Eaton Vance Tax-Advantaged Global Dividend Income Fund

Important Note. Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (funds.eatonvance.com/closed-end-fund-and-term-trust-documents.php), and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. If you hold shares at the Fund’s transfer agent, American Stock Transfer & Trust Company, LLC (“AST”), you may elect to receive shareholder reports and other communications from the Fund electronically by contacting AST. If you own your shares through a financial intermediary (such as a broker-dealer or bank), you must contact your financial intermediary to sign up.

You may elect to receive all future Fund shareholder reports in paper free of charge. If you hold shares at AST, you can inform AST that you wish to continue receiving paper copies of your shareholder reports by calling 1-866-439-6787. If you own these shares through a financial intermediary, you must contact your financial intermediary or follow instructions included with this disclosure, if applicable, to elect to continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with AST or to all funds held through your financial intermediary, as applicable.

Commodity Futures Trading Commission Registration. Effective December 31, 2012, the Commodity Futures Trading Commission (“CFTC”) adopted certain regulatory changes that subject registered investment companies and advisers to regulation by the CFTC if a fund invests more than a prescribed level of its assets in certain CFTC regulated instruments (including futures, certain options and swap agreements) or markets itself as providing investment exposure to such instruments. The investment adviser has claimed an exclusion from the definition of “commodity pool operator” under the Commodity Exchange Act with respect to its management of the Fund. Accordingly, neither the Fund nor the adviser with respect to the operation of the Fund is subject to CFTC regulation. Because of its management of other strategies, the Fund’s adviser is registered with the CFTC as a commodity pool operator. The adviser is also registered as a commodity trading advisor.

Managed Distribution Plan. Pursuant to an exemptive order issued by the Securities and Exchange Commission (Order), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund’s Board of Trustees approved a Managed Distribution Plan (MDP) pursuant to which the Fund makes monthly cash distributions to common shareholders, stated in terms of a fixed amount per common share.

The Fund currently distributes monthly cash distributions equal to $0.1025 per share in accordance with the MDP. You should not draw any conclusions about the Fund’s investment performance from the amount of these distributions or from the terms of the MDP. The MDP will be subject to regular periodic review by the Fund’s Board of Trustees and the Board may amend or terminate the MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable circumstances that might cause the termination of the MDP.

The Fund may distribute more than its net investment income and net realized capital gains and, therefore, a distribution may include a return of capital. A return of capital distribution does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income.” With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the amount and sources of the distribution and other related information. The amounts and sources of distributions contained in the notice and press release are only estimates and are not provided for tax purposes. The amounts and sources of the Fund’s distributions for tax purposes will be reported to shareholders on Form 1099-DIV for each calendar year.

Fund shares are not insured by the FDIC and are not deposits or other obligations of, or guaranteed by, any depository institution. Shares are subject to investment risks, including possible loss of principal invested.

Economic and Market Conditions

The 12-month period that began November 1, 2019, included some of the best and worst equity performances in over a decade.

The period began with global equities rallying in the closing months of 2019, supported by interest rate reductions by dozens of central banks worldwide. In July 2019, the U.S. Federal Reserve (the Fed) had cut rates for the first time in over a decade, followed by two additional rate cuts in September and October.

In January 2020, however, news of the novel coronavirus outbreak in China began to raise investor concerns. As the virus turned into a global pandemic in February and March, it ended the longest-ever U.S. economic expansion and triggered a global economic slowdown. Equity markets along with credit markets plunged in value amid unprecedented volatility.

In response, the Fed announced two emergency rate cuts in March 2020 — lowering the federal funds rate to 0.00%-0.25% — along with other measures designed to shore up the markets. Across the globe, other central banks and governments launched aggressive monetary and fiscal responses to help mitigate the economic effects of the virus.

These moves helped calm the markets and initiated a global equity rally that began in late March and lasted through August. In the second quarter of 2020, U.S. stocks reported their best quarterly returns since 1998 — on the heels of the worst first quarter for American stocks since the 2007-2008 global financial crisis. As with U.S. equities, overseas stock indexes reflected investor optimism as economies started to emerge from coronavirus lockdowns and factories resumed production.

In the final two months of the period, however, the equity rally stalled as the pandemic appeared to increase its drag on the global economy. Across Europe, nations that seemed to have beaten back the coronavirus during the summer initiated new lockdowns to combat a second wave of infections. In the U.S., coronavirus cases were on the rise in virtually every state.

Reflecting the increasingly grim economic outlook for fall and winter, most major global stock indexes reported negative returns in September and October. The one bright spot seemed to be several east Asian nations, which were among the first countries impacted by the pandemic and took strong measures to combat the coronavirus early on, and where economic activity had started to rebound by period-end.

For the period as a whole, the MSCI World Index, a broad measure of global equities, returned 4.36%; while the S&P 500^® Index, a broad measure of U.S. stocks, returned 9.71%; and the technology-laden Nasdaq Composite Index returned 32.84%. The MSCI EAFE Index of developed-market international equities returned -6.86%; while the MSCI Emerging Markets Index returned 8.25% in U.S. dollars.

Fund Performance

For the 12-month period ended October 31, 2020, Eaton Vance Tax-Advantaged Global Dividend Income Fund (the Fund) returned 0.16% at net asset value of its common shares (NAV), underperforming its primary benchmark, the MSCI World Index (the Index), which returned 4.36%.

The key detractor from performance versus the Index was the Fund’s preferred securities allocation. The Fund’s preferred securities allocation — preferred stocks, exchange-traded funds investing primarily in preferred stocks, and corporate bonds and other debt securities with preferred characteristics — underperformed both the Index and the overall preferred market, as measured by the ICE BofA Fixed Rate Preferred Securities Index (the Preferred Index).

Overweight exposure to energy company securities, relative to the Preferred Index, was the main factor in the underperformance of the Fund’s preferred securities allocation versus the Preferred Index. As trade and travel declined precipitously around the world during the global pandemic, the energy sector was one of the hardest-hit areas of the market as demand plummeted. Security selections within the Fund’s preferred securities allocation also detracted from performance versus the Index during the period.

Within the Fund’s common stock portfolio, the Fund’s strategy of emphasizing dividend-paying stocks resulted in an overweight allocation to European equities and an underweight allocation to U.S. equities, relative to the Index. These allocations detracted meaningfully from performance relative to the Index. However, the Fund hedged these exposures, which more than offset any negative impact from these allocations. During the period, the Fund primarily hedged using futures contracts, a type of derivative.

While leverage had the effect of magnifying the Fund’s overall positive absolute performance, it did not contribute meaningfully to the Fund’s performance versus the Index during the period.

Past performance is no guarantee of future results. Returns are historical and are calculated net of management fees and other expenses by determining the percentage change in net asset value (NAV) or market price (as applicable) with all distributions reinvested in accordance with the Fund’s Dividend Reinvestment Plan. Performance at market price will differ from performance at NAV due to variations in the Fund’s market price versus NAV, which may reflect factors such as fluctuations in supply and demand for Fund shares, changes in Fund distributions, shifting market expectations for the Fund’s future returns and distribution rates, and other considerations affecting the trading prices of closed-end funds. Investment return and principal value will fluctuate so that shares, when sold, may be worth more or less than their original cost. Performance for periods less than or equal to one year is cumulative. Performance is for the stated time period only; due to market volatility, current Fund performance may be lower or higher than the quoted return. For performance as of the most recent month-end, please refer to eatonvance.com.

Portfolio Managers Michael A. Allison, CFA and John H. Croft, CFA of Eaton Vance Management; Christopher M. Dyer, CFA of Eaton Vance Advisers International Ltd.

Top 10 Holdings (% of total investments)⁷



Alphabet, Inc., Class C	3.4	%

Amazon.com, Inc.	3.3

Microsoft Corp.	3.2

Apple, Inc.	2.4

Facebook, Inc., Class A	1.6

adidas AG	1.5

Mondelez International, Inc., Class A	1.5

Nestle S.A.	1.5

Unilever PLC	1.4

Bank of New York Mellon Corp. (The)	1.4

Total	21.2	%

The Fund’s investment objective is to provide a high level of after-tax total return. Such return is expected to consist primarily of tax-advantaged dividend income and capital appreciation.

Under normal market conditions, the Fund invests at least 80% of its total managed assets in dividend-paying common and preferred stocks of U.S. and foreign issuers that the Fund’s investment adviser believes at the time of investment are eligible to pay dividends that qualify for federal income taxation at rates applicable to long-term capital gains. The Fund may invest in preferred stocks that are rated below investment grade. The Fund may also invest a portion of its assets in stocks and other securities that generate fully taxable ordinary income, including up to 30% of its total assets in securities rated below investment grade.

Under normal market conditions, the Fund will invest (i) at least 25% of its total managed assets in the securities of U.S. issuers; (ii) at least 30% of its total managed assets in securities of non-U.S. issuers, including issuers located in emerging market countries; and (iii) in issuers located in at least five different countries (including the U.S.).

In seeking its objective, the Fund may engage in dividend capture trading. The Fund may use derivatives principally to seek to manage exposure to certain sectors and/or markets in connection with its use of dividend capture trading. The Fund expects to buy and sell equity index futures contracts for this purpose, but may also engage in other types of derivatives to manage such exposures. Additionally, the Fund may also use derivatives for other purposes, such as hedging, to enhance return or as a substitute for the purchase or sale of securities or currencies. Other permitted derivatives include futures contracts on securities and non-equity indices, options on futures contracts, the purchase of put options and the sale of call options on securities held, equity swaps, interest rate swaps, covered short sales, forward sales of stocks, forward currency exchange contracts and currency futures contracts. The Fund may invest in the foregoing derivatives without limitation and use of derivatives may be extensive. The Fund may also invest in credit derivatives (credit default swaps, total return swaps, credit options and other derivative transactions with substantially similar characteristics and risks), provided that the notional value of such derivative instruments entered into for non-hedging purposes does not exceed 5% of the value of preferred stocks held by the Fund.

The Fund may also invest up to 10% of its net assets in exchange-traded funds (“ETFs”) that invest primarily in common and/or preferred stocks.

The Fund employs leverage through borrowings to seek opportunities for additional income. Leverage may amplify the Fund’s net asset value of any increase or decrease in the value of investments held. There can be no assurance that the use of borrowings will be successful.

Principal Risks

Market Discount Risk. The shares of closed-end management investment companies often trade at a discount from their NAV, and the common shares may likewise trade at a discount from NAV. This risk is separate and distinct from the risk that the Fund’s NAV could decrease as a result of its investment activities. The trading price of the Fund’s Common Shares may be less than the public offering price.

Market Risk. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health

crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in reaction to changing market conditions. Monetary and/or fiscal actions taken by U.S. or foreign governments to stimulate or stabilize the global economy may not be effective and could lead to high market volatility. No active trading market may exist for certain investments held by the Fund, which may impair the ability of the Fund to sell or to realize the current valuation of such investments in the event of the need to liquidate such assets.

Equity Securities Risk. The value of equity securities and related instruments may decline in response to adverse changes in investor sentiment; interest rate, currency, and commodity price fluctuations; adverse geopolitical, social or environmental developments; issuer and sector-specific considerations; or other factors. Market conditions may affect certain types of stocks to a greater extent than other types of stocks. If the stock market declines in value, the value of the Fund’s equity securities will also likely decline. Although prices can rebound, there is no assurance that values will return to previous levels.

Tax-Sensitive Investing Risk. The Fund may hold a security in order to achieve more favorable tax-treatment or to sell a security in order to create tax losses. The Fund’s utilization of various tax-management techniques may be curtailed or eliminated by tax legislation, regulation or interpretations. The Fund may not be able to minimize taxable distributions to shareholders and a portion of the Fund’s distributions may be taxable.

Foreign Investment Risk. Foreign investments can be adversely affected by political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. There may be less publicly available information about foreign issuers because they may not be subject to reporting practices, requirements or regulations comparable to those to which United States companies are subject. Foreign markets may be smaller, less liquid and more volatile than the major markets in the United States, and as a result, Fund share values may be more volatile. Trading in foreign markets typically involves higher expense than trading in the United States. The Fund may have difficulties enforcing its legal or contractual rights in a foreign country.

Emerging Markets Investment Risk. Investment markets within emerging market countries are typically smaller, less liquid, less developed and more volatile than those in more developed markets like the United States, and may be focused in certain sectors. Emerging market securities often involve greater risks than developed market securities. The information available about an emerging market issuer may be less reliable than for comparable issuers in more developed capital markets.

Currency Risk. Exchange rates for currencies fluctuate daily. The value of foreign investments may be affected favorably or unfavorably by changes in currency exchange rates in relation to the U.S. dollar. Currency markets generally are not as regulated as securities markets and currency transactions are subject to settlement, custodial and other operational risks.

The Fund’s Investment Objectives, Principal Strategies and Principal Risks⁸ — continued

Sector Risk. Because the Fund may, under certain market conditions, invest a significant portion of its assets in the utilities and/or financial services sectors, the value of Fund shares may be affected by events that adversely affect those sectors and may fluctuate more than that of a more broadly diversified fund.

