JPMorgan Chase & Co.

Johnson & Johnson

Verizon Communications, Inc.

NextEra Energy, Inc.

Wells Fargo & Co.

Chevron Corp.

Apple, Inc.

Philip Morris International, Inc.

C.H. Robinson Worldwide, Inc.

Chubb, Ltd.

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.

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. NASDAQ Composite Index is a market capitalization-weighted index of all domestic and international securities listed on NASDAQ. Russell 2000^® Index is an unmanaged index of 2,000 U.S. small-cap stocks. Russell 1000^® Value Index is an unmanaged index of U.S. large-cap value stocks. 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 70% Russell 1000^® Value Index and 30% 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.

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

Aerospace & Defense — 1.9%

Hexcel Corp.⁽¹⁾

United Technologies Corp.⁽¹⁾

Air Freight & Logistics — 2.3%

C.H. Robinson Worldwide, Inc.⁽¹⁾

Auto Components — 1.1%

Goodyear Tire & Rubber Co. (The)⁽¹⁾

Banks — 11.2%

Bank of America Corp.⁽¹⁾

Great Western Bancorp, Inc.⁽¹⁾

JPMorgan Chase & Co.⁽¹⁾

KeyCorp⁽¹⁾

U.S. Bancorp⁽¹⁾

Wells Fargo & Co.⁽¹⁾

Biotechnology — 1.0%

Gilead Sciences, Inc.⁽¹⁾

Capital Markets — 5.3%

Charles Schwab Corp. (The)⁽¹⁾

Credit Suisse Group AG⁽¹⁾

Credit Suisse Group AG⁽¹⁾⁽²⁾

Credit Suisse Group AG ADR⁽¹⁾

E*TRADE Financial Corp.⁽¹⁾⁽³⁾

Goldman Sachs Group, Inc. (The)⁽¹⁾

Lazard, Ltd., Class A⁽¹⁾

Chemicals — 0.2%

PPG Industries, Inc.⁽¹⁾

Containers & Packaging — 0.8%

International Paper Co.⁽¹⁾

Diversified Financial Services — 0.8%

Berkshire Hathaway, Inc., Class B⁽¹⁾⁽³⁾

Diversified Telecommunication Services — 3.5%

AT&T, Inc.⁽¹⁾

Verizon Communications, Inc.⁽¹⁾

Electric Utilities — 3.1%

NextEra Energy, Inc.⁽¹⁾

PG&E Corp.⁽¹⁾

Electronic Equipment, Instruments & Components — 1.3%

CDW Corp.⁽¹⁾

FLIR Systems, Inc.⁽¹⁾

Energy Equipment & Services — 0.9%

Core Laboratories NV⁽¹⁾

Halliburton Co.⁽¹⁾

Oceaneering International, Inc.⁽¹⁾

Equity Real Estate Investment Trusts (REITs) — 5.0%

DDR Corp.⁽¹⁾

Equity Residential⁽¹⁾

Public Storage⁽¹⁾

Simon Property Group, Inc.⁽¹⁾

Food Products — 2.3%

McCormick & Co., Inc.⁽¹⁾

Mondelez International, Inc., Class A⁽¹⁾

Health Care Equipment & Supplies — 1.5%

Boston Scientific Corp.⁽¹⁾⁽³⁾

Zimmer Biomet Holdings, Inc.⁽¹⁾

Health Care Providers & Services — 1.2%

Aetna, Inc.⁽¹⁾

Hotels, Restaurants & Leisure — 0.5%

Starbucks Corp.⁽¹⁾

Household Durables — 0.5%

Whirlpool Corp.⁽¹⁾

Household Products — 1.2%

Colgate-Palmolive Co.⁽¹⁾

Insurance — 4.1%

Alleghany Corp.⁽¹⁾⁽³⁾

American Financial Group, Inc.⁽¹⁾

Chubb, Ltd.⁽¹⁾

WR Berkley Corp.⁽¹⁾

Internet Software & Services — 3.8%

Alphabet, Inc., Class C⁽¹⁾⁽³⁾

eBay, Inc.⁽¹⁾⁽³⁾

IT Services — 0.9%

Leidos Holdings, Inc.⁽¹⁾

Life Sciences Tools & Services — 1.1%

Thermo Fisher Scientific, Inc.⁽¹⁾

Machinery — 2.3%

Caterpillar, Inc.⁽¹⁾

Trinity Industries, Inc.⁽¹⁾

Multi-Utilities — 2.8%

CMS Energy Corp.⁽¹⁾

Sempra Energy⁽¹⁾

Oil, Gas & Consumable Fuels — 6.6%

Chevron Corp.⁽¹⁾

ConocoPhillips⁽¹⁾

