) in the U.S. and global markets. The value of equity securities is sensitive to stock market volatility. Investments in foreign instruments or currencies can involve greater risk and volatility than U.S. investments because of adverse market, economic, political, regulatory, geopolitical, currency exchange rates or other conditions. Changes in the dividend policies of companies could make it difficult to provide a predictable level of income. Dividend capture strategies may result in higher portfolio turnover, increased trading costs and potential for capital loss or gains. When interest rates rise, the value of preferred stocks will generally decline. Investments rated below investment grade (sometimes referred to as junk) are typically subject to greater price volatility and illiquidity than higher rated investments. Borrowing to increase investments (leverage) may exaggerate the effect of any increase or decrease in the value of Fund investments. Market conditions may limit the ability to generate tax losses or to generate dividend income taxed at favorable tax rates. The Fund's ability to utilize various tax-managed techniques may be curtailed or eliminated in the future by tax legislation or regulation. The impact of the coronavirus on global markets could last for an extended period and could adversely affect the Fund's performance. The Fund may engage in other investment practices that may involve additional risks. 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 Funds' 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 Trusts' filings with the Securities and Exchange Commission.

Eaton Vance is part of Morgan Stanley Investment Management, the asset management division of Morgan Stanley. It provides advanced investment strategies and wealth management solutions to forward-thinking investors around the world. Through its distinct investment brands Eaton Vance Management, Parametric, Atlanta Capital and Calvert, the Company offers a diversity of investment approaches, encompassing bottom-up fundamental active management, responsible investing, systematic investing and customized implementation of client-specified portfolio exposures. Exemplary service, timely innovation and attractive returns across market cycles have been hallmarks of Eaton Vance since 1924.

For more information visit eatonvance.com

©2022 Eaton Vance Distributors, Inc. Member FINRA/SIPC | Two International Place, Boston, MA 02110 | 800.836.2414 | eatonvance.com 6368 | 4.27.22