Preferred Stock Risk. Although preferred stocks represent an ownership interest in an issuer, preferred stocks generally do not have voting rights or have limited voting rights and have economic characteristics similar to fixed-income securities. Preferred stocks are subject to issuer-specific risks generally applicable to equity securities and credit and interest rate risks generally applicable to fixed-income securities. The value of preferred stock generally declines when interest rates rise and may react more significantly than bonds and other debt instruments to actual or perceived changes in the company’s financial condition or prospects.

Income Risk. The Fund’s ability to distribute income to shareholders will depend on the yield available on the common and preferred stocks and other hybrid securities and fixed-income securities held by the Fund. Changes in the dividend policies of companies held by the Fund could make it difficult for the Fund to provide a predictable level of income.

Dividend Capture Trading Risk. The use of dividend capture strategies will expose the Fund to higher portfolio turnover, increased trading costs and potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading.

Credit Risk. Investments in fixed income and other debt obligations, including loans, (referred to below as “debt instruments”) are subject to the risk of non-payment of scheduled principal and interest. Changes in economic conditions or other circumstances may reduce the capacity of the party obligated to make principal and interest payments on such instruments and may lead to defaults. Such non-payments and defaults may reduce the value of Fund shares and income distributions. The value of debt instruments also may decline because of concerns about the issuer’s ability to make principal and interest payments. In addition, the credit ratings of debt instruments may be lowered if the financial condition of the party obligated to make payments with respect to such instruments deteriorates. In the event of bankruptcy of the issuer of a debt instrument, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing the instrument. In order to enforce its rights in the event of a default, bankruptcy or similar situation, the Fund may be required to retain legal or similar counsel, which may increase the Fund’s operating expenses and adversely affect net asset value.

Interest Rate Risk. In general, the value of income securities will fluctuate based on changes in interest rates. The value of these securities is likely to increase when interest rates fall and decline when interest rates rise. Duration measures the time-weighted expected cash flows of a fixed-income security, while maturity refers to the amount of time until a fixed-income security matures. Generally, securities with longer durations or maturities are more sensitive to changes in interest rates than securities with shorter durations or maturities, causing them to be more volatile. Conversely, fixed-income securities with shorter durations or maturities will be less volatile but may provide lower returns than fixed-income securities with longer durations or maturities. The impact of interest rate changes is significantly less for floating-rate instruments that

have relatively short periodic rate resets (e.g., ninety days or less). In a rising interest rate environment, the durations or maturities of income securities that have the ability to be prepaid or called by the issuer may be extended. In a declining interest rate environment, the proceeds from prepaid or maturing instruments may have to be reinvested at a lower interest rate.

LIBOR Transition and Associated Risk. The London Interbank Offered Rate (“LIBOR”) is the average offered rate for various maturities of short-term loans between major international banks who are members of the British Bankers Association. LIBOR is the most common benchmark interest rate index used to make adjustments to variable-rate loans. It is used throughout global banking and financial industries to determine interest rates for a variety of financial instruments (such as debt instruments and derivatives) and borrowing arrangements.

Due to manipulation allegations in 2012 and reduced activity in the financial markets that it measures, in July 2017, the Financial Conduct Authority (the “FCA”), the United Kingdom financial regulatory body, announced a desire to phase out the use of LIBOR by the end of 2021.

Although the period from the FCA announcement until the end of 2021 is generally expected to be enough time for market participants to transition to the use of a different benchmark for new securities and transactions, there remains uncertainty regarding the future utilization of LIBOR and the specific replacement rate or rates. As such, the potential effect of a transition away from LIBOR on the Fund or the financial instruments utilized by the Fund cannot yet be determined. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition may also result in a change in (i) the value of certain instruments held by the Fund, (ii) the cost of temporary borrowing for the Fund, or (iii) the effectiveness of related Fund transactions such as hedges, as applicable. When LIBOR is discontinued, the LIBOR replacement rate may be lower than market expectations, which could have an adverse impact on the value of preferred and debt-securities with floating or fixed-to-floating rate coupons. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to the Fund. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the end of 2021.

Lower Rated Investments Risk. Investments rated below investment grade and comparable unrated investments (sometimes referred to as “junk”) have speculative characteristics because of the credit risk associated with their issuers. Changes in economic conditions or other circumstances typically have a greater effect on the ability of issuers of lower rated investments to make principal and interest payments than they do on issuers of higher rated investments. An economic downturn generally leads to a higher non-payment rate, and a lower rated investment may lose significant value before a default occurs. Lower rated investments typically are subject to greater price volatility and illiquidity than higher rated investments.

Derivatives Risk. The Fund’s exposure to derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other investments. The use of derivatives can lead to losses because of adverse movements in the price or value of the security, instrument, index, currency, commodity,

The Fund’s Investment Objectives, Principal Strategies and Principal Risks⁸ — continued

economic indicator or event underlying a derivative (“reference instrument”), due to failure of a counterparty or due to tax or regulatory constraints. Derivatives may create leverage in the Fund, which represents a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. Derivatives risk may be more significant when derivatives are used to enhance return or as a substitute for a cash investment position, rather than solely to hedge the risk of a position held by the Fund. Use of derivatives involves the exercise of specialized skill and judgment, and a transaction may be unsuccessful in whole or in part because of market behavior or unexpected events. Changes in the value of a derivative (including one used for hedging) may not correlate perfectly with the underlying reference instrument. Derivative instruments traded in over-the-counter markets may be difficult to value, may be illiquid, and may be subject to wide swings in valuation caused by changes in the value of the underlying reference instrument. If a derivative’s counterparty is unable to honor its commitments, the value of Fund shares may decline and the Fund could experience delays in the return of collateral or other assets held by the counterparty. The loss on derivative transactions may substantially exceed the initial investment, particularly when there is no stated limit on the Fund’s use of derivatives. A derivative investment also involves the risks relating to the reference instrument underlying the investment.

ETF Risk. ETFs are subject to the risks of investing in the underlying securities or other investments. ETF shares may trade at a premium or discount to net asset value and are subject to secondary market trading risks. In addition, the Fund will bear a pro rata portion of the operating expenses of an ETF in which it invests. Other pooled investment vehicles generally are subject to risks similar to those of ETFs.

Liquidity Risk. The Fund is exposed to liquidity risk when trading volume, lack of a market maker or trading partner, large position size, market conditions, or legal restrictions impair its ability to sell particular investments or to sell them at advantageous market prices. Consequently, the Fund may have to accept a lower price to sell an investment or continue to hold it or keep the position open, sell other investments to raise cash or abandon an investment opportunity, any of which could have a negative effect on the Fund’s performance. These effects may be exacerbated during times of financial or political stress.

Leverage Risk. Certain Fund transactions may give rise to leverage. Leverage can result from a non-cash exposure to the underlying reference instrument. Leverage can increase both the risk and return potential of the Fund. The Fund is required to segregate liquid assets or otherwise cover the Fund’s obligation created by a transaction that may give rise to leverage. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet segregation requirements. Leverage may cause the Fund’s share price to be more volatile than if it had not been leveraged, as certain types of leverage may exaggerate the effect of any increase or decrease in the Fund’s portfolio securities. The loss on leveraged investments may substantially exceed the initial investment.

Risks Associated with Active Management. The success of the Fund’s investment strategy depends on portfolio management’s successful application of analytical skills and investment judgment. Active management involves subjective decisions.

Recent Market Conditions. An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this coronavirus may last for an extended period of time and result in a substantial economic downturn. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak, and other epidemics and pandemics that may arise in the future, could negatively affect the worldwide economy, as well as the economies of individual countries, individual companies and the market in general in significant and unforeseen ways. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

Cybersecurity Risk. With the increased use of technologies by Fund service providers to conduct business, such as the Internet, the Fund is susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cybersecurity failures by or breaches of the Fund’s investment adviser or administrator and other service providers (including, but not limited to, the custodian or transfer agent), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations potentially resulting in financial losses, interference with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

General Fund Investing Risks. The Fund is not a complete investment program and there is no guarantee that the Fund will achieve its investment objective. It is possible to lose money by investing in the Fund. An investment in the Fund is not a deposit in a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

The views expressed in this report are those of the 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 and the Fund(s) disclaim 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.

MSCI World Index is an unmanaged index of equity securities in the developed markets. MSCI indexes are net of foreign withholding taxes. Source: MSCI. 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 hereunder. ICE BofA Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. 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. The Blended Index consists of 80% MSCI World Index and 20% ICE BofA Fixed Rate Preferred Securities Index, rebalanced monthly. 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.

³	Performance results reflect the effects of leverage.

⁴

The shares of the Fund often trade at a discount or premium to their net asset value. The discount or premium may vary over time and may be higher or lower than what is quoted in this report. For up-to-date premium/discount information, please refer to https://funds.eatonvance.com/closed-end-fund-prices.php.

⁵

The Distribution Rate is based on the Fund’s last regular distribution per share in the period (annualized) divided by the Fund’s NAV or market price at the end of the period. The Fund’s distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. For additional information about nondividend distributions, please refer to Eaton Vance Closed-End Fund Distribution Notices (19a) posted on our website, eatonvance.com. The Fund will determine the federal income tax character of distributions paid to a shareholder after the end of the calendar year. This is reported on the IRS form 1099-DIV and provided to the shareholder shortly after each year-end. For information about the tax character of distributions made in prior calendar years, please refer to Performance-Tax Character of Distributions on the Fund’s webpage available at eatonvance.com. The Fund’s distributions are determined by the investment adviser based

on its current assessment of the Fund’s long-term return potential. Fund distributions may be affected by numerous factors including changes in Fund performance, the cost of financing for leverage, portfolio holdings, realized and projected returns, and other factors. As portfolio and market conditions change, the rate of distributions paid by the Fund could change.

⁶

Total leverage is shown as a percentage of the Fund’s aggregate net assets plus borrowings outstanding. The Fund employs leverage through borrowings. Use of leverage creates an opportunity for income, but creates risks including greater price volatility. The cost of borrowings rises and falls with changes in short-term interest rates. The Fund may be required to maintain prescribed asset coverage for its leverage and may be required to reduce its leverage at an inopportune time.

⁷	Excludes cash and cash equivalents.

⁸	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 available for purchase and sale only at current market prices in secondary market trading.

Fund profile subject to change due to active management.

Additional Information

S&P 500^® Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. 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. Nasdaq Composite Index is a market capitalization-weighted index of all domestic and international securities listed on Nasdaq. Source: Nasdaq, Inc. The information is provided by Nasdaq (with its affiliates, are referred to as the “Corporations”) and Nasdaq’s third party licensors on an “as is” basis and the Corporations make no guarantees and bear no liability of any kind with respect to the information or the Fund. MSCI EAFE Index is an unmanaged index of equities in the developed markets, excluding the U.S. and Canada. MSCI Emerging Markets Index is an unmanaged index of emerging markets common stocks.

Important Notice to Shareholders

Effective March 24, 2020, the Fund may invest up to 10% of its total assets in exchange-traded funds (“ETFs”) that invest primarily in common and/or preferred stocks.

On August 13, 2020, the Board of Trustees of the Fund amended and restated the Fund’s By-Laws (the “Amended and Restated By-Laws”). The Amended and Restated By-Laws include provisions (the “Control Share Provisions”) pursuant to which, in summary, a shareholder who obtains beneficial ownership of Fund shares in a “Control Share Acquisition” may exercise voting rights with respect to such shares only to the extent the authorization of such voting rights is approved by

other shareholders of the Fund. The Control Share Provisions are primarily intended to protect the interests of the Fund and its shareholders by limiting the risk that the Fund will become subject to undue influence by opportunistic hedge funds or other activist investors. The Control Share Provisions do not eliminate voting rights for shares acquired in Control Share Acquisitions, but rather, they entrust the Fund’s other “non-interested” shareholders with determining whether to approve the authorization of voting rights for such shares. Subject to various conditions and exceptions, the Amended and Restated By-Laws define a “Control Share Acquisition” to include an acquisition of Fund shares that, but for the Control Share Provisions, would give the beneficial owner, upon the acquisition of such shares, the ability to exercise voting power in the election of Fund Trustees in any of the following ranges: (i) one-tenth or more, but less than one-fifth of all voting power; (ii) one-fifth or more, but less than one-third of all voting power; (iii) one-third or more, but less than a majority of all voting power; or (iv) a majority or more of all voting power. Share acquisitions prior to August 13, 2020 are excluded from the definition of Control Share Acquisition. This discussion is only a high-level summary of certain aspects of the Control Share Provisions, and is qualified in its entirety by reference to the full Amended and Restated By-Laws. The Amended and Restated By-Laws were filed by the Fund on Form 8-K with the Securities and Exchange Commission and are available at sec.gov.


