Alphabet, Inc., Class C

Microsoft Corp.

Amazon.com, Inc.

Apple, Inc.

American Tower Corp.

Exxon Mobil Corp.

Johnson & Johnson

First Trust Preferred Securities and Income ETF

BP PLC

ASML Holding NV

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. ICE BofAML Fixed Rate Preferred Securities Index is an unmanaged index of fixed-rate, preferred securities issued in the U.S. ICE^® BofAML^® 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. BofAML^® 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 BofAML 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.

Excludes cash and cash equivalents.

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.

Fund profile subject to change due to active management.

CAE, Inc.⁽¹⁾

Continental AG⁽¹⁾

Banco Santander SA⁽¹⁾

Canadian Imperial Bank of Commerce⁽¹⁾

Citigroup, Inc.⁽¹⁾

ING Groep NV⁽¹⁾

KeyCorp⁽¹⁾

Nordea Bank AB⁽¹⁾

Societe Generale SA⁽¹⁾

UniCredit SpA⁽¹⁾

Wells Fargo & Co.⁽¹⁾

Anheuser-Busch InBev SA/NV⁽¹⁾

Coca-Cola Co. (The)⁽¹⁾

Diageo PLC⁽¹⁾

Assa Abloy AB, Class B⁽¹⁾

BASF SE⁽¹⁾

Ecolab, Inc.⁽¹⁾

Sika AG⁽¹⁾

Abengoa SA, Class A⁽¹⁾⁽³⁾

Abengoa SA, Class B⁽¹⁾⁽³⁾

Discover Financial Services⁽¹⁾

Navient Corp.⁽¹⁾

OneMain Holdings, Inc.⁽¹⁾⁽³⁾

ORIX Corp.⁽¹⁾

Iberdrola SA⁽¹⁾

NextEra Energy, Inc.⁽¹⁾

Legrand SA⁽¹⁾

Melrose Industries PLC⁽¹⁾

CDW Corp.⁽¹⁾

Keyence Corp.⁽¹⁾

Halliburton Co.⁽¹⁾

Activision Blizzard, Inc.⁽¹⁾

Walt Disney Co. (The)⁽¹⁾

American Tower Corp.⁽¹⁾

Equity Residential⁽¹⁾

Mondelez International, Inc., Class A⁽¹⁾

Baxter International, Inc.⁽¹⁾

Boston Scientific Corp.⁽¹⁾⁽³⁾

Danaher Corp.⁽¹⁾

Anthem, Inc.⁽¹⁾

UnitedHealth Group, Inc.⁽¹⁾

Compass Group PLC⁽¹⁾

Reckitt Benckiser Group PLC⁽¹⁾

AIA Group, Ltd.⁽¹⁾

Aviva PLC⁽¹⁾

Chubb, Ltd.⁽¹⁾

Prudential PLC⁽¹⁾

Alphabet, Inc., Class C⁽¹⁾⁽³⁾

Facebook, Inc., Class A⁽¹⁾⁽³⁾

Amazon.com, Inc.⁽¹⁾⁽³⁾

ZOZO, Inc.⁽¹⁾

Visa, Inc., Class A⁽¹⁾

Yamaha Corp.⁽¹⁾

Lonza Group AG⁽¹⁾

Atlas Copco AB, Class A⁽¹⁾

Fortive Corp.⁽¹⁾

ITT, Inc.⁽¹⁾

Komatsu, Ltd.⁽¹⁾

MISUMI Group, Inc.⁽¹⁾

Parker-Hannifin Corp.⁽¹⁾

Stanley Black & Decker, Inc.⁽¹⁾

Xylem, Inc.⁽¹⁾

Rio Tinto, Ltd.⁽¹⁾

CMS Energy Corp.⁽¹⁾

BP PLC⁽¹⁾

ConocoPhillips⁽¹⁾

Exxon Mobil Corp.⁽¹⁾

Phillips 66⁽¹⁾

Seven Generations Energy, Ltd., Class A⁽¹⁾⁽³⁾

Unilever PLC⁽¹⁾

Bayer AG⁽¹⁾

Eli Lilly & Co.⁽¹⁾

GlaxoSmithKline PLC⁽¹⁾

Johnson & Johnson⁽¹⁾

Novo Nordisk A/S, Class B⁽¹⁾

Zoetis, Inc.⁽¹⁾

Verisk Analytics, Inc.⁽¹⁾⁽³⁾

ASML Holding NV⁽¹⁾

Taiwan Semiconductor Manufacturing Co., Ltd. ADR⁽¹⁾

Microsoft Corp.⁽¹⁾

Home Depot, Inc. (The)⁽¹⁾

Industria de Diseno Textil SA⁽¹⁾

