Google, Inc., Class C

Apple, Inc.

NIKE, Inc., Class B

JPMorgan Chase & Co.

Home Depot, Inc. (The)

LyondellBasell Industries NV, Class A

Prudential PLC

Roche Holding AG PC

Sanofi

Walt Disney Co. (The)

Total

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. 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. 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. 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.

Aerospace & Defense — 2.2%

Safran SA⁽¹⁾

United Technologies Corp.

Air Freight & Logistics — 1.3%

C.H. Robinson Worldwide, Inc.⁽¹⁾

Automobiles — 0.6%

Toyota Motor Corp.⁽¹⁾

Banks — 11.1%

Bank of America Corp.⁽¹⁾

Citigroup, Inc.⁽¹⁾

Credit Agricole SA⁽¹⁾

JPMorgan Chase & Co.⁽¹⁾

Natixis SA⁽¹⁾

PNC Financial Services Group, Inc. (The)⁽¹⁾

Regions Financial Corp.⁽¹⁾

Societe Generale⁽¹⁾

Unione di Banche Italiane ScpA

Westpac Banking Corp.⁽¹⁾

Beverages — 2.5%

Anheuser-Busch InBev NV⁽¹⁾

Constellation Brands, Inc., Class A⁽¹⁾⁽²⁾

Biotechnology — 2.1%

Biogen, Inc.⁽²⁾

Celgene Corp.⁽²⁾

Gilead Sciences, Inc.⁽¹⁾⁽²⁾

Capital Markets — 0.9%

Azimut Holding SpA

Charles Schwab Corp. (The)

Chemicals — 3.6%

E.I. du Pont de Nemours & Co.

LyondellBasell Industries NV, Class A⁽¹⁾

Monsanto Co.

PPG Industries, Inc.⁽¹⁾

Commercial Services & Supplies — 0.9%

Brambles, Ltd.

Communications Equipment — 1.4%

QUALCOMM, Inc.⁽¹⁾

Consumer Finance — 1.6%

American Express Co.

Discover Financial Services⁽¹⁾

Diversified Telecommunication Services — 2.8%

Deutsche Telekom AG

Nippon Telegraph & Telephone Corp.⁽¹⁾

Verizon Communications, Inc.

Electric Utilities — 0.9%

NextEra Energy, Inc.⁽¹⁾

Electrical Equipment — 2.8%

Emerson Electric Co.⁽¹⁾

Mitsubishi Electric Corp.

Nidec Corp.

Electronic Equipment, Instruments & Components — 1.5%

Corning, Inc.⁽¹⁾

Yaskawa Electric Corp.

Energy Equipment & Services — 0.5%

Halliburton Co.

Food & Staples Retailing — 2.5%

Costco Wholesale Corp.⁽¹⁾

CVS Health Corp.⁽¹⁾

Food Products — 3.3%

Kerry Group PLC, Class A

Mondelez International, Inc., Class A⁽¹⁾

Unilever NV⁽¹⁾

Health Care Equipment & Supplies — 1.5%

Medtronic PLC⁽¹⁾

Hotels, Restaurants & Leisure — 1.6%

Accor SA

Compass Group PLC

Household Products — 0.8%

Reckitt Benckiser Group PLC

Industrial Conglomerates — 1.1%

Danaher Corp.

Koninklijke Philips NV

Insurance — 6.7%

ACE, Ltd.

Aflac, Inc.⁽¹⁾

Allianz SE

AXA SA

Mediolanum SpA

Prudential PLC⁽¹⁾

St James’s Place PLC

Internet & Catalog Retail — 0.9%

Amazon.com, Inc.⁽²⁾

Internet Software & Services — 3.1%

Facebook, Inc., Class A⁽²⁾

Google, Inc., Class C⁽¹⁾⁽²⁾

IT Services — 0.8%

Visa, Inc., Class A

Machinery — 1.4%

SKF AB, Class B

Media — 2.5%

Comcast Corp., Class A⁽¹⁾

Live Nation Entertainment, Inc.⁽²⁾

Walt Disney Co. (The)⁽¹⁾

Metals & Mining — 0.4%

Freeport-McMoRan, Inc.

Multi-Utilities — 2.1%

National Grid PLC⁽¹⁾

Sempra Energy⁽¹⁾

Oil, Gas & Consumable Fuels — 6.5%

Devon Energy Corp.