Common Stocks — 106.4%
Security	Shares		Value

Banks — 7.6%

Banco Santander S.A.⁽¹⁾		3,343,730	$	6,696,004

Bank of New York Mellon Corp. (The)		622,578		21,391,780

Citigroup, Inc.		389,243		16,122,445

HDFC Bank, Ltd.⁽¹⁾		514,263		8,204,767

ING Groep NV⁽¹⁾		1,394,238		9,550,136

KeyCorp.		540,819		7,019,831

Mitsubishi UFJ Financial Group, Inc.		2,128,028		8,388,483

Mizuho Financial Group, Inc.		673,163		8,287,997

Sumitomo Mitsui Financial Group, Inc.		303,554		8,402,951

			$	94,064,394

Beverages — 1.1%

Diageo PLC		411,946	$	13,313,207

			$	13,313,207

Biotechnology — 0.9%

CSL, Ltd.		53,019	$	10,734,082

			$	10,734,082

Building Products — 0.9%

Assa Abloy AB, Class B		538,457	$	11,540,461

			$	11,540,461

Chemicals — 0.8%

Sika AG		39,586	$	9,738,344

			$	9,738,344

Construction & Engineering — 0.3%

Abengoa S.A., Class A⁽¹⁾⁽²⁾		311,491	$	0

Abengoa S.A., Class B⁽¹⁾⁽²⁾		3,220,895		0

Bouygues S.A.		102,123		3,348,963

			$	3,348,963

Construction Materials — 1.0%

CRH PLC		354,068	$	12,389,468

			$	12,389,468

Consumer Finance — 1.0%

Capital One Financial Corp.		105,251	$	7,691,743

OneMain Holdings, Inc.		121,689		4,245,729

			$	11,937,472


Security	Shares		Value

Diversified Financial Services — 2.2%

Berkshire Hathaway, Inc., Class B⁽¹⁾		67,306	$	13,589,081

ORIX Corp.		1,164,932		13,624,155

			$	27,213,236

Diversified Telecommunication Services — 0.5%

Telenor ASA		404,498	$	6,250,416

			$	6,250,416

Electric Utilities — 2.0%

Iberdrola S.A.		986,755	$	11,651,184

NextEra Energy, Inc.		180,052		13,181,607

			$	24,832,791

Electrical Equipment — 2.8%

AMETEK, Inc.⁽³⁾		193,834	$	19,034,499

Schneider Electric SE		131,234		15,945,772

			$	34,980,271

Electronic Equipment, Instruments & Components — 4.7%

CDW Corp.		82,547	$	10,120,262

Halma PLC		305,515		9,375,517

Keyence Corp.		46,311		21,016,974

Murata Manufacturing Co., Ltd.		118,484		8,309,123

Zebra Technologies Corp., Class A⁽¹⁾		32,287		9,157,885

			$	57,979,761

Entertainment — 2.2%

Nintendo Co., Ltd.		17,531	$	9,478,814

Walt Disney Co. (The)⁽³⁾		141,208		17,121,470

			$	26,600,284

Equity Real Estate Investment Trusts (REITs) — 1.5%

American Tower Corp.		44,620	$	10,246,983

Equity Residential		185,435		8,711,736

			$	18,958,719

Food & Staples Retailing — 0.8%

Kesko Oyj, Class B		371,509	$	9,533,136

			$	9,533,136

Food Products — 3.7%

Mondelez International, Inc., Class A⁽³⁾		435,175	$	23,116,496

Nestle S.A.		204,989		23,056,730

			$	46,173,226


Security	Shares		Value

Health Care Equipment & Supplies — 5.2%

Alcon, Inc.⁽¹⁾		173,324	$	9,854,010

Baxter International, Inc.		98,558		7,645,144

Boston Scientific Corp.⁽¹⁾⁽³⁾		465,964		15,968,586

Intuitive Surgical, Inc.⁽¹⁾		27,036		18,035,175

Straumann Holding AG		11,942		12,465,687

			$	63,968,602

Health Care Providers & Services — 0.9%

Anthem, Inc.		41,077	$	11,205,806

			$	11,205,806

Hotels, Restaurants & Leisure — 1.2%

Compass Group PLC		1,064,052	$	14,564,461

			$	14,564,461

Industrial Conglomerates — 1.1%

DCC PLC		203,021	$	13,192,702

			$	13,192,702

Insurance — 2.6%

AIA Group, Ltd.		1,533,558	$	14,595,137

Aviva PLC		2,435,586		8,124,076

AXA S.A.		615,916		9,891,178

Direct Line Insurance Group PLC		2		7

			$	32,610,398

Interactive Media & Services — 7.4%

Alphabet, Inc., Class C⁽¹⁾⁽⁴⁾		32,768	$	53,117,256

Facebook, Inc., Class A⁽¹⁾⁽³⁾		93,477		24,594,733

Tencent Holdings, Ltd.		174,291		13,316,810

			$	91,028,799

Internet & Direct Marketing Retail — 4.3%

Amazon.com, Inc.^(1)(3)(4)		17,276	$	52,452,527

			$	52,452,527

IT Services — 3.3%

Amadeus IT Group S.A.		307,484	$	14,650,430

Global Payments, Inc.		46,720		7,369,613

Visa, Inc., Class A⁽³⁾		104,069		18,910,378

			$	40,930,421


Security	Shares		Value

Leisure Products — 1.2%

Yamaha Corp.		318,276	$	15,087,928

			$	15,087,928

Life Sciences Tools & Services — 0.7%

Lonza Group AG		14,305	$	8,667,543

			$	8,667,543

Machinery — 4.2%

Ingersoll Rand, Inc.⁽¹⁾		363,384	$	12,696,637

Sandvik AB⁽¹⁾		729,402		13,001,654

SMC Corp.		21,503		11,437,558

Stanley Black & Decker, Inc.⁽³⁾		79,003		13,130,299

Wartsila OYJ Abp		157,240		1,249,557

			$	51,515,705

Metals & Mining — 1.4%

Rio Tinto, Ltd.		257,220	$	16,733,152

			$	16,733,152

Mortgage Real Estate Investment Trusts (REITs) — 0.5%

AGNC Investment Corp.		472,184	$	6,596,411

			$	6,596,411

Multi-Utilities — 0.6%

CMS Energy Corp.		121,655	$	7,704,411

			$	7,704,411

Oil, Gas & Consumable Fuels — 2.7%

Chevron Corp.		134,779	$	9,367,141

EOG Resources, Inc.		303,546		10,393,415

OMV AG		282,739		6,535,900

Phillips 66		147,114		6,864,339

			$	33,160,795

Personal Products — 1.8%

Unilever PLC		381,630	$	21,748,642

			$	21,748,642

Pharmaceuticals — 7.2%

Eli Lilly & Co.		82,153	$	10,717,680

Novo Nordisk A/S, Class B		194,227		12,385,008

Roche Holding AG PC		57,480		18,470,126

Sanofi		210,631		19,018,576


Security	Shares		Value

Pharmaceuticals (continued)

Takeda Pharmaceutical Co., Ltd.		250,097	$	7,728,644

Zoetis, Inc.⁽³⁾		128,085		20,307,877

			$	88,627,911

Professional Services — 3.3%

Recruit Holdings Co., Ltd.		455,514	$	17,332,602

RELX PLC		766,935		15,176,037

Verisk Analytics, Inc.		47,506		8,454,643

			$	40,963,282

Semiconductors & Semiconductor Equipment — 4.9%

ASML Holding NV		48,689	$	17,615,820

Infineon Technologies AG		513,653		14,300,704

Micron Technology, Inc.⁽¹⁾⁽³⁾		193,607		9,746,177

Taiwan Semiconductor Manufacturing Co., Ltd. ADR		220,605		18,502,141

			$	60,164,842

Software — 5.7%

Dassault Systemes SE		61,418	$	10,472,403

Intuit, Inc.		28,741		9,044,218

Microsoft Corp.⁽³⁾		252,890		51,202,638

			$	70,719,259

Specialty Retail — 2.6%

Lowe’s Cos., Inc.		98,951	$	15,644,153

TJX Cos., Inc. (The)⁽³⁾		311,026		15,800,121

			$	31,444,274

Technology Hardware, Storage & Peripherals — 3.0%

Apple, Inc.⁽³⁾		345,017	$	37,558,551

			$	37,558,551

Textiles, Apparel & Luxury Goods — 3.9%

adidas AG⁽¹⁾		78,216	$	23,238,354

Cie Financiere Richemont S.A.		111,972		6,998,672

LVMH Moet Hennessy Louis Vuitton SE		39,108		18,331,785

			$	48,568,811

Trading Companies & Distributors — 1.2%

Mitsubishi Corp.		342,855	$	7,649,562

Mitsui & Co., Ltd.		461,291		7,225,427

			$	14,874,989


Security	Shares		Value

Transportation — 0.4%

Kuehne & Nagel International AG		23,797	$	4,756,141

			$	4,756,141

Wireless Telecommunication Services — 1.1%

NTT DoCoMo, Inc.		357,142	$	13,298,251

			$	13,298,251

Total Common Stocks (identified cost $1,204,221,600)			$	1,311,732,845

Preferred Stocks — 6.2%
Security	Shares		Value

Banks — 1.6%

AgriBank FCB, 6.875% to 1/1/24⁽⁵⁾		50,890	$	5,521,565

CoBank ACB, Series F, 6.25% to 10/1/22⁽⁵⁾		37,717		3,960,285

Farm Credit Bank of Texas, 6.75% to 9/15/23⁽⁵⁾⁽⁶⁾		7,600		820,800

Huntington Bancshares, Inc., Series D, 6.25%		66,700		1,708,854

Texas Capital Bancshares, Inc., 6.50%		122,097		3,103,706

Wells Fargo & Co., Series AA, 4.70%		67,200		1,659,840

Wells Fargo & Co., Series L, 7.50% (Convertible)		1,462		1,971,887

Wells Fargo & Co., Series Z, 4.75%		34,921		872,326

			$	19,619,263

Capital Markets — 0.1%

Affiliated Managers Group, Inc., 4.75%		54,225	$	1,408,766

			$	1,408,766

Electric Utilities — 0.8%

Interstate Power & Light Co., Series D, 5.10%		10,472	$	268,921

SCE Trust III, Series H, 5.75% to 3/15/24⁽⁵⁾		253,661		5,605,908

Southern Co. (The), 4.95%		142,000		3,745,960

			$	9,620,789

Equity Real Estate Investment Trusts (REITs) — 0.4%

SITE Centers Corp., Series A, 6.375%		139,400	$	3,401,360

SITE Centers Corp., Series K, 6.25%		21,025		504,390

Vornado Realty Trust, Series K, 5.70%		25,380		624,855

			$	4,530,605

Food Products — 0.8%

Dairy Farmers of America, Inc., 7.875%⁽⁶⁾		86,230	$	7,760,700

Ocean Spray Cranberries, Inc., Series A, 6.25%⁽⁶⁾		18,430		1,515,868

			$	9,276,568


Security	Shares		Value

Independent Power and Renewable Electricity Producers — 0.1%

Algonquin Power & Utilities Corp., Series 19-A, 6.20% to 7/1/24⁽⁵⁾		66,400	$	1,783,670

			$	1,783,670

Insurance — 0.9%

American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25⁽⁵⁾		185,406	$	4,831,680

Athene Holding, Ltd., Series C, 6.375% to 6/30/25⁽⁵⁾		234,000		6,294,600

			$	11,126,280

Oil, Gas & Consumable Fuels — 0.5%

NuStar Energy, L.P., Series B, 7.625% to 6/15/22⁽⁵⁾		403,475	$	6,677,511

			$	6,677,511

Pipelines — 0.3%

Energy Transfer Operating, L.P., Series C, 7.375% to 5/15/23⁽⁵⁾		116,000	$	2,121,640

Energy Transfer Operating, L.P., Series E, 7.60% to 5/15/24⁽⁵⁾		59,950		1,166,028

			$	3,287,668

Real Estate Management & Development — 0.7%

Brookfield Property Partners, L.P., Series A, 5.75%		224,848	$	4,362,051

Brookfield Property Partners, L.P., Series A-1, 6.50%		102,075		2,131,326

Brookfield Property Partners, L.P., Series A2, 6.375%		134,005		2,706,901

			$	9,200,278

Total Preferred Stocks (identified cost $83,064,200)			$	76,531,398

Corporate Bonds & Notes — 13.0%
Security	Principal Amount (000’s omitted)		Value

Automobiles — 0.2%

General Motors Financial Co., Inc., Series C, 5.70% to 9/30/30⁽⁵⁾⁽⁷⁾	$	2,048	$	2,124,800

			$	2,124,800

Banks — 5.5%

Banco Mercantil del Norte S.A./Grand Cayman, 7.50% to 6/27/29^(5)(6)(7)	$	2,470	$	2,442,682

Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28^(5)(6)(7)		1,160		1,160,000


Security	Principal Amount (000’s omitted)		Value

Banks (continued)

Banco Mercantil del Norte S.A./Grand Cayman, 8.375% to 10/14/30^(5)(6)(7)	$	1,105	$	1,174,350

Bank of New York Mellon Corp. (The), Series G, 4.70% to 9/20/25⁽⁵⁾⁽⁷⁾		1,452		1,557,270

