Alphabet, Inc., Class C

Wells Fargo & Co.

JPMorgan Chase & Co.

Nippon Telegraph & Telephone Corp.

Kubota Corp.

Facebook, Inc., Class A

Johnson & Johnson

Apple, Inc.

Chubb, Ltd.

Visa, Inc., Class A

Total

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 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. 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. Dow Jones Industrial Average is a price-weighted average of 30 blue-chip stocks that are generally the leaders in their industry. S&P 500 Index is an unmanaged index of large-cap stocks commonly used as a measure of U.S. stock market performance. BofA Merrill Lynch Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. BofA Merrill Lynch^® indices not for redistribution or other uses; provided “as is”, without warranties, and with no liability. Eaton Vance has prepared this report, BofAML does not endorse it, or guarantee, review, or endorse Eaton Vance’s products. The blended index consists of 80% MSCI World Index and 20% BofA Merrill Lynch Fixed Rate Preferred Securities Index. 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.

Performance results reflect the effects of leverage. Performance since inception for an index, if presented, is the performance since the Fund’s or oldest share class’ inception, as applicable.

The shares of the Fund often trade at a discount or premium from their net asset value. The discount or premium of the Fund 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 http://eatonvance.com/closedend.

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.

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.

The Fund may obtain exposure to certain market segments through investments in exchange-traded funds (ETFs). For purposes of the chart, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

Duration is a measure of the expected change in price of a bond — in percentage terms — given a one percent change in interest rates, all else being constant. Securities with lower durations tend to be less sensitive to interest rate changes.

Fund profile subject to change due to active management.

Aerospace & Defense — 1.3%

CAE, Inc.

Auto Components — 1.0%

Goodyear Tire & Rubber Co. (The)⁽¹⁾

Banks — 11.3%

BNP Paribas SA

DBS Group Holdings, Ltd.

ING Groep NV

JPMorgan Chase & Co.⁽¹⁾

Mitsubishi UFJ Financial Group, Inc.

PNC Financial Services Group, Inc. (The)

U.S. Bancorp⁽¹⁾

Wells Fargo & Co.⁽¹⁾

Beverages — 4.6%

Anheuser-Busch InBev SA/NV⁽¹⁾

Constellation Brands, Inc., Class A⁽¹⁾

Diageo PLC⁽¹⁾

Biotechnology — 3.5%

Celgene Corp.⁽¹⁾⁽²⁾

Shire PLC⁽¹⁾

Capital Markets — 1.1%

Credit Suisse Group AG

Credit Suisse Group AG⁽³⁾

Chemicals — 1.6%

BASF SE

PPG Industries, Inc.

Containers & Packaging — 1.2%

Sealed Air Corp.⁽¹⁾

Diversified Telecommunication Services — 2.4%

Nippon Telegraph & Telephone Corp.⁽¹⁾

Electric Utilities — 3.1%

American Electric Power Co., Inc.⁽¹⁾

NextEra Energy, Inc.⁽¹⁾

Electrical Equipment — 1.3%

Melrose Industries PLC

Electronic Equipment, Instruments & Components — 1.8%

Keyence Corp.⁽¹⁾

Energy Equipment & Services — 1.6%

Halliburton Co.⁽¹⁾

Schlumberger, Ltd.⁽¹⁾

Equity Real Estate Investment Trusts (REITs) — 2.5%

American Tower Corp.⁽¹⁾

Equity Residential⁽¹⁾

Food Products — 0.8%

Kerry Group PLC, Class A

Health Care Equipment & Supplies — 1.3%

Medtronic PLC⁽¹⁾

Hotels, Restaurants & Leisure — 0.7%

Accor SA⁽¹⁾

Household Durables — 2.0%

Newell Brands, Inc.⁽¹⁾

Household Products — 1.3%

Reckitt Benckiser Group PLC

Insurance — 5.8%

AIA Group, Ltd.

Chubb, Ltd.⁽¹⁾

Prudential PLC⁽¹⁾

St. James’s Place PLC

Internet & Direct Marketing Retail — 1.9%

Amazon.com, Inc.⁽¹⁾⁽²⁾

Internet Software & Services — 6.5%

Alphabet, Inc., Class C⁽¹⁾⁽²⁾

Facebook, Inc., Class A⁽¹⁾⁽²⁾

IT Services — 2.0%

Visa, Inc., Class A⁽¹⁾

Machinery — 5.1%

Fortive Corp.⁽¹⁾

Komatsu, Ltd.

Kubota Corp.⁽¹⁾

Media — 3.0%

Interpublic Group of Cos., Inc.⁽¹⁾

Time Warner, Inc.⁽¹⁾

Metals & Mining — 0.8%

Rio Tinto, Ltd.

