Country Allocation (% of total investments)⁶

Top 10 Common Stock Holdings (% of total investments)

General Electric Co.

Johnson & Johnson

Wells Fargo & Co.

Chevron Corp.

JPMorgan Chase & Co.

Occidental Petroleum Corp.

United Technologies Corp.

Medtronic PLC

Sempra Energy

Goldman Sachs Group, Inc. (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 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.

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.

Aerospace & Defense — 2.7%

United Technologies Corp.⁽¹⁾

Air Freight & Logistics — 1.6%

C.H. Robinson Worldwide, Inc.⁽¹⁾

Auto Components — 0.5%

Goodyear Tire & Rubber Co. (The)

Banks — 9.5%

JPMorgan Chase & Co.⁽¹⁾

KeyCorp⁽¹⁾

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

U.S. Bancorp⁽¹⁾

Wells Fargo & Co.⁽¹⁾

Beverages — 0.8%

Molson Coors Brewing Co., Class B

Building Products — 0.7%

Masco Corp.

Capital Markets — 6.2%

Charles Schwab Corp. (The)

Credit Suisse Group AG⁽¹⁾

Credit Suisse Group AG⁽¹⁾⁽²⁾

Goldman Sachs Group, Inc. (The)

Invesco, Ltd.⁽¹⁾

Chemicals — 1.9%

PPG Industries, Inc.⁽¹⁾

Consumer Finance — 0.8%

Synchrony Financial⁽³⁾

Diversified Telecommunication Services — 2.1%

Verizon Communications, Inc.⁽¹⁾

Electric Utilities — 2.3%

NextEra Energy, Inc.⁽¹⁾

Electrical Equipment — 2.0%

Hubbell, Inc., Class B

Rockwell Automation, Inc.

Energy Equipment & Services — 1.8%

Schlumberger, Ltd.⁽¹⁾

Food & Staples Retailing — 2.1%

Kroger Co. (The)⁽¹⁾

Food Products — 1.6%

General Mills, Inc.⁽¹⁾

Health Care Equipment & Supplies — 3.3%

Medtronic PLC⁽¹⁾

Zimmer Biomet Holdings, Inc.

Health Care Providers & Services — 1.5%

McKesson Corp.⁽¹⁾

Industrial Conglomerates — 4.5%

General Electric Co.⁽¹⁾

Insurance — 7.0%

Aflac, Inc.⁽¹⁾

Alleghany Corp.⁽³⁾

American Financial Group, Inc.⁽¹⁾

Insurance (continued)

Chubb, Ltd.⁽¹⁾

MetLife, Inc.

XL Group PLC⁽¹⁾

Internet Software & Services — 0.9%

Alphabet, Inc., Class C⁽¹⁾⁽³⁾

IT Services — 0.4%

Visa, Inc., Class A

Life Sciences Tools & Services — 1.2%

Thermo Fisher Scientific, Inc.⁽¹⁾

Multi-Utilities — 3.8%

PG&E Corp.⁽¹⁾

Sempra Energy⁽¹⁾

Multiline Retail — 1.2%

Target Corp.

Oil, Gas & Consumable Fuels — 9.5%

California Resources Corp.

Chevron Corp.⁽¹⁾

Devon Energy Corp.

EOG Resources, Inc.⁽¹⁾

Exxon Mobil Corp.⁽¹⁾

Occidental Petroleum Corp.⁽¹⁾

Royal Dutch Shell PLC, Class B ADR⁽¹⁾

Pharmaceuticals — 7.6%

Allergan PLC⁽¹⁾⁽³⁾

Eli Lilly & Co.⁽¹⁾

Johnson & Johnson⁽¹⁾

Teva Pharmaceutical Industries, Ltd. ADR⁽¹⁾

Real Estate Investment Trusts (REITs) — 3.3%

Equity Residential⁽¹⁾

Federal Realty Investment Trust

Host Hotels & Resorts, Inc.

Post Properties, Inc.