Barclays PLC, 6.125% to 12/15/25⁽⁵⁾⁽⁷⁾		2,500		2,549,710

Barclays PLC, 7.875% to 3/15/22^(5)(7)(8)		3,365		3,480,419

Citigroup, Inc., 5.95% to 1/30/23⁽⁵⁾⁽⁷⁾		2,100		2,179,754

Citigroup, Inc., Series M, 6.30% to 5/15/24⁽⁵⁾⁽⁷⁾		6,675		6,933,656

Comerica, Inc., 5.625% to 7/1/25⁽⁵⁾⁽⁷⁾		2,922		3,126,896

Credit Suisse Group AG, 7.50% to 7/17/23^(5)(6)(7)		5,917		6,286,872

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(5)(6)(7)		3,200		3,202,608

HSBC Holdings PLC, 6.375% to 9/17/24⁽⁵⁾⁽⁷⁾		1,515		1,562,427

HSBC Holdings PLC, 6.875% to 6/1/21⁽⁵⁾⁽⁷⁾		4,445		4,511,165

Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30⁽⁵⁾⁽⁷⁾		2,926		3,280,778

ING Groep NV, 6.50% to 4/16/25⁽⁵⁾⁽⁷⁾		3,100		3,293,750

Lloyds Banking Group PLC, 7.50% to 6/27/24⁽⁵⁾⁽⁷⁾		6,125		6,475,472

Natwest Group PLC, 6.00% to 12/29/25⁽⁵⁾⁽⁷⁾		1,642		1,703,082

Natwest Group PLC, 8.00% to 8/10/25⁽⁵⁾⁽⁷⁾		5,035		5,647,256

Regions Financial Corp., Series D, 5.75% to 6/15/25⁽⁵⁾⁽⁷⁾		1,500		1,610,625

Standard Chartered PLC, 6.00% to 7/26/25^(5)(6)(7)		3,149		3,243,470

Truist Financial Corp., Series P, 4.95% to 9/1/25⁽⁵⁾⁽⁷⁾		1,463		1,554,438

Zions Bancorp NA, 5.80% to 6/15/23⁽⁵⁾⁽⁷⁾		1,501		1,452,953

			$	68,429,633

Capital Markets — 1.7%

AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79⁽⁵⁾	$	3,010	$	2,388,149

Charles Schwab Corp. (The), Series G, 5.375% to 6/1/25⁽⁵⁾⁽⁷⁾		4,621		5,071,547

Morgan Stanley, Series J, 4.047% to 1/15/21⁽⁵⁾⁽⁷⁾		5,850		5,741,235

UBS Group AG, 6.875% to 8/7/25^(5)(7)(8)		7,463		8,258,183

			$	21,459,114

Diversified Financial Services — 0.6%

Alpha Holding S.A. de CV, 9.00%, 2/10/25⁽⁶⁾	$	3,235	$	2,410,884

Alpha Holding S.A. de CV, 10.00%, 12/19/22⁽⁶⁾		470		391,867

Discover Financial Services, Series D, 6.125% to 6/23/25⁽⁵⁾⁽⁷⁾		2,397		2,589,959

Textron Financial Corp., 2.015%, (3 mo. USD LIBOR + 1.735%), 2/15/67⁽⁶⁾⁽⁹⁾		1,719		1,197,627

Unifin Financiera SAB de CV, 7.375%, 2/12/26⁽⁶⁾		1,325		1,060,013

			$	7,650,350


Security	Principal Amount (000’s omitted)		Value

Electric Utilities — 1.3%

Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76⁽⁵⁾	$	3,025	$	3,355,466

NextEra Energy Capital Holdings, Inc., 5.65% to 5/1/29, 5/1/79⁽⁵⁾		3,502		3,955,619

Sempra Energy, 4.875% to 10/15/25⁽⁵⁾⁽⁷⁾		5,550		5,785,875

Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57⁽⁵⁾		2,469		2,539,108

			$	15,636,068

Food Products — 0.8%

Land O’ Lakes, Inc., 8.00%⁽⁶⁾⁽⁷⁾	$	9,541	$	9,493,295

			$	9,493,295

Gas Utilities — 0.4%

NiSource, Inc., 5.65% to 6/15/23⁽⁵⁾⁽⁷⁾	$	4,965	$	4,967,433

			$	4,967,433

Insurance — 0.5%

QBE Insurance Group, Ltd., 5.875% to 5/12/25^(5)(6)(7)	$	5,181	$	5,543,670

			$	5,543,670

Multi-Utilities — 0.6%

Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23⁽⁵⁾⁽⁷⁾	$	6,450	$	6,529,203

Dominion Resources, Inc., 5.75% to 10/1/24, 10/1/54⁽⁵⁾		873		944,488

			$	7,473,691

Oil, Gas & Consumable Fuels — 1.2%

DCP Midstream, L.P., Series A, 7.375% to 12/15/22⁽⁵⁾⁽⁷⁾	$	6,375	$	4,148,264

EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22 ⁽⁵⁾⁽⁷⁾		9,900		4,207,500

Gran Tierra Energy, Inc., 7.75%, 5/23/27⁽⁶⁾		3,675		1,203,599

Odebrecht Oil & Gas Finance, Ltd., 0.00% ⁽⁶⁾⁽⁷⁾		6,981		17,452

Plains All American Pipeline, L.P., 6.125% to 11/15/22⁽⁵⁾⁽⁷⁾		8,080		4,999,500

			$	14,576,315


Security	Principal Amount (000’s omitted)		Value

Pipelines — 0.2%

Energy Transfer Operating, L.P., Series B, 6.625% to 2/15/28⁽⁵⁾⁽⁷⁾	$	3,543	$	2,521,713

			$	2,521,713

Total Corporate Bonds & Notes (identified cost $172,489,837)			$	159,876,082

Exchange-Traded Funds — 1.9%
Security	Shares		Value

Equity Funds — 1.9%

First Trust Preferred Securities and Income ETF		578,948	$	11,098,433

iShares Preferred & Income Securities ETF		355,637		12,881,172

Total Exchange-Traded Funds (identified cost $23,602,705)			$	23,979,605

Short-Term Investments — 0.9%
Description	Units		Value

Eaton Vance Cash Reserves Fund, LLC, 0.12%⁽¹⁰⁾		10,970,971	$	10,970,971

Total Short-Term Investments (identified cost $10,970,971)			$	10,970,971

Total Investments — 128.4%⁽¹¹⁾ (identified cost $1,494,349,313)			$	1,583,090,901

Other Assets, Less Liabilities — (28.4)%			$	(349,935,112	)

Net Assets — 100.0%			$	1,233,155,789

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

⁽¹⁾

Non-income producing security.

⁽²⁾

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

⁽³⁾

All or a portion of this security was on loan at October 31, 2020 pursuant to the Liquidity Agreement (see Note 7). The aggregate market value of securities on loan at October 31, 2020 was $193,613,021.

⁽⁴⁾

Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

⁽⁵⁾

Security converts to variable rate after the indicated fixed-rate coupon period.

⁽⁶⁾

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At October 31, 2020, the aggregate value of these securities is $48,925,757 or 4.0% of the Fund’s net assets.

⁽⁷⁾

Perpetual security with no stated maturity date but may be subject to calls by the issuer.

⁽⁸⁾

Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At October 31, 2020, the aggregate value of these securities is $11,738,602 or 1.0% of the Fund’s net assets.

⁽⁹⁾

Variable rate security. The stated dividend/interest rate represents the rate in effect at October 31, 2020.

⁽¹⁰⁾	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 October 31, 2020.

⁽¹¹⁾	The Fund has granted a security interest in all the Fund’s investments, unless otherwise pledged, in connection with the Liquidity Agreement (see Note 7).


Country Concentration of Portfolio
Country	Percentage of Total Investments			Value

United States		51.3	%	$	812,714,319

Japan		9.9			157,268,469

United Kingdom		8.9			141,400,802

Switzerland		6.9			108,552,308

France		4.9			77,008,677

Germany		2.4			37,539,058

Spain		2.1			32,997,618

Netherlands		1.9			30,459,706

Sweden		1.6			24,542,115

Taiwan		1.2			18,502,141

Australia		1.0			16,277,752

Ireland		0.9			14,777,617

Hong Kong		0.9			14,595,137

China		0.8			13,316,810

Denmark		0.8			12,385,008

Finland		0.7			10,782,693

Mexico		0.6			8,639,796

India		0.5			8,204,767

Austria		0.4			6,535,900

Canada		0.4			6,342,735

Norway		0.4			6,250,416

Brazil		0.0	⁽¹⁾		17,452

Exchange-Traded Funds		1.5			23,979,605

Total Investments		100.0	%	$	1,583,090,901

⁽¹⁾

Amount is less than 0.05%.

Eaton Vance Tax-Advantaged Global Dividend Income Fund (the Fund) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, closed-end management investment company. The Fund’s investment objective is to provide a high level of after-tax total return consisting primarily of tax-advantaged dividend income and capital appreciation. The Fund pursues its objective by investing primarily in dividend-paying common and preferred stocks.

The following is a summary of significant accounting policies of the Fund. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation — The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ Global or Global Select Market generally are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices or, in the case of preferred equity securities that are not listed or traded in the over-the-counter market, by a third party pricing service that uses various techniques that consider factors including, but not limited to, prices or yields of securities with similar characteristics, benchmark yields, broker/dealer quotes, quotes of underlying common stock, issuer spreads, as well as industry and economic events.

Debt Obligations. Debt obligations are generally valued on the basis of valuations provided by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and ask prices, broker/dealer quotations, prices or yields of securities with similar characteristics, interest rates, anticipated prepayments, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term debt obligations purchased with a remaining maturity of sixty days or less for which a valuation from a third party pricing service is not readily available may be valued at amortized cost, which approximates fair value.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below. Forward foreign currency exchange contracts are generally valued at the mean of the average bid and average ask prices that are reported by currency dealers to a third party pricing service at the valuation time. Such third party pricing service valuations are supplied for specific settlement periods and the Fund’s forward foreign currency exchange contracts are valued at an interpolated rate between the closest preceding and subsequent settlement period reported by the third party pricing service.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign financial futures contracts that meet certain criteria, the Fund’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities and foreign financial futures contracts.

Affiliated Fund. The Fund may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund), an affiliated investment company managed by Eaton Vance Management (EVM). While Cash Reserves Fund is not a registered money market mutual fund, it conducts all of its investment activities in accordance with the requirements of Rule 2a-7 under the 1940 Act. Investments in Cash Reserves Fund are valued at the closing net asset value per unit on the valuation day. Cash Reserves Fund generally values its investment securities based on available market quotations provided by a third party pricing service.

Fair Valuation. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Fund in a manner that most fairly reflects the security’s “fair value”, which is the amount that the Fund might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions — Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income — Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Fund is informed of the ex-dividend date. Withholding taxes on foreign dividends, interest and capital gains have been provided for in accordance with the Fund’s understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Fund has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these reclaims, and the potential timing of payment, no amounts are reflected in the financial statements for such outstanding reclaims. Interest income is recorded on the basis of interest accrued, adjusted for amortization of premium or accretion of discount. Distributions from investment companies are recorded as dividend income, capital gains or return of capital based on the nature of the distribution.

D Federal Taxes — The Fund’s policy is to comply with the provisions of the Internal Revenue Code applicable to regulated investment companies and to distribute to shareholders each year substantially all of its net investment income, and all or substantially all of its net realized capital gains. Accordingly, no provision for federal income or excise tax is necessary.

As of October 31, 2020, the Fund had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Fund files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

E Foreign Currency Translation — Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Use of Estimates — The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications — Under the Fund’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Fund. Under Massachusetts law, if certain conditions prevail, shareholders of a Massachusetts business trust (such as the Fund) could be deemed to have personal liability for the obligations of the Fund. However, the Fund’s Declaration of Trust contains an express disclaimer of liability on the part of Fund shareholders and the By-laws provide that the Fund shall assume, upon request by the shareholder, the defense on behalf of any Fund shareholders. Moreover, the By-laws also provide for indemnification out of Fund property of any shareholder held personally liable solely by reason of being or having been a shareholder for all loss or expense arising from such liability. Additionally, in the normal course of business, the Fund enters into agreements with service providers that may contain indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

H Financial Futures Contracts — Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security or index, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

I Forward Foreign Currency Exchange Contracts — The Fund may enter into forward foreign currency exchange contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded as unrealized until such time as the contracts have been closed. Risks may arise upon entering these contracts from the potential inability of counterparties to meet the terms of their contracts and from movements in the value of a foreign currency relative to the U.S. dollar.

Subject to its Managed Distribution Plan, the Fund intends to make monthly distributions from its net investment income, net capital gain (which is the excess of net long-term capital gain over net short-term capital loss) and other sources. The Fund intends to distribute all or substantially all of its net realized capital gains. Distributions are recorded on the ex-dividend date. Distributions to shareholders are determined in accordance with income tax regulations, which may differ from U.S. GAAP. As required by U.S. GAAP, only distributions in excess of tax basis earnings and profits are reported in the financial statements as a return of capital. Permanent differences between book and tax accounting relating to distributions are reclassified to paid-in capital. For tax purposes, distributions from short-term capital gains are considered to be from ordinary income. Distributions in any year may include a return of capital component.