EOG Resources, Inc.⁽¹⁾

Exxon Mobil Corp.⁽¹⁾

Phillips 66⁽¹⁾

Personal Products — 1.5%

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

Pharmaceuticals — 8.3%

Allergan PLC⁽¹⁾

Eli Lilly & Co.⁽¹⁾

Johnson & Johnson⁽¹⁾

Pfizer, Inc.⁽¹⁾

Zoetis, Inc.⁽¹⁾

Road & Rail — 1.8%

CSX Corp.⁽¹⁾

Semiconductors & Semiconductor Equipment — 2.6%

Intel Corp.⁽¹⁾

NXP Semiconductors NV⁽¹⁾⁽³⁾

QUALCOMM, Inc.

Specialty Retail — 0.7%

Home Depot, Inc. (The)⁽¹⁾

Technology Hardware, Storage & Peripherals — 2.5%

Apple, Inc.⁽¹⁾

Textiles, Apparel & Luxury Goods — 1.5%

Lululemon Athletica, Inc.⁽¹⁾⁽³⁾

VF Corp.⁽¹⁾

Tobacco — 3.3%

Altria Group, Inc.⁽¹⁾

Philip Morris International, Inc.⁽¹⁾

Total Common Stocks
(identified cost $1,223,042,932)

Banks — 6.2%

AgriBank FCB, 6.875% to 1/1/24⁽¹⁾⁽⁴⁾

CoBank ACB, Series F,
6.25% to 10/1/22^(1)(4)(5)

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

Farm Credit Bank of Texas, Series 1, 10.00%⁽¹⁾⁽⁵⁾

First Tennessee Bank NA, 3.75%, (3 mo. USD LIBOR + 0.85%,
Floor 3.75%)^(1)(5)(6)

Huntington Bancshares, Inc.,
Series A, 8.50% (Convertible)⁽¹⁾

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

KeyCorp, Series E,
6.125% to 12/15/26⁽¹⁾⁽⁴⁾

Regions Financial Corp., Series A, 6.375%⁽¹⁾

SunTrust Banks, Inc., Series E, 5.875%⁽¹⁾

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

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

Webster Financial Corp., Series E,
6.40%⁽¹⁾

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

Capital Markets — 0.8%

KKR & Co., LP, Series A, 6.75%⁽¹⁾

Legg Mason, Inc., 5.45%⁽¹⁾

State Street Corp., Series D,
5.90% to 3/15/24⁽¹⁾⁽⁴⁾

Consumer Finance — 0.3%

Capital One Financial Corp., Series H, 6.00%⁽¹⁾

Diversified Financial Services — 0.7%

KKR Financial Holdings, LLC, Series A, 7.375%⁽¹⁾

Electric Utilities — 2.4%

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

Equity Real Estate Investment Trusts (REITs) — 1.1%

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

DDR Corp., Series J, 6.50%⁽¹⁾

DDR Corp., Series K, 6.25%⁽¹⁾

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

Food Products — 0.9%

Dairy Farmers of America, Inc., 7.875%⁽¹⁾⁽⁵⁾

Ocean Spray Cranberries, Inc., 6.25%⁽¹⁾⁽⁵⁾

Insurance — 0.3%

American Overseas Group, Ltd., Series A, 4.803%,
(3 mo. USD LIBOR + 3.557%)^(1)(6)(7)

PartnerRe, Ltd., Series I, 5.875%⁽¹⁾

Machinery — 0.5%

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

Multi-Utilities — 0.1%

DTE Energy Co., Series C, 5.25%⁽¹⁾

Oil, Gas & Consumable Fuels — 1.1%

NuStar Energy, LP, Series B, 7.625% to 6/15/22⁽¹⁾⁽⁴⁾

Thrifts & Mortgage Finance — 0.3%

Elmira Savings Bank,
8.998% to 12/31/17⁽¹⁾⁽⁴⁾

Total Preferred Stocks
(identified cost $232,736,907)

Banks — 12.8%

Australia and New Zealand Banking Group, Ltd., 6.75% to 6/15/26^(1)(4)(5)(8)

Banco do Brasil SA,
6.25% to 4/15/24^(1)(4)(5)(8)

Banco Mercantil del Norte SA/Grand Cayman,
7.625% to 1/6/28^(1)(4)(5)(8)

Banco Santander SA,
6.375% to 5/19/19^(1)(4)(8)(9)

Bank of America Corp., Series AA,
6.10% to 3/17/25^(1)(4)(8)

BNP Paribas SA,
6.75% to 3/14/22^(1)(4)(5)(8)

