Exxon Mobil Corp.

JPMorgan Chase & Co.

Roche Holding AG PC

Wells Fargo & Co.

Merck & Co., Inc.

Walt Disney Co. (The)

Verizon Communications, Inc.

Citigroup, Inc.

Eli Lilly & Co.

Kroger Co. (The)

Total

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. 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 tax-exempt income, qualified and non-qualified ordinary dividends, capital gains and nondividend distributions, also known as return of capital. 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 — 2.1%

Honeywell International, Inc.

United Technologies Corp.⁽¹⁾

Air Freight & Logistics — 1.3%

C.H. Robinson Worldwide, Inc.⁽¹⁾

Banks — 14.5%

Bank of America Corp.⁽¹⁾

Citigroup, Inc.⁽¹⁾

JPMorgan Chase & Co.⁽¹⁾

KeyCorp

Nordea Bank AB

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

Skandinaviska Enskilda Banken AB, Class A

Svenska Handelsbanken AB, Class A

Swedbank AB, Class A

Wells Fargo & Co.⁽¹⁾

Capital Markets — 2.7%

Affiliated Managers Group, Inc.⁽¹⁾⁽²⁾

Invesco, Ltd.

Chemicals — 3.3%

Monsanto Co.

PPG Industries, Inc.

Syngenta AG ADR

Communications Equipment — 2.0%

QUALCOMM, Inc.⁽¹⁾

Telefonaktiebolaget LM Ericsson, Class B

Consumer Finance — 0.9%

Discover Financial Services⁽¹⁾

Diversified Telecommunication Services — 2.3%

TeliaSonera AB

Verizon Communications, Inc.⁽¹⁾

Electric Utilities — 3.2%

Edison International⁽¹⁾

NextEra Energy, Inc.⁽¹⁾

Electrical Equipment — 0.4%

Emerson Electric Co.

Electronic Equipment, Instruments & Components — 0.7%

Corning, Inc.

Energy Equipment & Services — 0.4%

Halliburton Co.

Food & Staples Retailing — 4.1%

CVS Health Corp.⁽¹⁾

Kroger Co. (The)⁽¹⁾

Metro AG

Food Products — 2.1%

General Mills, Inc.

Mondelez International, Inc., Class A⁽¹⁾

Health Care Equipment & Supplies — 2.5%

Medtronic PLC⁽¹⁾

Stryker Corp.

Hotels, Restaurants & Leisure — 0.6%

Royal Caribbean Cruises, Ltd.

Industrial Conglomerates — 1.5%

General Electric Co.

Siemens AG

Insurance — 4.8%

ACE, Ltd.⁽¹⁾

Aflac, Inc.

Prudential PLC

XL Group PLC

Zurich Insurance Group AG

Internet Software & Services — 1.8%

Google, Inc., Class C⁽¹⁾⁽²⁾

Life Sciences Tools & Services — 1.2%

Thermo Fisher Scientific, Inc.⁽¹⁾

Machinery — 0.4%

Trinity Industries, Inc.

Media — 3.5%

CBS Corp., Class B

Walt Disney Co. (The)⁽¹⁾

Multi-Utilities — 2.7%

PG&E Corp.

Sempra Energy⁽¹⁾

Oil, Gas & Consumable Fuels — 7.2%

Anadarko Petroleum Corp.

Chevron Corp.⁽¹⁾

Devon Energy Corp.

Exxon Mobil Corp.⁽¹⁾

Occidental Petroleum Corp.⁽¹⁾

Phillips 66

Paper & Forest Products — 0.8%

International Paper Co.⁽¹⁾

Pharmaceuticals — 8.2%

Eli Lilly & Co.⁽¹⁾

Merck & Co., Inc.⁽¹⁾

Pfizer, Inc.

Roche Holding AG PC⁽¹⁾

Teva Pharmaceutical Industries, Ltd. ADR

Real Estate Investment Trusts (REITs) — 3.6%

Equity Residential⁽¹⁾

Public Storage, Inc.⁽¹⁾

Simon Property Group, Inc.⁽¹⁾

Road & Rail — 0.6%

CSX Corp.

Software — 2.9%

Microsoft Corp.⁽¹⁾

Oracle Corp.