The tax character of distributions declared for the years ended October 31, 2020 and October 31, 2019 was as follows:

As of October 31, 2020, the components of distributable earnings (accumulated loss) on a tax basis were as follows:

At October 31, 2020, the Fund, for federal income tax purposes, had deferred capital losses of $136,150,927 which would reduce its taxable income arising from future net realized gains on investment transactions, if any, to the extent permitted by the Internal Revenue Code, and thus would reduce the amount of distributions to shareholders, which would otherwise be necessary to relieve the Fund of any liability for federal income or excise tax. The deferred capital losses are treated as arising on the first day of the Fund’s next taxable year and retain the same short-term or long-term character as when originally deferred. Of the deferred capital losses at October 31, 2020, $136,150,927 are short-term.

The cost and unrealized appreciation (depreciation) of investments, including open derivative contracts, of the Fund at October 31, 2020, as determined on a federal income tax basis, were as follows:

The investment adviser fee is earned by EVM, a wholly-owned subsidiary of Eaton Vance Corp., as compensation for management and investment advisory services rendered to the Fund. Pursuant to the investment advisory agreement and subsequent fee reduction agreement, the fee is computed at an annual rate of 0.85% of the Fund’s average daily gross assets up to and including $1.5 billion, 0.83% over $1.5 billion up to and including $3 billion, and at reduced rates on daily gross assets over $3 billion, and is payable monthly. Gross assets as referred to herein represent net assets plus obligations attributable to investment leverage. The fee reduction cannot be terminated without the consent of a majority of Trustees and a majority of shareholders. For the year ended October 31, 2020, the Fund’s investment adviser fee amounted to $14,084,094, or 0.85% of the Fund’s average daily gross assets. Pursuant to a sub-advisory agreement, EVM pays Eaton Vance Advisers International Ltd. (EVAIL), an indirect, wholly-owned subsidiary of Eaton Vance Corp., a portion of its investment adviser fee for sub-advisory services provided to the Fund. The Fund invests its cash in Cash Reserves Fund. EVM does not currently receive a fee for advisory services provided to Cash Reserves Fund. EVM also serves as administrator of the Fund, but receives no compensation.

Trustees and officers of the Fund who are members of EVM’s organization receive remuneration for their services to the Fund out of the investment adviser fee. Trustees of the Fund who are not affiliated with EVM may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. For the year ended October 31, 2020, no significant amounts have been deferred. Certain officers and Trustees of the Fund are officers of EVM.

Purchases and sales of investments, other than short-term obligations, aggregated $3,630,721,228 and $3,686,299,397, respectively, for the year ended October 31, 2020.

The Fund may issue common shares pursuant to its dividend reinvestment plan. There were no common shares issued by the Fund for the years ended October 31, 2020 and October 31, 2019.

In November 2013, the Board of Trustees initially approved a share repurchase program for the Fund. Pursuant to the reauthorization of the share repurchase program by the Board of Trustees in March 2019, the Fund is authorized to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year at market prices when shares are trading at a discount to net asset value. The share repurchase program does not obligate the Fund to purchase a specific amount of shares. There were no repurchases of common shares by the Fund for the years ended October 31, 2020 and October 31, 2019.

The Fund may trade in financial instruments with off-balance sheet risk in the normal course of its investing activities. These financial instruments may include futures contracts and forward foreign currency exchange contracts and may involve, to a varying degree, elements of risk in excess of the amounts recognized for financial statement purposes. The notional or contractual amounts of these instruments represent the investment the Fund has in particular classes of financial instruments and do not necessarily represent the amounts potentially subject to risk. The measurement of the risks associated with these instruments is meaningful only when all related and offsetting transactions are considered. A summary of obligations under these financial instruments at October 31, 2020 is included in the Portfolio of Investments. At October 31, 2020, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Equity Price Risk: The Fund enters into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.

Foreign Exchange Risk: The Fund engages in forward foreign currency exchange contracts to seek to hedge against fluctuations in currency exchange rates.

The Fund enters into forward foreign currency exchange contracts that may contain provisions whereby the counterparty may terminate the contract under certain conditions, including but not limited to a decline in the Fund’s net assets below a certain level over a certain period of time, which would trigger a payment by the Fund for those derivatives in a liability position. At October 31, 2020, the Fund had no open derivatives with credit-related contingent features in a net liability position.

The over-the-counter (OTC) derivatives in which the Fund invests are subject to the risk that the counterparty to the contract fails to perform its obligations under the contract. To mitigate this risk, the Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, set-off provisions in the event of a default and/or termination event as defined under the relevant ISDA Master Agreement. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy or insolvency. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements, which would cause the counterparty to accelerate payment by the Fund of any net liability owed to it.

The collateral requirements for derivatives traded under an ISDA Master Agreement are governed by a Credit Support Annex to the ISDA Master Agreement. Collateral requirements are determined at the close of business each day and are typically based on changes in market values for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral due from or to a counterparty is subject to a minimum transfer threshold amount before a transfer is required, which may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. The portion of such collateral representing cash, if any, is reflected as deposits for derivatives collateral and, in the case of cash pledged by a counterparty for the benefit of the Fund, a corresponding liability on the Statement of Assets and Liabilities. Securities pledged by the Fund as collateral, if any, are identified as such in the Portfolio of Investments.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at October 31, 2020 was as follows:

The Fund’s derivative assets and liabilities at fair value by risk, which are reported gross in the Statement of Assets and Liabilities, are presented in the table above. The following table presents the Fund’s derivative assets by counterparty, net of amounts available for offset under a master netting agreement and net of the related collateral received by the Fund for such assets as of October 31, 2020.

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure for the year ended October 31, 2020 was as follows:

The average notional cost of futures contracts and average notional amounts of other derivative contracts outstanding during the year ended October 31, 2020, which are indicative of the volume of these derivative types, were approximately as follows:

Effective August 28, 2020, the Fund entered into a Liquidity Agreement (the Agreement) with State Street Bank and Trust Company (SSBT) that allows the Fund to borrow or otherwise access up to $435 million through securities lending transactions, direct loans from SSBT or a combination of both. The Fund has granted to SSBT a security interest in all its cash, securities and other financial assets, unless otherwise pledged, to secure the payment and performance of its obligations under the Agreement. Pursuant to the terms of the Agreement, the Fund has made its securities available for securities lending transactions by SSBT acting as securities lending agent for the Fund. Securities lending transactions are required to be secured with cash collateral received from the securities borrowers equal at all times to at least 100%, 102% or 105% of the market value of the securities loaned, depending on the type of security. The market value of securities loaned is determined daily and any additional required collateral is delivered to SSBT on the next business day. The Fund is subject to the possible delay in the recovery of loaned securities. Pursuant to the Agreement, SSBT has provided indemnification to the Fund in the event of default by a securities borrower with respect to security loans. However, the Fund retains all risk of loss and gains associated with securities purchased using cash received as collateral for security loans. The Fund is entitled to receive from securities borrowers all substitute interest, dividends and other distributions paid with respect to the securities on loan. The Fund may instruct SSBT to recall a security on loan at any time. At October 31, 2020, the value of the securities loaned and the value of the cash collateral received by SSBT, which exceeded the value of the securities loaned, amounted to $193,613,021 and $201,088,699, respectively.

Interest on borrowings outstanding under the Agreement is charged at a rate equal to 1-month LIBOR plus 0.50%, payable monthly. SSBT retains all net fees that may arise in connection with securities lending transactions. If the value of securities available to lend falls below a prescribed level, the interest rate may be increased. If the Fund utilizes less than 50% of the commitment amount, it will be charged a monthly non-usage fee of 0.25% per annum on the unused portion of the commitment. The Agreement may be terminated by either SSBT or the Fund upon 360 days’ prior written notice to the other party and after the second anniversary of the Agreement, by the Fund upon 90 days’ prior written notice to SSBT. If certain asset coverage and collateral requirements or other covenants are not met, the Agreement could be deemed in default and result in termination. At October 31, 2020, the Fund had borrowings outstanding under the Agreement of $370 million at an annual interest rate of 0.64%, which are shown as Liquidity Agreement borrowings on the Statement of Assets and Liabilities. The carrying amount of the borrowings at October 31, 2020 approximated its fair value. If measured at fair value, borrowings under the Agreement would have been considered as Level 2 in the fair value hierarchy (see Note 10) at October 31, 2020.

Prior to August 28, 2020, the Fund had a Credit Agreement with another major financial institution that allowed it to borrow up to $498 million over a rolling 179 calendar day period. Interest was charged at a rate above 1-month LIBOR and was payable monthly. The Fund was charged a commitment fee of 0.30% per annum on the unused portion of the commitment if outstanding borrowings were less than 80% of the borrowing limit. For the year ended October 31, 2020, the aggregate average borrowings under the Agreement and Credit Agreement and the average interest rate (excluding fees) were $392,691,257 and 1.58%, respectively.

Prior to August 28, 2020, the Fund participated in a securities lending agreement with SSBT as securities lending agent in which the Fund loaned portfolio securities to qualified borrowers in exchange for collateral consisting of either cash or securities issued or guaranteed by the U.S. government or its agencies or instrumentalities in an amount at least equal to the market value of the securities on loan. The market value of securities loaned was determined daily and any additional required collateral was delivered to the Fund on the next business day. Cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market fund registered under the 1940 Act. The Fund earned interest on the amount invested but it paid (and at times received from) the broker a loan rebate fee computed as a varying percentage of the collateral received. For security loans secured by non-cash collateral, the Fund earned a negotiated lending fee from the borrower. A portion of the income earned by the Fund from its investment of cash collateral, net of rebate fees, and lending fees received was allocated to SSBT for its services as lending agent and the portion allocated to the Fund is presented as securities lending income, net on the Statement of Operations.

At October 31, 2020, the value of the Fund’s investment in affiliated funds was $10,970,971, which represents 0.9% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the year ended October 31, 2020 were as follows:

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.

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.

At October 31, 2020, the hierarchy of inputs used in valuing the Fund’s investments and open derivative instruments, which are carried at value, were as follows:

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for year ended October 31, 2020 is not presented.

Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Certain foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations, expropriation or confiscatory taxation, limitation on the removal of funds or other assets of the Fund, political or financial instability or diplomatic and other developments which could affect such investments. Foreign securities markets, while growing in volume and sophistication, are generally not as developed as those in the United States, and securities of some foreign issuers (particularly those located in developing countries) may be less liquid and more volatile than securities of comparable U.S. companies. In general, there is less overall governmental supervision and regulation of foreign securities markets, broker/dealers and issuers than in the United States.

An outbreak of respiratory disease caused by a novel coronavirus was first detected in China in December 2019 and subsequently spread internationally. This coronavirus has resulted in closing borders, enhanced health screenings, changes to healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. Health crises caused by outbreaks, such as the coronavirus outbreak, may exacerbate other pre-existing political, social and economic risks and disrupt normal market conditions and operations. The impact of this outbreak has negatively affected the worldwide economy, the economies of individual countries, individual companies, and the market in general, and may continue to do so in significant and unforeseen ways, as may other epidemics and pandemics that may arise in the future. Any such impact could adversely affect the Fund’s performance, or the performance of the securities in which the Fund invests.

On October 8, 2020, Morgan Stanley and Eaton Vance Corp. (“Eaton Vance”) announced that they had entered into a definitive agreement under which Morgan Stanley would acquire Eaton Vance. Under the Investment Company Act of 1940, as amended, consummation of this transaction may be deemed to result in the automatic termination of an Eaton Vance Fund’s investment advisory agreement, and, where applicable, any related sub-advisory agreement. On November 10, 2020, the Fund’s Board approved a new investment advisory agreement and a new sub-advisory agreement. The new investment advisory agreement and new sub-advisory agreement will be presented to Fund shareholders for approval, and, if approved, would take effect upon consummation of the transaction. Shareholders of record of the Fund at the close of business on October 29, 2020 who have voting power with respect to such shares are entitled to be present and vote at a joint special meeting of shareholders to be held on January 7, 2021 and at any adjournments or postponements thereof.

To the Trustees and Shareholders of Eaton Vance Tax-Advantaged Global Dividend Income Fund:

We have audited the accompanying statement of assets and liabilities of Eaton Vance Tax-Advantaged Global Dividend Income Fund (the “Fund”), including the portfolio of investments, as of October 31, 2020, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2020, and the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Eaton Vance investment companies since 1959.

The Form 1099-DIV you receive in February 2021 will show the tax status of all distributions paid to your account in calendar year 2020. Shareholders are advised to consult their own tax adviser with respect to the tax consequences of their investment in the Fund. As required by the Internal Revenue Code and/or regulations, shareholders must be notified regarding the status of qualified dividend income for individuals and the dividends received deduction for corporations.

Qualified Dividend Income. For the fiscal year ended October 31, 2020, the Fund designates approximately $105,187,865, or up to the maximum amount of such dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income eligible for the reduced tax rate of 15%.

Dividends Received Deduction. Corporate shareholders are generally entitled to take the dividends received deduction on the portion of the Fund’s dividend distribution that qualifies under tax law. For the Fund’s fiscal 2020 ordinary income dividends, 21.44% qualifies for the corporate dividends received deduction.