TJX Cos., Inc. (The)⁽¹⁾

Ulta Beauty, Inc.⁽¹⁾⁽³⁾

Apple, Inc.⁽¹⁾

HP, Inc.⁽¹⁾

adidas AG⁽¹⁾

LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾

Samsonite International SA⁽¹⁾⁽⁴⁾

MGIC Investment Corp.⁽¹⁾⁽³⁾

British American Tobacco PLC⁽¹⁾

Tele2 AB, Class B⁽¹⁾

Total Common Stocks
(identified cost $1,384,231,782)

AgriBank FCB, 6.875% to 1/1/24⁽¹⁾⁽⁵⁾

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

Farm Credit Bank of Texas, 6.75% to 9/15/23^(1)(4)(5)

First Tennessee Bank NA, 3.75%, (3 mo. USD LIBOR + 0.85%, Floor 3.75%)^(1)(4)(6)

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

Texas Capital Bancshares, Inc., 6.50%⁽¹⁾

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

Wells Fargo & Co., Series Y, 5.625%⁽¹⁾

Interstate Power & Light Co., Series D, 5.10%⁽¹⁾

NextEra Energy Capital Holdings, Inc., Series I,
5.125%⁽¹⁾

NextEra Energy Capital Holdings, Inc., Series K,
5.25%⁽¹⁾

SCE Trust VI, 5.00%⁽¹⁾

Southern Co. (The), 6.25%⁽¹⁾

CBL & Associates Properties, Inc., Series D, 7.375%⁽¹⁾⁽⁷⁾

SITE Centers Corp., Series A, 6.375%⁽¹⁾

SITE Centers Corp., Series K, 6.25%⁽¹⁾

Spirit Realty Capital, Inc., Series A, 6.00%⁽¹⁾

Vornado Realty Trust, Series K, 5.70%⁽¹⁾⁽⁷⁾

Dairy Farmers of America, Inc., 7.875%⁽¹⁾⁽⁴⁾

Ocean Spray Cranberries, Inc., 6.25%⁽¹⁾⁽⁴⁾

Algonquin Power & Utilities Corp., 6.875% to 10/17/23⁽⁵⁾

PartnerRe, Ltd., Series I, 5.875%⁽¹⁾

Stanley Black & Decker, Inc., 5.75%⁽¹⁾

DTE Energy Co., Series C, 5.25%⁽¹⁾

NuStar Energy, L.P., Series B, 7.625% to 6/15/22⁽¹⁾⁽⁵⁾

Total Preferred Stocks
(identified cost $91,991,902)

Azul Investments LLP, 5.875%, 10/26/24⁽¹⁾⁽⁴⁾

General Motors Financial Co., Inc., Series A, 5.75% to 9/30/27^(1)(5)(7)

Australia and New Zealand Banking Group, Ltd., 6.75% to 6/15/26^(1)(4)(5)(7)

Banco Bilbao Vizcaya Argentaria SA, 6.125% to 11/16/27^(1)(5)(7)

Banco do Brasil SA, 6.25% to
4/15/24^(1)(4)(5)(7)

Banco Mercantil del Norte SA/Grand Cayman, 7.625% to 1/10/28^(1)(4)(5)(7)

Bank of America Corp., Series AA, 6.10% to 3/17/25^(1)(5)(7)

Bank of America Corp., Series DD, 6.30% to 3/10/26⁽⁵⁾⁽⁷⁾

Bank of America Corp., Series FF, 5.875% to 3/15/28^(1)(5)(7)

Barclays PLC, 7.75% to 9/15/23⁽⁵⁾⁽⁷⁾

Citigroup, Inc., Series M, 6.30% to
5/15/24^(1)(5)(7)

Citigroup, Inc., Series T, 6.25% to
8/15/26^(1)(5)(7)

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

Credit Suisse Group AG, 7.50% to 7/17/23^(4)(5)(7)

Danske Bank A/S, 7.00% to 6/26/25^(5)(7)(8)

Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28^(4)(5)(7)

JPMorgan Chase & Co., Series X, 6.10% to 10/1/24^(1)(5)(7)

