Alphabet, Inc., Class C

Wells Fargo & Co.

Visa, Inc., Class A

Lowe’s Cos., Inc.

Royal Dutch Shell PLC, Class B

Synchrony Financial

Shire PLC ADR

Prudential PLC

Home Depot, Inc. (The)

NIKE, Inc., Class B

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. 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 charts, the Fund’s investments in ETFs are included based on the portfolio composition of each ETF.

Aerospace & Defense — 1.8%

United Technologies Corp.⁽¹⁾

Air Freight & Logistics — 0.9%

C.H. Robinson Worldwide, Inc.⁽¹⁾

Banks — 6.6%

JPMorgan Chase & Co.⁽¹⁾

Mitsubishi UFJ Financial Group, Inc.⁽¹⁾

U.S. Bancorp

Wells Fargo & Co.⁽¹⁾

Beverages — 3.8%

Anheuser-Busch Inbev NV/SA⁽¹⁾

Constellation Brands, Inc., Class A⁽¹⁾

Diageo PLC⁽¹⁾

Biotechnology — 2.5%

Celgene Corp.⁽¹⁾⁽²⁾

Gilead Sciences, Inc.⁽¹⁾

Capital Markets — 1.1%

Credit Suisse Group AG⁽¹⁾

Credit Suisse Group AG⁽¹⁾⁽³⁾

Chemicals — 1.2%

PPG Industries, Inc.⁽¹⁾

Commercial Services & Supplies — 1.1%

Brambles, Ltd.⁽¹⁾

Consumer Finance — 3.4%

Discover Financial Services⁽¹⁾

Synchrony Financial⁽¹⁾⁽²⁾

Diversified Financial Services — 0.6%

Banca Mediolanum SpA

Diversified Telecommunication Services — 1.7%

Nippon Telegraph & Telephone Corp.⁽¹⁾

Electric Utilities — 1.5%

NextEra Energy, Inc.⁽¹⁾

Electrical Equipment — 2.7%

Legrand SA

Nidec Corp.⁽¹⁾

Electronic Equipment, Instruments & Components — 1.9%

Keyence Corp.⁽¹⁾

Energy Equipment & Services — 0.9%

Schlumberger, Ltd.⁽¹⁾

Food Products — 2.2%

Kerry Group PLC, Class A

Mondelez International, Inc., Class A⁽¹⁾

Health Care Equipment & Supplies — 1.4%

Medtronic PLC⁽¹⁾

Hotels, Restaurants & Leisure — 1.9%

Accor SA⁽¹⁾

Household Durables — 1.5%

Newell Brands, Inc.

Household Products — 1.3%

Reckitt Benckiser Group PLC⁽¹⁾

Industrial Conglomerates — 1.7%

General Electric Co.⁽¹⁾

Insurance — 5.7%

Aflac, Inc.⁽¹⁾

Chubb, Ltd.⁽¹⁾

Prudential PLC⁽¹⁾

St. James’s Place PLC⁽¹⁾

Internet & Catalog Retail — 1.6%

Amazon.com, Inc.⁽¹⁾⁽²⁾

Internet Software & Services — 6.4%

Alibaba Group Holding, Ltd. ADR⁽²⁾

Alphabet, Inc., Class C⁽¹⁾⁽²⁾

Facebook, Inc., Class A⁽¹⁾⁽²⁾

IT Services — 3.3%

Visa, Inc., Class A⁽¹⁾

Worldpay Group PLC⁽²⁾⁽⁴⁾

Machinery — 0.8%

Kubota Corp.

Melrose Industries PLC⁽¹⁾

Media — 1.7%

Time Warner, Inc.

Multi – Utilities — 1.3%

National Grid PLC⁽¹⁾

Sempra Energy⁽¹⁾

Multiline Retail — 0.8%

Dollar General Corp.⁽¹⁾

Oil, Gas & Consumable Fuels — 6.0%

Anadarko Petroleum Corp.

Chevron Corp.

Occidental Petroleum Corp.⁽¹⁾

Royal Dutch Shell PLC, Class B⁽¹⁾

Personal Products — 1.4%

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

Pharmaceuticals — 10.1%

Allergan PLC⁽²⁾

Bayer AG⁽¹⁾

Eli Lilly & Co.

Novo Nordisk A/S, Class B

Roche Holding AG PC⁽¹⁾

Shire PLC ADR⁽¹⁾

Teva Pharmaceutical Industries, Ltd. ADR

Professional Services — 1.1%

Verisk Analytics, Inc.⁽¹⁾⁽²⁾

Real Estate Investment Trusts (REITs) — 1.4%

Equity Residential

Road & Rail — 1.5%

Union Pacific Corp.⁽¹⁾

Semiconductors & Semiconductor Equipment — 2.7%

ASML Holding NV⁽¹⁾

Infineon Technologies AG

NXP Semiconductors NV⁽¹⁾⁽²⁾

Software — 0.5%

Microsoft Corp.