Specialty Retail — 2.6%

Buckle, Inc. (The)

Home Depot, Inc. (The)⁽¹⁾

TJX Cos., Inc. (The)

Tobacco — 3.4%

Altria Group, Inc.⁽¹⁾

Imperial Tobacco Group PLC

Reynolds American, Inc.⁽¹⁾

Total Common Stocks
(identified cost $1,215,230,439)

Banks — 12.6%

AgriBank FCB, 6.875% to 1/1/24⁽³⁾

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

Bank of America Corp., Series U, 5.20% to 6/1/23⁽³⁾

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, 10.176% to 6/30/30⁽³⁾⁽⁴⁾

JPMorgan Chase & Co., Series Q, 5.15% to 5/1/23⁽³⁾

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% to 12/31/49

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 S, 6.60%

Societe Generale, 7.875% to 12/18/23⁽³⁾⁽⁴⁾

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 — 2.4%

Affiliated Managers Group, Inc., 6.375%

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

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 — 1.5%

Ally Financial, Inc., Series A, 8.50% to
5/15/16⁽³⁾

Capital One Financial Corp., Series B, 6.00%

Discover Financial Services, Series B, 6.50%

Diversified Financial Services — 1.6%

General Electric Capital Corp., Series B, 6.25% to 12/15/22⁽³⁾

KKR Financial Holdings, LLC, Series A, 7.375%

RBS Capital Funding Trust VII, Series G, 6.08%

Electric Utilities — 1.7%

AES Gener SA, 8.375% to 6/18/19⁽³⁾⁽⁴⁾

Electricite de France SA, 5.25% to 1/29/23⁽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%

Food Products — 0.9%

Dairy Farmers of America, 7.875%⁽⁴⁾

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

Insurance — 1.2%

American Overseas Group, Ltd., Series A, 7.50% to 12/15/16⁽³⁾

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

Aspen Insurance Holdings, Ltd., 7.401% to
1/1/17⁽³⁾

Endurance Specialty Holdings, Ltd., Series B, 7.50%

Montpelier Re Holdings, Ltd., 8.875%

Machinery — 1.0%

Stanley Black & Decker, Inc., 5.75%

Multi-Utilities — 0.2%

DTE Energy Co., Series C, 5.25%

Pipelines — 0.5%

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

Real Estate Investment Trusts (REITs) — 1.1%

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

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

Chesapeake Lodging Trust, Series A, 7.75%

DDR Corp., Series J, 6.50%

DDR Corp., Series K, 6.25%

Thrifts & Mortgage Finance — 0.9%

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

EverBank Financial Corp., Series A, 6.75%

Total Preferred Stocks
(identified cost $409,728,419)

Banks — 4.3%

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

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⁾

Groupe BPCE, 12.50% to 9/30/19, 8/29/49⁽³⁾⁽⁴⁾

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

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

Chemicals — 0.2%

Sinochem Group, 5.00% to 11/2/18, 12/29/49⁽³⁾⁽⁴⁾

Diversified Financial Services — 0.8%

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 — 0.5%

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

Electric Utilities — 1.9%

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⁾

Insurance — 2.1%

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

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 — 0.4%

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

Total Corporate Bonds & Notes
(identified cost $172,474,242)

Equity Funds — 1.6%

iShares U.S. Preferred Stock ETF

Total Exchange-Traded Funds
(identified cost $26,509,381)

Eaton Vance Cash Reserves Fund, LLC, 0.15%⁽⁷⁾

Total Short-Term Investments
(identified cost $17,109,574)

Total Investments — 127.1%
(identified cost $1,841,052,055)

Other Assets, Less Liabilities — (27.1)%

Net Assets — 100.0%

Security has been segregated as collateral with the custodian for borrowings under the Committed Facility Agreement.

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. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At February 28, 2015, the aggregate value of these securities is $148,941,468 or 8.9% of the Fund’s net assets.

Variable rate security. The stated interest rate represents the rate in effect at February 28, 2015.

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 February 28, 2015, the aggregate value of these securities is $12,596,820 or 0.8% 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 February 28, 2015.

United States

Switzerland

Sweden

United Kingdom

Ireland

France

Germany

Netherlands

Brazil

Italy

Israel