Eaton Vance Tax Advantaged Global Dividend Income Fund : Commentary

Eaton Vance Closed-End Fund Market Commentary | Q2 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

Imagine landing a 747 in a blinding snowstorm while the airport is experiencing an earthquake. That's about the level of difficulty of what the U.S. Federal Reserve (the Fed) was tasked with attempting during the second quarter of 2022.

As the quarter progressed, the Fed increasingly deployed its most powerful inflation-fighting tool, interest-rate hikes, to try to bring the U.S. economy in for a soft landing. But as global inflation raged on and central banks around the world raised rates, investor expectations during the quarter appeared to shift from hope for a soft landing to widespread expectations for the hard landing of a global recession. Reflecting that outlook, major U.S. and global equity indexes delivered double-digit losses during the quarter, and the S&P 500® index posted its worst first-half performance since 1970.

After delivering positive returns in March, U.S. stocks were pummeled in the opening month of the second quarter by bad economic news. In its April report on the consumer price index, the Department of Labor noted that gasoline prices had jumped to record levels, grocery costs were increasing sharply, and year-over-year inflation though March had climbed 8.5%, the fastest rise since 1981. Under pressure from rising interest rates, technology stocks that had soared early in the pandemic retreated in April, and the tech-heavy Nasdaq composite index sank 13.3% during the month.

Overseas, the World Bank cut its global economic growth forecast for 2022, blaming Russia's war on Ukraine, inflation and the ongoing effects of the COVID-19 pandemic. Among those effects was China's unique stance on fighting the virus: a "zero-COVID" policy that resulted in a 60-day lockdown of its largest city, Shanghai, that wreaked further havoc on global supply chains.

While market volatility continued in May and inflation showed no signs of abating, U.S. stocks ended the month about where they began. Investors were perhaps heartened by several pieces of reassuring economic news: After the Fed, as expected, raised its benchmark interest rate 50 basis points on May 4, Fed Chair Jerome Powell stated that a more extreme 75bps future increase "is not something that the committee is actively considering." The Department of Labor reported that strong hiring had continued in April, with 428,000 new jobs created. The Bureau of Economic Analysis confirmed that consumer spending remained solid, having risen 0.9% the previous month.

Events in the final month of the quarter, however, seemed to confirm investors' worst fears. While both Jay Powell and Treasury Secretary Janet Yellen tried to reassure the public that a soft landing for the U.S. economy was still possible, both admitted that the Fed had perhaps waited too long to begin raising rates to tame inflation.

Indicating the urgency of the situation, the Fed reversed Powell's earlier stance and increased rates 75bps at its June meeting-its first move of that magnitude since 1994. Its policy-setting committee "judged that a significant risk now facing the committee was that elevated inflation could become entrenched if the public began to question the resolve of the committee" to address it. Echoing the Fed's concerns, the Bank of England and the Swiss National Bank raised their own interest rates as well. As investors worried that central bank rate hikes would lead to recession, equity prices plunged across the globe in the final month of the second quarter.

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

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Performance Summary

Eaton Vance Tax-AdvantagedDividend Income Fund (EVT) underperformed its equity benchmark, the Russell 1000 Value Index, at net asset value for the quarter ended June 30, 2022. The top contributions to the underlying equity portfolio's results stemmed from stock selection within the information technology and industrials sectors. In contrast, the top detractors were stock picks within the communication services and energy sectors. The preferred securities allocation contributed to the Fund's relative performance for the quarter. The Fund's use of leverage detracted from results.

Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) underperformed its equity benchmark, the MSCI World Index, at

net asset value for the quarter ended June 30, 2022. The top contributions to the underlying equity portfolio's results stemmed from stock selection within the financials and consumer discretionary sectors. In contrast, the top detractors were stock picks within the real estate sector, followed by the materials sector. Its preferred securities allocation added to the Fund's relative performance for the quarter. The Fund's use of leverage detracted from 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 June 30, 2022. The top contributions to the underlying equity portfolio's results stemmed from stock selection within the consumer discretionary and financial sectors. Meanwhile, the top detractors were stock picks within the industrials and materials sectors. Its preferred securities allocation was a contributor for the quarter. The Fund's use of leverage detracted from results.

% Average Annual Total Returns (as of 06/30/2022)

	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	-13.21	-15.68	-9.12	7.41	8.92	10.98	9.14
Eaton Vance Tax-Advantaged Dividend Income Fund (EVT)		-16.01	-16.83	-7.25	7.87	9.74	12.29	9.22
at Market Price2
Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG) at NAV	01/30/2004	-17.89	-24.56	-18.37	6.12	6.20	9.65	7.44
Eaton Vance Tax-Advantaged Global Dividend Income Fund (ETG)		-19.94	-26.12	-17.25	7.90	6.50	10.02	7.27
at Market Price
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO)	04/30/2004	-17.72	-25.42	-18.45	6.90	7.64	10.37	9.77
at NAV2
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund (ETO)		-24.96	-29.16	-18.68	4.80	6.61	11.73	9.58
at Market Price2
Russell 1000® Value Index	-	-12.21	-12.86	-6.82	6.86	7.16	10.49	8.34
MSCI World Index	-	-16.19	-20.51	-14.34	6.99	7.66	9.51	6.97
ICE® BofA® Fixed Rate Preferred Securities Index	-	-7.72	-13.92	-13.71	-0.36	1.51	4.08	3.20

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 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 06/30/2022 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.

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RISK CONSIDERATIONS

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 and opinions and/or analysis expressed are those of the investment team as of the date of preparation of this material and are subject to change at any time without notice due to market or economic conditions and may not necessarily come to pass. Furthermore, the views will not be updated or otherwise revised to reflect information that subsequently becomes available or circumstances existing, or changes occurring, after the date of publication. The views expressed do not reflect the opinions of all investment personnel at Morgan Stanley Investment Management (MSIM) and its subsidiaries and affiliates (collectively the Firm") or the views of the firm as a whole, and may not be reflected in all the strategies and products that the Firm offers.

Forecasts and/or estimates provided herein are subject to change and may not actually come to pass. Information regarding expected market returns and market outlooks is based on the research, analysis and opinions of the authors or investment team. These conclusions are speculative in nature, may not come to pass and are not intended to predict the future performance of any specific strategy or product the Firm offers. Future results may differ significantly depending on factors such as changes in securities or financial markets or general economic conditions.

This material has been prepared on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. However, no assurances are provided regarding the reliability of such information and the Firm has not sought to independently verify information taken from public and third-party sources.

This material is a general communication, which is not impartial and all information provided has been prepared solely for informational and educational purposes and does not constitute an offer or a recommendation to buy or sell any particular security or to adopt any specific investment strategy. The information herein has not been based on a consideration of any individual investor circumstances and is not investment advice, nor should it be construed in any way as tax, accounting, legal or regulatory advice. To that end, investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision.

Charts and graphs provided herein are for illustrative purposes only. Past performance is no guarantee of future results.

The indexes are unmanaged and do not include any expenses, fees or sales charges. It is not possible to invest directly in an index. Any index referred to herein is the intellectual property (including registered trademarks) of the applicable licensor. Any product based on an index is in no way sponsored, endorsed, sold or promoted by the applicable licensor and it shall not have any liability with respect thereto.

Eaton Vance is part of Morgan Stanley Investment Management. Morgan Stanley Investment Management is the asset management division of Morgan Stanley.

©2022 Morgan Stanley. All rights reserved. Eaton Vance Distributors, Inc.

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