Multi-Utilities — 0.7%

National Grid PLC

Oil, Gas & Consumable Fuels — 5.9%

Anadarko Petroleum Corp.⁽¹⁾

Chevron Corp.⁽¹⁾

Occidental Petroleum Corp.⁽¹⁾

Royal Dutch Shell PLC, Class B⁽¹⁾

Personal Products — 1.4%

Estee Lauder Cos., Inc. (The), Class A⁽¹⁾

Pharmaceuticals — 9.7%

Allergan PLC⁽¹⁾⁽²⁾

Eli Lilly & Co.⁽¹⁾

Johnson & Johnson⁽¹⁾

Novo Nordisk A/S, Class B

Roche Holding AG PC⁽¹⁾

Teva Pharmaceutical Industries, Ltd. ADR⁽¹⁾

Professional Services — 1.7%

Verisk Analytics, Inc.⁽¹⁾⁽²⁾

Road & Rail — 2.0%

Union Pacific Corp.⁽¹⁾

Semiconductors & Semiconductor Equipment — 2.0%

ASML Holding NV⁽¹⁾

Specialty Retail — 3.0%

Industria de Diseno Textil SA

Lowe’s Cos., Inc.⁽¹⁾

Technology Hardware, Storage & Peripherals — 2.1%

Apple, Inc.⁽¹⁾

Textiles, Apparel & Luxury Goods — 3.2%

LVMH Moet Hennessy Louis Vuitton SE

NIKE, Inc., Class B⁽¹⁾

Textiles, Apparel & Luxury Goods (continued)

Pandora A/S

Tobacco — 0.7%

Reynolds American, Inc.⁽¹⁾

Trading Companies & Distributors — 1.3%

Brenntag AG

Wireless Telecommunication Services — 0.8%

Vodafone Group PLC

Total Common Stocks
(identified cost $1,241,572,092)

Banks — 6.1%

AgriBank FCB, 6.875% to 1/1/24⁽⁴⁾

CoBank ACB, Series F, 6.25% to 10/1/22⁽⁴⁾

Farm Credit Bank of Texas, 6.75% to
9/15/23⁽⁴⁾

Farm Credit Bank of Texas, Series 1, 10.00%

First Tennessee Bank, 3.75%⁽⁵⁾⁽⁶⁾

Huntington Bancshares, Inc., Series A, 8.50% (Convertible)

IBERIABANK Corp., Series C, 6.60% to 5/1/26⁽⁴⁾

JPMorgan Chase & Co., Series O, 5.50%

KeyCorp, Series A, 7.75% (Convertible)

People’s United Financial, Inc., Series A, 5.625% to 12/15/26⁽⁴⁾

Regions Financial Corp., Series A, 6.375%

SunTrust Banks, Inc., Series E, 5.875%

Texas Capital Bancshares, Inc., 6.50%

Texas Capital Bancshares, Inc., Series A, 6.50%

Webster Financial Corp., Series E, 6.40%

Wells Fargo & Co., Series L, 7.50% (Convertible)

Capital Markets — 0.3%

Goldman Sachs Group, Inc. (The), Series N, 6.30%

KKR & Co., LP, Series A, 6.75%

Capital Markets (continued)

State Street Corp., Series D, 5.90% to 3/15/24⁽⁴⁾

Consumer Finance — 0.3%

Discover Financial Services, Series B, 6.50%

Diversified Financial Services — 0.5%

KKR Financial Holdings, LLC, Series A, 7.375%

Electric Utilities — 0.6%

NextEra Energy Capital Holdings, Inc., Series G, 5.70%

NextEra Energy Capital Holdings, Inc., Series I, 5.125%

Southern Co. (The), 6.25%

Equity Real Estate Investment Trusts (REITs) — 0.7%

DDR Corp., Series J, 6.50%

Vornado Realty Trust, Series K, 5.70%

Food Products — 0.9%

Dairy Farmers of America, 7.875%⁽⁵⁾

Ocean Spray Cranberries, Inc., 6.25%⁽⁵⁾

Machinery — 0.4%

Stanley Black & Decker, Inc., 5.75%

Multi-Utilities — 0.1%

DTE Energy Co., Series C, 5.25%

Pipelines — 0.3%

NuStar Logistics LP, 7.625% to 1/15/18⁽⁴⁾

Thrifts & Mortgage Finance — 0.7%

Elmira Savings Bank, 8.998% to 12/31/17⁽⁴⁾

Thrifts & Mortgage Finances (continued)