The Fund held its Annual Meeting of Shareholders on August 13, 2020. The following action was taken by the shareholders:

Proposal 1: The election of Thomas E. Faust Jr., Mark R. Fetting, William H. Park and Keith Quinton as Class II Trustees of the Fund for a three-year term expiring in 2023.

The Fund offers a dividend reinvestment plan (Plan) pursuant to which shareholders may elect to have distributions automatically reinvested in common shares (Shares) of the Fund. You may elect to participate in the Plan by completing the Dividend Reinvestment Plan Application Form. If you do not participate, you will receive all distributions in cash paid by check mailed directly to you by American Stock Transfer & Trust Company, LLC (AST) as dividend paying agent. On the distribution payment date, if the NAV per Share is equal to or less than the market price per Share plus estimated brokerage commissions, then new Shares will be issued. The number of Shares shall be determined by the greater of the NAV per Share or 95% of the market price. Otherwise, Shares generally will be purchased on the open market by AST, the Plan agent (Agent). Distributions subject to income tax (if any) are taxable whether or not Shares are reinvested.

If your Shares are in the name of a brokerage firm, bank, or other nominee, you can ask the firm or nominee to participate in the Plan on your behalf. If the nominee does not offer the Plan, you will need to request that the Fund’s transfer agent re-register your Shares in your name or you will not be able to participate.

The Agent’s service fee for handling distributions will be paid by the Fund. Plan participants will be charged their pro rata share of brokerage commissions on all open-market purchases.

Plan participants may withdraw from the Plan at any time by writing to the Agent at the address noted on the following page. If you withdraw, you will receive Shares in your name for all Shares credited to your account under the Plan. If a participant elects by written notice to the Agent to sell part or all of his or her Shares and remit the proceeds, the Agent is authorized to deduct a $5.00 fee plus brokerage commissions from the proceeds.

If you wish to participate in the Plan and your Shares are held in your own name, you may complete the form on the following page and deliver it to the Agent. Any inquiries regarding the Plan can be directed to the Agent at 1-866-439-6787.

The following authorization and appointment is given with the understanding that I may terminate it at any time by terminating my participation in the Plan as provided in the terms and conditions of the Plan.

Please sign exactly as your common shares are registered. All persons whose names appear on the share certificate must sign.

YOU SHOULD NOT RETURN THIS FORM IF YOU WISH TO RECEIVE YOUR DISTRIBUTIONS IN CASH. THIS IS NOT A PROXY.

This authorization form, when signed, should be mailed to the following address:

Fund Management. The Trustees of Eaton Vance Tax-Advantaged Global Dividend Income Fund (the Fund) are responsible for the overall management and supervision of the Fund’s affairs. The Trustees and officers of the Fund are listed below. Except as indicated, each individual has held the office shown or other offices in the same company for the last five years. The “Noninterested Trustees” consist of those Trustees who are not “interested persons” of the Fund, as that term is defined under the 1940 Act. The business address of each Trustee and officer is Two International Place, Boston, Massachusetts 02110. As used below, “EVC” refers to Eaton Vance Corp., “EV” refers to Eaton Vance, Inc., “EVM” refers to Eaton Vance Management, “BMR” refers to Boston Management and Research and “EVD” refers to Eaton Vance Distributors, Inc. EVC and EV are the corporate parent and trustee, respectively, of EVM and BMR. Each officer affiliated with Eaton Vance may hold a position with other Eaton Vance affiliates that is comparable to his or her position with EVM listed below. Each Trustee oversees 143 portfolios (with the exception of Messrs. Faust and Wennerholm and Ms. Frost who oversee 142 portfolios) in the Eaton Vance Complex (including all master and feeder funds in a master feeder structure). Each officer serves as an officer of certain other Eaton Vance funds.

Privacy. The Eaton Vance organization is committed to ensuring your financial privacy. Each entity listed below has adopted a privacy policy and procedures (“Privacy Program”) Eaton Vance believes is reasonably designed to protect your personal information and to govern when and with whom Eaton Vance may share your personal information.

Our pledge of protecting your personal information applies to the following entities within the Eaton Vance organization: the Eaton Vance Family of Funds, Eaton Vance Management, Eaton Vance Investment Counsel, Eaton Vance Distributors, Inc., Eaton Vance Trust Company, Eaton Vance Management (International) Limited, Eaton Vance Advisers International Ltd., Eaton Vance Global Advisors Limited, Eaton Vance Management’s Real Estate Investment Group, Boston Management and Research, Calvert Research and Management, and Calvert Funds. This Privacy Notice supersedes all previously issued privacy disclosures. For more information about our Privacy Program or about how your personal information may be used, please call 1-800-262-1122.

Delivery of Shareholder Documents. The Securities and Exchange Commission (SEC) permits funds to deliver only one copy of shareholder documents, including prospectuses, proxy statements and shareholder reports, to fund investors with multiple accounts at the same residential or post office box address. This practice is often called “householding” and it helps eliminate duplicate mailings to shareholders. American Stock Transfer & Trust Company, LLC (“AST”), the closed-end funds transfer agent, or your financial intermediary, may household the mailing of your documents indefinitely unless you instruct AST, or your financial intermediary, otherwise. If you would prefer that your Eaton Vance documents not be householded, please contact AST or your financial intermediary. Your instructions that householding not apply to delivery of your Eaton Vance documents will typically be effective within 30 days of receipt by AST or your financial intermediary.

Portfolio Holdings. Each Eaton Vance Fund and its underlying Portfolio(s) (if applicable) files a schedule of portfolio holdings on Part F to Form N-PORT with the SEC. Certain information filed on Form N-PORT may be viewed on the Eaton Vance website at www.eatonvance.com, by calling Eaton Vance at 1-800-262-1122 or in the EDGAR database on the SEC’s website at www.sec.gov.

Proxy Voting. From time to time, funds are required to vote proxies related to the securities held by the funds. The Eaton Vance Funds or their underlying Portfolios (if applicable) vote proxies according to a set of policies and procedures approved by the Funds’ and Portfolios’ Boards. You may obtain a description of these policies and procedures and information on how the Funds or Portfolios voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, without charge, upon request, by calling 1-800-262-1122 and by accessing the SEC’s website at www.sec.gov.

Share Repurchase Program. The Fund’s Board of Trustees has approved a share repurchase program authorizing the Fund to repurchase up to 10% of its common shares outstanding as of the last day of the prior calendar year in open-market transactions at a discount to net asset value. The repurchase program does not obligate the Fund to purchase a specific amount of shares. The Fund’s repurchase activity, including the number of shares purchased, average price and average discount to net asset value, is disclosed in the Fund’s annual and semi-annual reports to shareholders.

Additional Notice to Shareholders. If applicable, a Fund may also redeem or purchase its outstanding preferred shares in order to maintain compliance with regulatory requirements, borrowing or rating agency requirements or for other purposes as it deems appropriate or necessary.

Closed-End Fund Information. Eaton Vance closed-end funds make fund performance data and certain information about portfolio characteristics available on the Eaton Vance website shortly after the end of each month. Other information about the funds is available on the website. The funds’ net asset value per share is readily accessible on the Eaton Vance website. Portfolio holdings for the most recent month-end are also posted to the website approximately 30 days following the end of the month. This information is available at www.eatonvance.com on the fund information pages under “Individual Investors — Closed-End Funds”.

Investment Adviser and Administrator

Eaton Vance Management

Two International Place

Boston, MA 02110

Investment Sub-Adviser

Eaton Vance Advisers International Ltd.

125 Old Broad Street

London, EC2N 1AR

United Kingdom

Custodian

State Street Bank and Trust Company

State Street Financial Center, One Lincoln Street

Boston, MA 02111

Transfer Agent

The registrant (sometimes referred to as the “Fund”) has adopted a code of ethics applicable to its Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer. The registrant undertakes to provide a copy of such code of ethics to any person upon request, without charge, by calling 1-800-262-1122. The registrant has not amended the code of ethics as described in Form N-CSR during the period covered by this report. The registrant has not granted any waiver, including an implicit waiver, from a provision of the code of ethics as described in Form N-CSR during the period covered by this report.

The registrant’s Board of Trustees (the “Board”) has designated George J. Gorman and William H. Park, each an independent trustee, as audit committee financial experts. Mr. Gorman is a certified public accountant who is the Principal at George J. Gorman LLC (a consulting firm). Previously, Mr. Gorman served in various capacities at Ernst & Young LLP (a registered public accounting firm), including as Senior Partner. Mr. Gorman also has experience serving as an independent trustee and audit committee financial expert of other

mutual fund complexes. Mr. Park is a certified public accountant who is a private investor. Previously, he served as a consultant, as the Chief Financial Officer of Aveon Group, L.P. (an investment management firm), as the Vice Chairman of Commercial Industrial Finance Corp. (specialty finance company), as President and Chief Executive Officer of Prizm Capital Management, LLC (investment management firm), as Executive Vice President and Chief Financial Officer of United Asset Management Corporation (an institutional investment management firm) and as a Senior Manager at Price Waterhouse (now PricewaterhouseCoopers) (a registered public accounting firm).

The following table presents the aggregate fees billed to the registrant for the registrant’s fiscal years ended October 31, 2019 and October 31, 2020 by the registrant’s principal accountant, Deloitte & Touche LLP (“D&T”), for professional services rendered for the audit of the registrant’s annual financial statements and fees billed for other services rendered by D&T during such periods.

(e)(1) The registrant’s audit committee has adopted policies and procedures relating to the pre-approval of services provided by the registrant’s principal accountant (the “Pre-Approval Policies”). The Pre-Approval Policies establish a framework intended to assist the audit committee in the proper discharge of its pre-approval responsibilities. As a general matter, the Pre-Approval Policies (i) specify certain types of audit, audit-related, tax, and other services determined to be pre-approved by the audit committee; and (ii) delineate specific procedures governing the mechanics of the pre-approval process, including the approval and monitoring of audit and non-audit service fees. Unless a service is specifically pre-approved under the Pre-Approval Policies, it must be separately pre-approved by the audit committee.

The Pre-Approval Policies and the types of audit and non-audit services pre-approved therein must be reviewed and ratified by the registrant’s audit committee at least annually. The registrant’s audit committee maintains full responsibility for the appointment, compensation, and oversight of the work of the registrant’s principal accountant.

(e)(2) No services described in paragraphs (b)-(d) above were approved by the registrant’s audit committee pursuant to the “de minimis exception” set forth in Rule 2-01 (c)(7)(i)(C) of Regulation S-X.

(g) The following table presents (i) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the registrant by D&T for the registrant’s fiscal years ended October 31, 2019 and October 31, 2020; and (ii) the aggregate non-audit fees (i.e., fees for audit-related, tax, and other services) billed to the Eaton Vance organization by D&T for the same time periods.

(h) The registrant’s audit committee has considered whether the provision by the registrant’s principal accountant of non-audit services to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities and Exchange Act of 1934, as amended. George J. Gorman (Chair), William H. Park, Helen Frame Peters and Scott E. Wennerholm are the members of the registrant’s audit committee.

Please see schedule of investments contained in the Report to Stockholders included under Item 1 of this Form N-CSR.

The Board of the Fund has adopted a proxy voting policy and procedure (the “Fund Policy”), pursuant to which the trustees have delegated proxy voting responsibility to the Fund’s investment adviser and adopted the investment adviser’s proxy voting policies and procedures (the “Policies”) which are described below. The trustees will review the Policies annually. In the event that a conflict of interest arises between the Fund’s shareholders and the investment adviser, the administrator, or any of their affiliates or any affiliate of the Fund, the investment adviser will generally refrain from voting the proxies related to the companies giving rise to such conflict until it consults with the Board, or any committee, sub-committee or group of independent trustees identified by the Board, which will instruct the investment adviser on the appropriate course of action. If the Board Members are unable to meet and the failure to vote a proxy would have a material adverse impact on the Fund, the investment adviser may vote such proxy, provided that it discloses the existence of the material conflict to the Chairperson of the Fund’s Board as soon as practicable and to the Board at its next meeting.

The Policies are designed to promote accountability of a company’s management to its shareholders and to align the interests of management with those shareholders. An independent proxy voting service (“Agent”), currently Institutional Shareholder Services, Inc., has been retained to assist in the voting of proxies through the

provision of vote analysis, implementation and recordkeeping and disclosure services. The investment adviser will generally vote proxies through the Agent. The Agent is required to vote all proxies in accordance with customized proxy voting guidelines (the “Guidelines”) and/or refer them back to the investment adviser pursuant to the Policies.

The Agent is required to establish and maintain adequate internal controls and policies in connection with the provision of proxy voting services, including methods to reasonably ensure that its analysis and recommendations are not influenced by a conflict of interest. The Guidelines include voting guidelines for matters relating to, among other things, the election of directors, approval of independent auditors, executive compensation, corporate structure and anti-takeover defenses. The investment adviser may cause the Fund to abstain from voting from time to time where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote or it is unable to access or access timely ballots or other proxy information, among other stated reasons. The Agent will refer Fund proxies to the investment adviser for instructions under circumstances where, among others: (1) the application of the Guidelines is unclear; (2) a particular proxy question is not covered by the Guidelines; or (3) the Guidelines require input from the investment adviser. When a proxy voting issue has been referred to the investment adviser, the analyst (or portfolio manager if applicable) covering the company subject to the proxy proposal determines the final vote (or decision not to vote) and the investment adviser’s Proxy Administrator (described below) instructs the Agent to vote accordingly for securities held by the Fund. Where more than one analyst covers a particular company and the recommendations of such analysts voting a proposal conflict, the investment adviser’s Global Proxy Group (described below) will review such recommendations and any other available information related to the proposal and determine the manner in which it should be voted, which may result in different recommendations for the Fund that may differ from other clients of the investment adviser.