Lloyds Banking Group PLC, 7.50% to
6/27/24^(1)(5)(7)

Royal Bank of Scotland Group PLC, 8.00% to 8/10/25^(1)(5)(7)

Societe Generale SA, 6.75% to 4/6/28^(1)(4)(5)(7)

UniCredit SpA, 8.00% to 6/3/24^(1)(5)(7)(8)

Zions Bancorporation, Series I,
5.80% to 6/15/23^(1)(5)(7)

Banco BTG Pactual SA/Cayman Islands, 5.50%, 1/31/23⁽¹⁾⁽⁴⁾

Charles Schwab Corp. (The), Series F, 5.00% to 12/1/27^(1)(5)(7)

UBS Group AG, 6.875% to 8/7/25^(1)(5)(7)(8)

Abengoa Abenewco 2 SAU, 1.50%, (1.50% Cash or 0.25% Cash and 1.25% PIK), 3/31/23⁽¹⁾⁽⁴⁾

Cadence Financial Corp., 4.875%, 6/28/19⁽¹⁾⁽⁴⁾

Textron Financial Corp., 4.049%, (3 mo. USD LIBOR + 1.735%), 2/15/67^(1)(4)(6)

Unifin Financiera SAB de CV, 8.875% to
1/29/25^(1)(4)(5)(7)

AES Gener SA, 8.375% to 6/18/19,
12/18/73^(1)(4)(5)

Southern Co. (The), Series B, 5.50% to 3/15/22, 3/15/57⁽¹⁾⁽⁵⁾

Oceaneering International, Inc., 6.00%, 2/1/28⁽¹⁾

Land O’ Lakes, Inc., 8.00% ^(1)(4)(7)

NiSource, Inc., 5.65% to 6/15/23 ^(4)(5)(7)

Prudential Financial, Inc., 5.70% to 9/15/28, 9/15/48⁽⁵⁾

Voya Financial, Inc., Series A, 6.125% to 9/15/23⁽⁵⁾⁽⁷⁾

BHP Billiton Finance USA, Ltd., 6.75% to 10/20/25, 10/19/75^(1)(4)(5)

Centerpoint Energy, Inc., Series A, 6.125% to
9/1/23⁽⁵⁾⁽⁷⁾

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

Enterprise Products Operating, LLC, Series E, 5.25% to 8/16/27, 8/16/77⁽⁵⁾

Odebrecht Oil & Gas Finance, Ltd.,
0.00%^(1)(4)(7)

Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22^(1)(5)(7)

Teva Pharmaceutical Finance Netherlands III B.V., 6.00%, 4/15/24⁽¹⁾

Enbridge Energy Partners, L.P., 6.194%, (3 mo. USD LIBOR + 3.798%), 10/1/77⁽¹⁾⁽⁶⁾

Energy Transfer Partners, L.P., Series A, 6.25% to 2/15/23^(1)(5)(7)

Mattel, Inc., 6.75%, 12/31/25⁽⁴⁾

JSL Europe SA, 7.75%, 7/26/24⁽¹⁾⁽⁴⁾

Total Corporate Bonds & Notes
(identified cost $205,247,244)

First Trust Preferred Securities and Income ETF⁽¹⁾

Total Exchange-Traded Funds
(identified cost $25,556,671)

Banco Santander SA, Exp. 11/1/18⁽¹⁾⁽³⁾

Total Rights
(identified cost $80,072)

Eaton Vance Cash Reserves Fund, LLC, 2.28%⁽⁹⁾

Total Short-Term Investments
(identified cost $19,025,520)

Total Investments — 132.9%
(identified cost $1,726,133,191)

Other Assets, Less Liabilities — (32.9)%

Net Assets — 100.0%

Security (or a portion thereof) has been segregated as collateral with the custodian for borrowings under the Credit Agreement.

Amount is less than 0.05%.

Non-income producing security.

Security exempt from registration pursuant to Rule 144A under 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, 2018, the aggregate value of these securities is $91,797,078 or 7.2% of the Fund’s net assets.

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

Variable rate security. The stated dividend/interest rate represents the rate in effect at October 31, 2018.

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

Security exempt from registration under Regulation S of the Securities Act of 1933, 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. At October 31, 2018, the aggregate value of these securities is $16,427,980 or 1.3% of the Fund’s net assets.

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, 2018.

United States

United Kingdom

Japan

France

Germany

Spain

Sweden

Switzerland