Exxon Mobil Corp.⁽¹⁾

Occidental Petroleum Corp.⁽¹⁾

Phillips 66⁽¹⁾

Statoil ASA

Total SA⁽¹⁾

Pharmaceuticals — 9.2%

AstraZeneca PLC

Bayer AG

Johnson & Johnson

Merck & Co., Inc.⁽¹⁾

Novartis AG⁽¹⁾

Perrigo Co. PLC

Pharmaceuticals (continued)

Roche Holding AG PC⁽¹⁾

Sanofi⁽¹⁾

Shire PLC ADR⁽¹⁾

Takeda Pharmaceutical Co., Ltd.

Real Estate Investment Trusts (REITs) — 1.2%

Simon Property Group, Inc.⁽¹⁾

Semiconductors & Semiconductor Equipment — 1.3%

NXP Semiconductors NV⁽¹⁾⁽²⁾

Software — 3.5%

Microsoft Corp.⁽¹⁾

Oracle Corp.⁽¹⁾

SAP SE

Specialty Retail — 3.9%

Dixons Carphone PLC

Home Depot, Inc. (The)⁽¹⁾

Industria de Diseno Textil SA

TJX Cos., Inc. (The)⁽¹⁾

Technology Hardware, Storage & Peripherals — 3.0%

Apple, Inc.⁽¹⁾

Lenovo Group, Ltd.⁽¹⁾

Textiles, Apparel & Luxury Goods — 3.2%

NIKE, Inc., Class B⁽¹⁾

Pandora A/S⁽¹⁾

Tobacco — 2.2%

Altria Group, Inc.⁽¹⁾

Imperial Tobacco Group PLC⁽¹⁾

Wireless Telecommunication Services — 1.3%

Vodafone Group PLC⁽¹⁾

Total Common Stocks
(identified cost $298,229,475)

Banks — 10.1%

AgriBank FCB, 6.875% to 1/1/24⁽³⁾

Banco Santander (Mexico), SA, 5.95% to 1/30/19⁽³⁾⁽⁴⁾

Barclays Bank PLC, 8.25% to 12/15/18⁽³⁾

Citigroup, Inc., Series K, 6.875% to 11/15/23⁽³⁾

CoBank ACB, Series F, 6.25% to 10/1/22⁽³⁾

Farm Credit Bank of Texas,
6.75% to 9/15/23⁽³⁾⁽⁴⁾

Farm Credit Bank of Texas, Series 1, 10.00%

First Tennessee Bank, 3.75%⁽⁴⁾⁽⁵⁾

HSBC Capital Funding LP, Series 2, 10.175% to 6/30/30⁽³⁾⁽⁴⁾

JPMorgan Chase & Co., Series O, 5.50%

JPMorgan Chase & Co., Series R,
6.00% to 8/1/23⁽³⁾

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24⁽³⁾

JPMorgan Chase & Co., Series Y, 6.125%

KeyCorp, Series A, 7.75%

Lloyds Banking Group PLC, 6.657% to 5/21/37⁽³⁾⁽⁴⁾

Northern Trust Corp., Series C, 5.85%

Regions Financial Corp., Series A, 6.375%

Royal Bank of Scotland Group PLC, Series L, 5.75%

Royal Bank of Scotland Group PLC, Series S, 6.60%

Standard Chartered PLC,
7.014% to 7/30/37⁽³⁾⁽⁴⁾

SunTrust Banks, Inc., Series E, 5.875%

Synovus Financial Corp., Series C, 7.875% to 8/1/18⁽³⁾

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%

Zions Bancorporation, Series G,
6.30% to 3/15/23⁽³⁾

Zions Bancorporation, Series I,
5.80% to 9/15/23⁽³⁾

Zions Bancorporation, Series J,
7.20% to 9/15/23⁽³⁾

Capital Markets — 1.8%

Affiliated Managers Group, Inc., 6.375%

Goldman Sachs Group, Inc. (The), Series I, 5.95%

Capital Markets (continued)