Caixa Economica Federal,
7.25% to 7/23/19, 7/23/24^(1)(4)(5)

Citigroup, Inc., Series M, 6.30% to 5/15/24^(1)(4)(8)

Credit Agricole SA,
7.875% to 1/23/24^(1)(4)(5)(8)

JPMorgan Chase & Co., Series X,
6.10% to 10/1/24^(1)(4)(8)

JPMorgan Chase & Co., Series Z, 5.30% to 5/1/20^(1)(4)(8)

Lloyds Banking Group PLC,
7.50% to 6/27/24^(1)(4)(8)

M&T Bank Corp., Series F,
5.125% to 11/1/26^(1)(4)(8)

PNC Financial Services Group, Inc. (The),
Series S, 5.00% to 11/1/26^(1)(4)(8)

Royal Bank of Scotland Group PLC,
8.00% to 8/10/25^(1)(4)(8)

Societe Generale SA,
7.375% to 9/13/21^(1)(4)(5)(8)

Standard Chartered PLC,
7.014% to 7/30/37^(1)(4)(5)(8)

Standard Chartered PLC,
7.75% to 4/2/23^(1)(4)(5)(8)

UniCredit SpA, 8.00% to 6/3/24^(1)(4)(8)(9)

Zions Bancorporation, Series I, 5.80% to 9/15/23^(1)(4)(8)

Zions Bancorporation, Series J,
7.20% to 9/15/23^(1)(4)(8)

Capital Markets — 1.9%

Banco BTG Pactual SA/Cayman Islands,
5.75%, 9/28/22⁽¹⁾⁽⁵⁾

Goldman Sachs Group, Inc. (The),
Series M, 5.375% to 5/10/20^(1)(4)(8)

UBS Group AG, 6.875% to 8/7/25^(1)(4)(8)(9)

Diversified Financial Services — 0.6%

Cadence Financial Corp.,
4.875%, 6/28/19⁽¹⁾⁽⁵⁾

Textron Financial Corp., 3.05%, (3 mo. USD LIBOR + 1.735%), 2/15/67^(1)(5)(6)

Electric Utilities — 2.3%

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

Emera, Inc., Series 16-A, 6.75% to 6/15/26, 6/15/76⁽¹⁾⁽⁴⁾

Southern Co. (The),
Series B, 5.50% to 3/15/22, 3/15/57⁽¹⁾⁽⁴⁾

Energy Equipment & Services — 0.0%⁽¹⁰⁾

Abengoa Finance S.A.U., 7.75%, 2/1/20^(1)(5)(11)

Food Products — 1.1%

JBS Investments GmbH,
7.75%, 10/28/20⁽¹⁾⁽⁵⁾

Land O’ Lakes, Inc., 8.00%^(1)(5)(8)

Insurance — 0.4%

MetLife, Inc., 6.40%, 12/15/66⁽¹⁾

Metals & Mining — 0.5%

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

Multi-Utilities — 0.3%

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

Oil, Gas & Consumable Fuels — 0.4%

Odebrecht Oil & Gas Finance, Ltd.,
7.00% to 6/17/24^{(1)(4)(5)(8)(11)}

Petrobras Global Finance BV, 6.125%, 1/17/22⁽¹⁾

Thrifts & Mortgage Finance — 0.2%

Flagstar Bancorp, Inc.,
6.125%, 7/15/21⁽¹⁾

Total Corporate Bonds & Notes
(identified cost $324,477,197)

Equity Funds — 2.2%

First Trust Preferred Securities and Income ETF⁽¹⁾

iShares U.S. Preferred Stock ETF⁽¹⁾

Total Exchange-Traded Funds
(identified cost $35,914,428)

Total Investments — 126.8%
(identified cost $1,816,171,464)

Other Assets, Less Liabilities — (26.8)%

Net Assets — 100.0%

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

Security was acquired in a private offering and may be resold on a designated offshore securities market pursuant to Regulation S under the Securities Act of 1933.

Non-income producing security.

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

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 August 31, 2017, the aggregate value of these securities is $162,468,110 or 10.0% of the Fund’s net assets.

Variable rate security. The stated interest rate represents the rate in effect at August 31, 2017.

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 9).

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 August 31, 2017, the aggregate value of these securities is $41,262,362 or 2.6% of the Fund’s net assets.

Amount is less than 0.05%.

Defaulted security. Issuer has defaulted on the payment of interest and/or principal.

United States

United Kingdom

Brazil

Switzerland

France

Canada

Netherlands

Italy

Bermuda

Spain

Chile

Australia

Mexico

Exchange-Traded Funds

Total Investments