Specialty Retail — 5.9%

Dixons Carphone PLC

Home Depot, Inc. (The)⁽¹⁾

Industria de Diseno Textil SA

Lowe’s Cos., Inc.⁽¹⁾

Technology Hardware, Storage & Peripherals — 1.4%

Apple, Inc.⁽¹⁾

Textiles, Apparel & Luxury Goods — 4.0%

LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾

NIKE, Inc., Class B⁽¹⁾

Pandora A/S⁽¹⁾

Tobacco — 3.2%

Imperial Brands PLC⁽¹⁾

Reynolds American, Inc.⁽¹⁾

Wireless Telecommunication Services — 1.1%

Vodafone Group PLC⁽¹⁾

Total Common Stocks
(identified cost $295,221,453)

Banks — 9.1%

AgriBank FCB, 6.875% to 1/1/24⁽⁵⁾

Barclays Bank PLC, 8.25% to 12/15/18⁽⁵⁾

CoBank ACB, Series F, 6.25% to 10/1/22⁽⁵⁾

Farm Credit Bank of Texas, 6.75% to 9/15/23⁽⁵⁾

Farm Credit Bank of Texas, Series 1, 10.00%

First Tennessee Bank, 3.75%⁽⁴⁾⁽⁶⁾

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

Banks (continued)

JPMorgan Chase & Co., Series O, 5.50%

JPMorgan Chase & Co., Series X,
6.10% to 10/1/24⁽⁵⁾

JPMorgan Chase & Co., Series Y, 6.125%

KeyCorp, Series A, 7.75% (Convertible)

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

Regions Financial Corp., Series A, 6.375%

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

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

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)

Zions Bancorporation, Series I, 5.80% to 9/15/23⁽⁵⁾

Zions Bancorporation, Series J,
7.20% to 9/15/23⁽⁵⁾

Capital Markets — 1.6%

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

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

KKR & Co., LP, Series A, 6.75%

Morgan Stanley, Series G, 6.625%

State Street Corp., Series D, 5.90% to 3/15/24⁽⁵⁾

Consumer Finance — 1.1%

Capital One Financial Corp., Series B, 6.00%

Discover Financial Services, Series B, 6.50%

Diversified Financial Services — 0.3%

KKR Financial Holdings, LLC, Series A, 7.375%

Electric Utilities — 2.3%

AES Gener SA, 8.375% to 6/18/19⁽⁴⁾⁽⁵⁾

Entergy Arkansas, Inc., 6.45%

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

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

Southern Co. (The), 6.25%

Food Products — 1.4%

Dairy Farmers of America, 7.875%⁽⁴⁾

Land O’Lakes, Inc., 8.00%⁽⁴⁾

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

Machinery — 0.4%

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⁽⁵⁾

Real Estate Investment Trusts (REITs) — 0.9%

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

DDR Corp., Series J, 6.50%

Vornado Realty Trust, Series K, 5.70%

Thrifts & Mortgage Finance — 0.8%

Elmira Savings Bank,
8.998% to 12/31/17⁽⁵⁾

EverBank Financial Corp., Series A, 6.75%

Total Preferred Stocks
(identified cost $56,557,868)

Aerospace & Defense — 0.2%

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

Banks — 6.0%

Banco do Brasil SA,
9.00% to 6/18/24, 6/29/49⁽⁴⁾⁽⁵⁾

Bank of America Corp., Series AA, 6.10% to 3/17/25, 12/29/49⁽⁵⁾

BNP Paribas SA,
7.375% to 8/19/25, 12/29/49⁽⁴⁾⁽⁵⁾

Banks (continued)

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

Citigroup, Inc., Series T,
6.25% to 8/15/26, 12/29/49⁽⁵⁾

Credit Agricole SA,
7.875% to 1/23/24, 1/29/49⁽⁴⁾⁽⁵⁾

Credit Suisse Group AG,
6.25% to 12/18/24, 12/29/49⁽⁴⁾⁽⁵⁾

Deutsche Bank AG,
7.50% to 4/30/25, 12/29/49⁽⁵⁾

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

Lloyds Banking Group PLC,
7.50% to 6/27/24, 4/30/49⁽⁵⁾

Royal Bank of Scotland Group PLC, 8.00% to 8/10/25, 12/29/49⁽⁵⁾

Societe Generale SA,
8.25% to 11/29/18, 9/29/49⁽⁵⁾⁽⁷⁾

Diversified Financial Services — 0.3%

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

Diversified Telecommunication Services — 0.7%

Koninklijke KPN NV,
7.00% to 3/28/23, 3/28/73⁽⁴⁾⁽⁵⁾

Electric Utilities — 1.3%

AES Panama SA, 6.00%, 6/25/22⁽⁴⁾

Enel SpA, 8.75% to 9/24/23, 9/24/73⁽⁴⁾⁽⁵⁾

PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67⁽⁵⁾

Energy Equipment & Services — 0.0%⁽⁸⁾

Abengoa Finance S.A.U.,
7.75%, 2/1/20⁽⁴⁾⁽⁹⁾

Food Products — 0.1%

Land O’ Lakes, Inc., 8.00%, 12/29/49⁽⁴⁾

Insurance — 1.0%

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

Genworth Holdings, Inc., 6.515%, 5/22/18

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

XLIT, Ltd., Series E,
6.50% to 4/15/17, 10/29/49⁽⁵⁾

Metals & Mining — 0.5%

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⁽⁵⁾

Oil, Gas & Consumable Fuels — 0.0%⁽⁸⁾

Odebrecht Oil & Gas Finance, Ltd., 7.00% to 6/17/24, 12/29/49^(4)(5)(9)

Telecommunications — 0.7%

Colombia Telecomunicaciones SA ESP, 8.50% to 3/30/20, 12/29/49⁽⁴⁾⁽⁵⁾