Goldman Sachs Group, Inc. (The), Series J, 5.50% to 5/10/23⁽³⁾

Morgan Stanley, Series G, 6.625%

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

Consumer Finance — 1.0%

Capital One Financial Corp., Series B, 6.00%

Discover Financial Services, Series B, 6.50%

Diversified Financial Services — 1.0%

KKR Financial Holdings, LLC, Series A, 7.375%

RBS Capital Funding Trust VII, Series G, 6.08%

Electric Utilities — 1.9%

AES Gener SA, 8.375% to 6/18/19⁽³⁾⁽⁴⁾

Entergy Arkansas, Inc., 6.45%

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

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

Southern California Edison Co., Series E, 6.25% to 2/1/22⁽³⁾

Food Products — 0.8%

Dairy Farmers of America, 7.875%⁽⁴⁾

Ocean Spray Cranberries, Inc., 6.25%⁽⁴⁾

Insurance — 0.5%

Aspen Insurance Holdings, Ltd., 5.95% to 7/1/23⁽³⁾

Montpelier Re Holdings, Ltd., 8.875%

Machinery — 0.3%

Stanley Black & Decker, Inc., 5.75%

Multi-Utilities — 0.1%

DTE Energy Co., Series C, 5.25%

Pipelines — 0.4%

NuStar Logistics LP, 7.625% to 1/15/18⁽³⁾

Real Estate Investment Trusts (REITs) — 0.7%

American Realty Capital Properties, Inc., Series F, 6.70%

Cedar Realty Trust, Inc., Series B, 7.25%

DDR Corp., Series J, 6.50%

Thrifts & Mortgage Finance — 0.7%

Elmira Savings Bank,
8.998% to 12/31/17⁽³⁾

EverBank Financial Corp., Series A, 6.75%

Total Preferred Stocks
(identified cost $65,588,067)

Principal

Amount

(000’s omitted)

Banks — 4.2%

Banco do Brasil SA, 9.00% to 6/18/24, 6/29/49⁽³⁾⁽⁴⁾

Bank of America Corp., Series AA, 6.10% to 3/17/25, 12/29/49⁽³⁾

Caixa Economica Federal, 7.25% to 7/23/19, 7/23/24⁽³⁾⁽⁴⁾

Credit Agricole SA, 7.875% to 1/23/24, 1/29/49⁽³⁾⁽⁴⁾

Credit Suisse Group AG, 6.25% to
12/18/24, 12/29/49⁽³⁾⁽⁴⁾

Deutsche Bank AG, 7.50% to 4/30/25, 12/29/49⁽³⁾

JPMorgan Chase & Co., Series Z, 5.30% to 5/1/20, 12/29/49⁽³⁾

Societe Generale SA, 8.25% to 11/29/18, 9/29/49⁽³⁾⁽⁶⁾

SunTrust Preferred Capital I, 4.00%, 6/29/49⁽⁵⁾

Diversified Financial Services — 0.5%

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

Textron Financial Corp., 6.00% to 2/15/17, 2/15/67⁽³⁾⁽⁴⁾

Diversified Telecommunication Services — 0.4%

Koninklijke KPN NV, 7.00% to 3/28/23, 3/28/73⁽³⁾⁽⁴⁾

Principal

Amount

(000’s omitted)

Electric Utilities — 1.6%

Enel SpA, 8.75% to 9/24/23, 9/24/73⁽³⁾⁽⁴⁾

PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67⁽³⁾

Energy Equipment & Services — 0.2%

Abengoa Finance S.A.U., 7.75%, 2/1/20⁽⁴⁾

Insurance — 1.8%

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

Genworth Financial, Inc., 7.70%, 6/15/20

MetLife, Inc., 10.75% to 8/1/39, 8/1/69⁽³⁾

QBE Capital Funding III, Ltd., 7.25% to 5/24/21, 5/24/41⁽³⁾⁽⁴⁾

XLIT, Ltd., Series E, 6.50% to 4/15/17, 10/29/49⁽³⁾

Oil, Gas & Consumable Fuels — 0.4%

Odebrecht Oil & Gas Finance, Ltd., 7.00% to 6/17/24, 12/29/49⁽³⁾⁽⁴⁾

Pipelines — 0.2%

DCP Midstream, LLC, 5.85% to 5/21/23, 5/21/43⁽³⁾⁽⁴⁾

Telecommunications — 0.6%

Colombia Telecomunicaciones SA ESP, 8.50% to 3/30/20, 12/29/49⁽³⁾⁽⁴⁾

Total Corporate Bonds & Notes
(identified cost $34,612,775)

Ecuador — 0.2%

Republic of Ecuador, 10.50%, 3/24/20⁽⁴⁾

Total Foreign Government Bonds
(identified cost $798,000)

Equity Funds — 0.6%

iShares U.S. Preferred Stock ETF

Total Exchange-Traded Funds
(identified cost $2,068,637)