EverBank Financial Corp., Series A, 6.75%

Total Preferred Stocks
(identified cost $122,958,613)

Principal

Amount

(000’s omitted)

Banks — 5.7%

Australia and New Zealand Banking Group, Ltd., 6.75% to 6/15/26^(4)(5)(7)

Banco do Brasil SA, 9.00% to
6/18/24^(4)(5)(7)

Bank of America Corp., Series AA, 6.10% to 3/17/25⁽⁴⁾⁽⁷⁾

Barclays PLC, 8.25% to 12/15/18⁽⁴⁾⁽⁷⁾

Caixa Economica Federal, 7.25% to 7/23/19, 7/23/24⁽⁴⁾⁽⁵⁾

Citigroup, Inc., Series T, 6.25% to
8/15/26⁽⁴⁾⁽⁷⁾

Credit Agricole SA, 7.875% to
1/23/24^(4)(5)(7)

Deutsche Bank AG, 7.50% to
4/30/25⁽⁴⁾⁽⁷⁾

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽⁴⁾⁽⁷⁾

JPMorgan Chase & Co., Series Z, 5.30% to 5/1/20⁽⁴⁾⁽⁷⁾

Lloyds Banking Group PLC, 6.657% to 5/21/37^(4)(5)(7)

Lloyds Banking Group PLC, 7.50% to 6/27/24⁽⁴⁾⁽⁷⁾

M&T Bank Corp., Series F, 5.125% to 11/1/26⁽⁴⁾⁽⁷⁾

PNC Financial Services Group, Inc. (The), Series S, 5.00% to
11/1/26⁽⁴⁾⁽⁷⁾

Royal Bank of Scotland Group PLC, 8.00% to 8/10/25⁽⁴⁾⁽⁷⁾

Standard Chartered PLC, 7.014% to 7/30/37^(4)(5)(7)

Zions Bancorporation, Series I, 5.80% to 9/15/23⁽⁴⁾⁽⁷⁾

Zions Bancorporation, Series J, 7.20% to 9/15/23⁽⁴⁾⁽⁷⁾

Capital Markets — 1.5%

Goldman Sachs Group, Inc. (The), Series M, 5.375% to 5/10/20⁽⁴⁾⁽⁷⁾

Morgan Stanley, Series J, 5.55% to 7/15/20⁽⁴⁾⁽⁷⁾

UBS Group AG, 6.875% to 8/7/25^(4)(7)(8)

Diversified Financial Services — 0.7%

Cadence Financial Corp., 4.875%, 6/28/19⁽⁵⁾

Principal

Amount

(000’s omitted)

Diversified Financial Services (continued)

Leucadia National Corp., 6.625%, 10/23/43

Textron Financial Corp., 6.00% to 2/15/17, 2/15/67⁽⁴⁾⁽⁵⁾

Electric Utilities — 1.4%

AES Gener SA, 8.375% to 6/18/19, 12/18/73⁽⁴⁾⁽⁵⁾

AES Panama SA, 6.00%, 6/25/22⁽⁵⁾

Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76⁽⁴⁾

NextEra Energy Capital Holdings, Inc., Series D,
7.30% to 9/1/17, 9/1/67⁽⁴⁾

Energy Equipment & Services — 0.0%⁽⁹⁾

Abengoa Finance S.A.U., 7.75%,
2/1/20^(5)(10)

Food Products — 0.6%

Land O’ Lakes, Inc., 8.00%⁽⁵⁾⁽⁷⁾

Insurance — 1.0%

Genworth Financial, Inc., 7.625%, 9/24/21

Voya Financial, Inc., 5.65% to 5/15/23, 5/15/53⁽⁴⁾

XLIT, Ltd., Series E, 6.50% to 4/15/17⁽⁴⁾⁽⁷⁾

Metals & Mining — 0.2%

BHP Billiton Finance USA, Ltd., 6.75% to 10/19/25, 10/19/75⁽⁴⁾⁽⁵⁾

Multi-Utilities — 0.1%

Dominion Resources, Inc., 5.75% to 10/1/24, 10/1/54⁽⁴⁾

Oil, Gas & Consumable Fuels — 0.0%⁽⁹⁾

Odebrecht Oil & Gas Finance, Ltd.,
7.00% to 6/17/24^{(4)(5)(7)(10)}

Principal

Amount

(000’s omitted)

Pipelines — 0.2%

Transcanada Trust, Series 16-A, 5.875% to 8/15/26, 8/15/76⁽⁴⁾

Telecommunications — 0.7%

Colombia Telecomunicaciones SA ESP,
8.50% to 3/30/20^(4)(5)(7)