The investment adviser has appointed a Proxy Administrator to assist in the coordination of the voting of client proxies (including the Fund’s) in accordance with the Guidelines and the Policies. The investment adviser and its affiliates have also established a Global Proxy Group. The Global Proxy Group develops the investment adviser’s positions on all major corporate issues, creates the Guidelines and oversees the proxy voting process. The Proxy Administrator maintains a record of all proxy questions that have been referred by the Agent, all applicable recommendations, analysis and research received and any resolution of the matter. Before instructing the Agent to vote contrary to the Guidelines or the recommendation of the Agent, the Proxy Administrator will provide the Global Proxy Group with the Agent’s recommendation for the proposal along with any other relevant materials, including the basis for the analyst’s recommendation. The Proxy Administrator will then instruct the Agent to vote the proxy in the manner determined by the Global Proxy Group. A similar process will be followed if the Agent has a conflict of interest with respect to a proxy. The investment adviser will report to the Fund’s Board any votes cast contrary to the Guidelines or Agent recommendations, as applicable, no less than annually.

The investment adviser’s Global Proxy Group is responsible for monitoring and resolving possible material conflicts with respect to proxy voting. Because the Guidelines are predetermined and designed to be in the best interests of shareholders, application of the Guidelines to vote client proxies should, in most cases, adequately address any possible conflict of interest. The investment adviser will monitor situations that may result in a conflict of interest between any of its clients and the investment adviser or any of its affiliates by maintaining a list of significant existing and prospective corporate clients. The Proxy Administrator will compare such list with the names of companies of which he or she has been referred a proxy statement (the “Proxy Companies”). If a company on the list is also a Proxy Company, the Proxy Administrator will report that fact to the Global Proxy Group. If the Proxy Administrator intends to instruct the Agent to vote in a manner inconsistent with the Guidelines, the Global Proxy Group will first determine, in consultation with legal counsel if necessary, whether a material conflict exists. If it is determined that a material conflict exists, the investment adviser will seek instruction on how the proxy should be voted from the Fund’s Board, or any committee or subcommittee identified by the Board. If a matter is referred to the Global Proxy Group, the decision made and basis for the decision will be documented by the Proxy Administrator and/or Global Proxy Group.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12 month period ended June 30 is available (1) without charge, upon request, by calling 1-800-262-1122, and (2) on the Securities and Exchange Commission’s website at http://www.sec.gov.

Eaton Vance Management (“EVM” or “Eaton Vance”) is the investment adviser of the Fund and Eaton Vance Advisers International Ltd. (“EVAIL”) is the sub-adviser of the Fund. Michael A. Allison, John H. Croft and Christopher M. Dyer comprise the investment team responsible for the overall and day-to-day management of the Fund’s investments.

Mr. Allison is a Vice President of EVM, is a member of EVM’s Equity Strategy Committee and has been a portfolio manager of the Fund since November 2013. Mr. Croft is a Vice President of EVM and has been a portfolio manager of the Fund since March 2010. Messrs. Allison and Croft have managed other Eaton Vance portfolios for more than five years. Mr. Dyer is a Vice President and Director of EVAIL, is the Director of Global Equity for the Eaton Vance organization and has been a portfolio manager of the Fund since September 2015. Prior to joining EVAIL in November 2017, Mr. Dyer was a Vice President of Eaton Vance Management (International) Limited (“EVMI”). Prior to joining EVMI in June 2015, Mr. Dyer was Head of European Equity for Goldman Sachs Asset Management in London, where he also served in various portfolio management roles during his fourteen-year tenure (2001-2015). This information is provided as of the date of filing this report.

The following table shows, as of the Fund’s most recent fiscal year end, the number of accounts each portfolio manager managed in each of the listed categories and the total assets (in millions of dollars) in the accounts managed within each category. The table also shows the number of accounts with respect to which the advisory fee is based on the performance of the account, if any, and the total assets (in millions of dollars) in those accounts.

The following table shows the dollar range of Fund shares beneficially owned by each portfolio manager as of the Fund’s most recent fiscal year end.

Potential for Conflicts of Interest. It is possible that conflicts of interest may arise in connection with a portfolio manager’s management of the Fund’s investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating management time, resources and investment opportunities among the Fund and other accounts he advises. In addition, due to differences in the investment strategies or restrictions between the Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to the Fund. In some cases, another account managed by a portfolio manager may compensate EVM or EVAIL based on the performance of the securities held by that account. The existence of such a performance based fee may create additional conflicts of interest for the portfolio manager in the allocation of management time, resources and investment opportunities. Whenever conflicts of interest arise, the portfolio manager will endeavor to exercise his discretion in a manner that he believes is equitable to all interested persons. EVM and EVAIL have adopted several policies and procedures designed to address these potential conflicts including a code of ethics and policies that govern EVM’s and EVAIL’s trading practices, including among other things the aggregation and allocation of trades among clients, brokerage allocations, cross trades and best execution.

Compensation of EVM’s and EVAIL’s portfolio managers and other investment professionals has the following primary components: (1) a base salary, (2) an annual cash bonus, (3) annual non-cash compensation consisting of options to purchase shares of Eaton Vance Corp. (“EVC”) nonvoting common stock and/or restricted shares of EVC nonvoting common stock that generally are subject to a vesting schedule and (4) (for equity portfolio managers) a Deferred Alpha Incentive Plan, which pays a deferred cash award tied to future excess returns in certain equity strategy portfolios. EVM’s and EVAIL’s investment professionals also receive certain retirement, insurance and other benefits that are broadly available to EVM’s and EVAIL’s employees. Compensation of EVM’s and EVAIL’s investment professionals is reviewed primarily on an annual basis. Cash bonuses, stock-based compensation awards, and adjustments in base salary are typically paid or put into effect at or shortly after the October 31st fiscal year end of EVC.

Method to Determine Compensation. EVM and EVAIL compensate its portfolio managers based primarily on the scale and complexity of their portfolio responsibilities and the total return performance of managed funds and accounts versus the benchmark(s) stated in the prospectus, as well as an appropriate peer group (as described below). In addition to rankings within peer groups of funds on the basis of absolute performance, consideration may also be given to relative risk-adjusted performance. Risk-adjusted performance measures include, but are not limited to Sharpe ratio, which uses standard deviation and excess return to determine reward per unit of risk. Performance is normally based on periods ending on the September 30th preceding fiscal year end. Fund performance is normally evaluated primarily versus peer groups of funds as determined by Lipper Inc. and/or Morningstar, Inc. When a fund’s peer group as determined by Lipper or Morningstar is deemed by

EVM’s and EVAIL’s management not to provide a fair comparison, performance may instead be evaluated primarily against a custom peer group or market index. In evaluating the performance of a fund and its manager, primary emphasis is normally placed on three-year performance, with secondary consideration of performance over longer and shorter periods. For funds that are tax-managed or otherwise have an objective of after-tax returns, performance is measured net of taxes. For other funds, performance is evaluated on a pre-tax basis. For funds with an investment objective other than total return (such as current income), consideration will also be given to the fund’s success in achieving its objective. For managers responsible for multiple funds and accounts, investment performance is evaluated on an aggregate basis, based on averages or weighted averages among managed funds and accounts. Funds and accounts that have performance-based advisory fees are not accorded disproportionate weightings in measuring aggregate portfolio manager performance. Pursuant to the Deferred Alpha Incentive Plan, a portion of the compensation payable to equity portfolio managers and investment professionals will be determined based on the ability of one or more accounts managed by such manager, that are not advised by Calvert Management and Research to achieve a specified target average annual gross return over a three year period in excess of the account benchmark. The cash award to be payable at the end of the three year term will be established at the inception of the term and will be adjusted positively or negatively to the extent that the average annual gross return varies from the specified target return.

The compensation of portfolio managers with other job responsibilities (such as heading an investment group or providing analytical support to other portfolios) will include consideration of the scope of such responsibilities and the managers’ performance in meeting them.

EVM and EVAIL seek to compensate portfolio managers commensurate with their responsibilities and performance, and competitive with other firms within the investment management industry. EVM and EVAIL participate in investment-industry compensation surveys and utilizes survey data as a factor in determining salary, bonus and stock-based compensation levels for portfolio managers and other investment professionals. Salaries, bonuses and stock-based compensation are also influenced by the operating performance of EVM and EVAIL and its parent company. The overall annual cash bonus pool is generally based on a substantially fixed percentage of pre-bonus adjusted operating income. While the salaries of EVM’s and EVAIL’s portfolio managers are comparatively fixed, cash bonuses and stock-based compensation may fluctuate significantly from year to year, based on changes in manager performance and other factors as described herein. For a high performing portfolio manager, cash bonuses and stock-based compensation may represent a substantial portion of total compensation.

(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 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 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 period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

The registrant did not accrue any income or fees/compensation related to its securities lending activities during its most recent fiscal year. See Note 7 to financial statements in Item 1.

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.

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.


% Average Annual Total Returns	Inception Date		One Year			Five Years			Ten Years

Fund at NAV		01/30/2004		0.16	%		6.34	%		8.94	%
Fund at Market Price		—		–7.63			4.98			8.20


MSCI World Index		—		4.36	%		8.12	%		8.63	%
ICE BofA Fixed Rate Preferred Securities Index		—		4.03			5.77			6.36
Blended Index		—		4.45			7.76			8.29

% Premium/Discount to NAV⁴

										–11.57	%

Distributions⁵

Total Distributions per share for the period									$	1.230
Distribution Rate at NAV										7.61	%

Distribution Rate at Market Price										8.61	%

% Total Leverage⁶

Borrowings										23.08	%


Forward Foreign Currency Exchange Contracts

Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation		Unrealized (Depreciation)

USD	3,889,224	EUR	3,284,218	State Street Bank and Trust Company		11/30/20	$	61,983	$	—

							$	61,983	$	—


Futures Contracts
Description	Number of Contracts			Position	Expiration Date		Notional Amount			Value/Unrealized Appreciation (Depreciation)

Equity Futures

E-mini S&P 500 Index		692		Long		12/18/20	$	112,958,619		$	(2,040,318	)

Nikkei 225 Index		(437	)	Short		12/10/20		(96,025,369	)		198,827

STOXX Europe 600 Banks Index		(1,033	)	Short		12/18/20		(20,554,682	)		1,521,113

										$	(320,378	)



Abbreviations:

ADR	–	American Depositary Receipt

EUR	–	Euro

LIBOR	–	London Interbank Offered Rate

PC	–	Participation Certificate

USD	–	United States Dollar


Assets	October 31, 2020

Unaffiliated investments, at value including $193,613,021 of securities on loan (identified cost, $1,483,378,342)	$	1,572,119,930

Affiliated investment, at value (identified cost, $10,970,971)		10,970,971

Cash		1,914,385

Dividends and interest receivable		6,389,708

Dividends receivable from affiliated investment		1,863

Receivable for investments sold		9,909,284

Receivable for open forward foreign currency exchange contracts		61,983

Tax reclaims receivable		9,492,395

Total assets	$	1,610,860,519

Liabilities

Liquidity Agreement borrowings	$	370,000,000

Payable for investments purchased		4,601,365

Payable for variation margin on open financial futures contracts		18,227

Due to custodian — foreign currency, at value (identified cost, $1,250,096)		1,249,875

Payable to affiliates:

Investment adviser fee		1,206,855

Trustees’ fees		7,108

Accrued expenses		621,300

Total liabilities	$	377,704,730

Net Assets	$	1,233,155,789

Sources of Net Assets

Common shares, $0.01 par value, unlimited number of shares authorized, 76,300,214 shares issued and outstanding	$	763,002

Additional paid-in capital		1,302,306,325

Accumulated loss		(69,913,538	)

Net Assets	$	1,233,155,789

Net Asset Value

($1,233,155,789 ÷ 76,300,214 common shares issued and outstanding)	$	16.16


Table of Contents
Management’s Discussion of Fund Performance			2
Performance			3
Fund Profile			4
The Fund’s Investment Objectives, Principal Strategies and Principal Risks			5
Endnotes and Additional Disclosures			8
Financial Statements			10
Report of Independent Registered Public Accounting Firm			30
Federal Tax Information			31
Annual Meeting of Shareholders			32
Dividend Reinvestment Plan			33
Management and Organization			35
Important Notices			38


Investment Income	Year Ended October 31, 2020

Dividends (net of foreign taxes, $8,310,909)	$	89,002,282

Interest		12,111,973

Dividends from affiliated investment		72,223

Securities lending income, net		1,351

Total investment income	$	101,187,829

Expenses

Investment adviser fee	$	14,084,094

Trustees’ fees and expenses		88,058

Custodian fee		432,323

Transfer and dividend disbursing agent fees		18,653

Legal and accounting services		195,708

Printing and postage		363,489

Interest expense and fees		6,364,899

Miscellaneous		157,022

Total expenses	$	21,704,246

Net investment income	$	79,483,583

Realized and Unrealized Gain (Loss)

Net realized gain (loss) —

Investment transactions	$	(59,694,217	)

Investment transactions — affiliated investment		(25,670	)

Proceeds from securities litigation settlements		150,572

Financial futures contracts		32,520,655

Foreign currency transactions		(885,494	)

Forward foreign currency exchange contracts		(8,370,532	)

Net realized loss	$	(36,304,686	)

Change in unrealized appreciation (depreciation) —

Investments	$	(51,783,599	)

Financial futures contracts		916,659

Foreign currency		409,979

Forward foreign currency exchange contracts		78,351

Net change in unrealized appreciation (depreciation)	$	(50,378,610	)

Net realized and unrealized loss	$	(86,683,296	)

Net decrease in net assets from operations	$	(7,199,713	)


	Year Ended October 31,
Increase (Decrease) in Net Assets	2020			2019

From operations —

Net investment income	$	79,483,583		$	92,941,385

Net realized loss		(36,304,686	)		(110,233,666	)

Net change in unrealized appreciation (depreciation)		(50,378,610	)		169,156,175

Net increase (decrease) in net assets from operations	$	(7,199,713	)	$	151,863,894

Distributions to shareholders	$	(93,849,263	)	$	(93,849,264	)

Net increase (decrease) in net assets	$	(101,048,976	)	$	58,014,630

Net Assets

At beginning of year	$	1,334,204,765		$	1,276,190,135

At end of year	$	1,233,155,789		$	1,334,204,765


Cash Flows From Operating Activities	Year Ended October 31, 2020

Net decrease in net assets from operations	$	(7,199,713	)

Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities:

Investments purchased		(3,632,186,600	)

Investments sold		3,680,250,381

Decrease in short-term investments, net		5,414,768

Net amortization/accretion of premium (discount)		218,611

Increase in dividends and interest receivable		(509,890	)

Decrease in dividends receivable from affiliated investment		9,175

Increase in receivable for open forward foreign currency exchange contracts		(61,983	)

Decrease in securities lending income receivable		3,138

Increase in tax reclaims receivable		(2,073,667	)

Decrease in collateral for securities loaned		(5,999,333	)

Decrease in payable for variation margin on open financial futures contracts		(86,601	)

Decrease in payable for open forward foreign currency exchange contracts		(16,368	)

Decrease in payable to affiliate for investment adviser fee		(37,120	)

Decrease in payable to affiliate for Trustees’ fees		(121	)

Increase in accrued expenses		99,826

Net change in unrealized (appreciation) depreciation from investments		51,783,599

Net realized loss from investments		59,719,887

Net cash provided by operating activities	$	149,327,989

Cash Flows From Financing Activities

Cash distributions paid	$	(93,849,263	)

Proceeds from Liquidity Agreement borrowings		370,000,000

Repayments of notes payable		(425,000,000	)

Increase in due to custodian — foreign currency		1,196,272

Net cash used in financing activities	$	(147,652,991	)

Net increase in cash	$	1,674,998

Cash at beginning of year	$	239,387

Cash at end of year	$	1,914,385

Supplemental disclosure of cash flow information:

Cash paid for interest and fees on borrowings	$	6,218,943



Undistributed ordinary income	$	183,670

Deferred capital losses	$	(136,150,927	)

Net unrealized appreciation	$	65,034,854

Other temporary differences	$	1,018,865



Aggregate cost	$	1,518,577,533

Gross unrealized appreciation	$	126,617,903

Gross unrealized depreciation		(61,905,708	)

Net unrealized appreciation	$	64,712,195


		Fair Value
Risk	Derivative	Asset Derivative			Liability Derivative

Equity Price	Futures contracts	$	1,719,940	⁽¹⁾	$	(2,040,318	)⁽¹⁾

Foreign Exchange	Forward foreign currency exchange contracts		61,983	⁽²⁾		—

Total		$	1,781,923		$	(2,040,318	)

Derivatives not subject to master netting or similar agreements		$	1,719,940		$	(2,040,318	)

Total Derivatives subject to master netting or similar agreements		$	61,983		$	—



Counterparty	Derivative Assets Subject to Master Netting Agreement		Derivatives Available for Offset		Non-cash Collateral Received^(a)		Cash Collateral Received^(a)		Net Amount of Derivative Assets^(b)

State Street Bank and Trust Company	$	61,983	$	—	$	—	$	—	$	61,983


Risk	Derivative	Realized Gain (Loss) on Derivatives Recognized in Income⁽¹⁾			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income⁽²⁾

Equity Price	Futures contracts	$	32,520,655		$	916,659

Foreign Exchange	Forward foreign currency exchange contracts		(8,370,532	)		78,351

Total		$	24,150,123		$	995,010


Futures Contracts — Long		Futures Contracts — Short		Forward Foreign Currency Exchange Contracts*

	$150,083,000	$	153,180,000	$	49,791,000


		10		See Notes to Financial Statements.


		11		See Notes to Financial Statements.


		12		See Notes to Financial Statements.


		13		See Notes to Financial Statements.


Name of affiliated fund	Value, beginning of period		Purchases		Sales proceeds			Net realized gain (loss)			Change in unrealized appreciation (depreciation)		Value, end of period		Dividend income		Units, end of period

Short-Term Investments

Eaton Vance Cash Reserves Fund, LLC	$	10,412,076	$	666,309,001	$	(665,724,436	)	$	(25,670	)	$	—	$	10,970,971	$	72,223		10,970,971


Asset Description	Level 1		Level 2			Level 3*		Total

Common Stocks

Communication Services	$	94,833,459	$	42,344,291		$	—	$	137,177,750

Consumer Discretionary		83,896,801		78,221,200			—		162,118,001

Consumer Staples		23,116,496		67,651,715			—		90,768,211

Energy		26,624,895		6,535,900			—		33,160,795

Financials		76,657,020		95,764,891			—		172,421,911

Health Care		83,880,268		99,323,676			—		183,203,944

Industrials		53,316,078		121,856,436			0		175,172,514

Information Technology		171,611,863		95,740,971			—		267,352,834

Materials		—		38,860,964			—		38,860,964

Real Estate		18,958,719		—			—		18,958,719

Utilities		20,886,018		11,651,184			—		32,537,202

Total Common Stocks	$	653,781,617	$	657,951,228	**	$	0	$	1,311,732,845

Preferred Stocks

Consumer Staples	$	—	$	9,276,568		$	—	$	9,276,568

Energy		9,965,179		—			—		9,965,179

Financials		21,851,659		10,302,650			—		32,154,309

Real Estate		13,730,883		—			—		13,730,883

Utilities		9,620,789		1,783,670			—		11,404,459

Total Preferred Stocks	$	55,168,510	$	21,362,888		$	—	$	76,531,398


Nominee for Trustee	Number of Shares
Nominee for Trustee	For		Withheld

Thomas E. Faust Jr.		64,043,713		1,783,309

Mark R. Fetting		63,837,876		1,989,146

William H. Park		64,094,741		1,732,281

Keith Quinton		63,916,092		1,910,930


Name and Year of Birth	Fund Position(s)	Term Expiring. Trustee Since⁽¹⁾	Principal Occupation(s) and Other Directorships During Past Five Years and Other Relevant Experience

Interested Trustee

Thomas E. Faust Jr. 1958	Class II Trustee	Until 2023. Trustee since 2007.	Chairman, Chief Executive Officer and President of EVC, Director and President of EV, Chief Executive Officer and President of EVM and BMR, and Director of EVD. Trustee and/or officer of 142 registered investment companies. Mr. Faust is an interested person because of his positions with EVM, BMR, EVD, EVC and EV, which are affiliates of the Fund. Other Directorships in the Last Five Years. Director of EVC and Hexavest Inc. (investment management firm).

Noninterested Trustees

Mark R. Fetting 1954	Class II Trustee	Until 2023. Trustee since 2016.	Private investor. Formerly held various positions at Legg Mason, Inc. (investment management firm) (2000-2012), including President, Chief Executive Officer, Director and Chairman (2008-2012), Senior Executive Vice President (2004-2008) and Executive Vice President (2001-2004). Formerly, President of Legg Mason family of funds (2001-2008). Formerly, Division President and Senior Officer of Prudential Financial Group, Inc. and related companies (investment management firm) (1991-2000). Other Directorships in the Last Five Years. None.

Cynthia E. Frost 1961	Class I Trustee	Until 2022. Trustee since 2014.	Private investor. Formerly, Chief Investment Officer of Brown University (university endowment) (2000-2012). Formerly, Portfolio Strategist for Duke Management Company (university endowment manager) (1995-2000). Formerly, Managing Director, Cambridge Associates (investment consulting company) (1989-1995). Formerly, Consultant, Bain and Company (management consulting firm) (1987-1989). Formerly, Senior Equity Analyst, BA Investment Management Company (1983-1985). Other Directorships in the Last Five Years. None.

George J. Gorman 1952	Class III Trustee	Until 2021. Trustee since 2014.	Principal at George J. Gorman LLC (consulting firm). Formerly, Senior Partner at Ernst & Young LLP (a registered public accounting firm) (1974-2009). Other Directorships in the Last Five Years. Formerly, Trustee of the BofA Funds Series Trust (11 funds) (2011-2014) and of the Ashmore Funds (9 funds) (2010-2014).

Valerie A. Mosley 1960	Class I Trustee	Until 2022. Trustee since 2014.	Chairwoman and Chief Executive Officer of Valmo Ventures (a consulting and investment firm). Former Partner and Senior Vice President, Portfolio Manager and Investment Strategist at Wellington Management Company, LLP (investment management firm) (1992-2012). Former Chief Investment Officer, PG Corbin Asset Management (1990-1992). Formerly worked in institutional corporate bond sales at Kidder Peabody (1986-1990). Other Directorships in the Last Five Years. Director of DraftKings, Inc. (digital sports entertainment and gaming company) (since September 2020). Director of Groupon, Inc. (e-commerce provider) (since April 2020). Director of Envestnet, Inc. (provider of intelligent systems for wealth management and financial wellness) (since 2018). Formerly, Director of Dynex Capital, Inc. (mortgage REIT) (2013-2020).


Name and Year of Birth	Fund Position(s)	Officer Since⁽²⁾	Principal Occupation(s) During Past Five Years

Principal Officers who are not Trustees (continued)

James F. Kirchner 1967	Treasurer	2007	Vice President of EVM and BMR. Also Vice President of CRM.

Richard F. Froio 1968	Chief Compliance Officer	2017	Vice President of EVM and BMR since 2017. Formerly Deputy Chief Compliance Officer (Adviser/Funds) and Chief Compliance Officer (Distribution) at PIMCO (2012-2017) and Managing Director at BlackRock/Barclays Global Investors (2009-2012).


Fiscal Years Ended	10/31/19		10/31/20
Audit Fees	$	56,338	$	56,250
Audit-Related Fees⁽¹⁾	$	0	$	0
Tax Fees⁽²⁾	$	15,822	$	10,812
All Other Fees⁽³⁾	$	0	$	0

Total	$	72,160	$	67,062


	Number of All Accounts		Total Assets of All Accounts			Number of Accounts Paying a Performance Fee		Total Assets of Accounts Paying a Performance Fee
Michael A. Allison⁽¹⁾
Registered Investment Companies		17	$	38,321.0			0	$	0
Other Pooled Investment Vehicles		14	$	26,775.0	⁽²⁾		0	$	0
Other Accounts		1	$	0.5			0	$	0

John H. Croft⁽¹⁾
Registered Investment Companies		9	$	6,861.6			0	$	0
Other Pooled Investment Vehicles		0	$	0			0	$	0
Other Accounts		1	$	12.6			0	$	0

Christopher M. Dyer⁽¹⁾
Registered Investment Companies		9	$	6,455.2			0	$	0
Other Pooled Investment Vehicles		0	$	0			0	$	0
Other Accounts		2	$	5.4			0	$	0


Portfolio Manager		Dollar Range of Equity Securities Beneficially Owned in the Fund
Michael A. Allison		$1 - $10,000
John H. Croft		None
Christopher M. Dyer		None


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Treasurer’s Section 302 certification.

(a)(2)(ii)		President’s Section 302 certification.

(b)		Combined Section 906 certification.

(c)		Registrant’s notices to shareholders pursuant to Registrant’s exemptive order granting an exemption from Section 19(b) of the 1940 Act and Rule 19b-1 thereunder regarding distributions paid pursuant to the Registrant’s Managed Distribution Plan.



By:		/s/ Edward J. Perkin
		Edward J. Perkin
		President

Date:		December 21, 2020


By:		/s/ James F. Kirchner
		James F. Kirchner
		Treasurer

Date:		December 21, 2020

By:		/s/ Edward J. Perkin
		Edward J. Perkin
		President

Date:		December 21, 2020