Semiconductors & Semiconductor Equipment — 2.0%

Intel Corp.⁽¹⁾

NXP Semiconductors NV⁽³⁾

Software — 4.3%

Microsoft Corp.⁽¹⁾

Oracle Corp.⁽¹⁾

Specialty Retail — 0.8%

Home Depot, Inc. (The)⁽¹⁾

Textiles, Apparel & Luxury Goods — 0.6%

Michael Kors Holdings, Ltd.⁽³⁾

Tobacco — 2.5%

Altria Group, Inc.⁽¹⁾

Reynolds American, Inc.⁽¹⁾

Total Common Stocks
(identified cost $1,225,749,640)

Banks — 10.4%

AgriBank FCB, 6.875% to 1/1/24⁽⁴⁾

Barclays Bank PLC, 8.25% to 12/15/18⁽⁴⁾

Citigroup, Inc., Series K, 6.875% to 11/15/23⁽⁴⁾

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

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

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

First Tennessee Bank, 3.75%⁽⁵⁾⁽⁶⁾

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

Banks (continued)

JPMorgan Chase & Co., Series Y, 6.125%

KeyCorp, Series A, 7.75% (Convertible)

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⁽⁴⁾

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

Capital Markets — 2.3%

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⁽⁴⁾

Morgan Stanley, Series G, 6.625%

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

Consumer Finance — 1.7%

Capital One Financial Corp., Series B, 6.00%

Discover Financial Services, Series B, 6.50%

Diversified Financial Services — 0.8%

KKR Financial Holdings, LLC, Series A, 7.375%

Electric Utilities — 2.4%

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 — 1.7%

Dairy Farmers of America, 7.875%⁽⁵⁾

Land O’Lakes, Inc., 8.00%⁽⁵⁾

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

Insurance — 0.7%

American Overseas Group, Ltd.,
Series A, 7.50% to 12/15/16⁽⁴⁾⁽⁷⁾

Aspen Insurance Holdings, Ltd.,
5.95% to 7/1/23⁽⁴⁾

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

Machinery — 1.1%

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⁽⁴⁾

Real Estate Investment Trusts (REITs) — 1.3%

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

DDR Corp., Series J, 6.50%

DDR Corp., Series K, 6.25%

Vornado Realty Trust, Series K, 5.70%

Thrifts & Mortgage Finance — 1.1%

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

EverBank Financial Corp., Series A, 6.75%

Total Preferred Stocks
(identified cost $342,718,346)

Banks — 5.0%

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⁽⁴⁾

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

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

Banks (continued)

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⁽⁴⁾

JPMorgan Chase & Co., Series Z,
5.30% to 5/1/20, 12/29/49⁽⁴⁾

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

Societe Generale SA, 8.25% to 11/29/18, 9/29/49⁽⁴⁾⁽⁸⁾

Diversified Financial Services — 0.6%

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

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

Diversified Telecommunication Services — 0.8%

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

Electric Utilities — 2.1%

AES Panama SA, 6.00%, 6/25/22⁽⁵⁾

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⁽⁴⁾

Energy Equipment & Services — 0.1%

Abengoa Finance S.A.U.,
7.75%, 2/1/20⁽⁵⁾⁽⁹⁾

Insurance — 1.2%

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⁽⁴⁾

Metals & Mining — 1.1%

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

Freeport-McMoRan, Inc., 3.55%, 3/1/22

Oil, Gas & Consumable Fuels — 0.1%

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

Telecommunications — 1.1%

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

Total Corporate Bonds & Notes
(identified cost $212,283,295)

Equity Funds — 2.6%

iShares U.S. Preferred Stock ETF

Total Exchange-Traded Funds
(identified cost $39,428,522)

Eaton Vance Cash Reserves Fund, LLC, 0.45%⁽¹⁰⁾

Total Short-Term Investments
(identified cost $9,458,399)

Total Investments — 130.3%
(identified cost $1,829,638,202)

Other Assets, Less Liabilities — (30.3)%

Net Assets — 100.0%

Security 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 February 29, 2016, the aggregate value of these securities is $158,937,242 or 11.0% of the Fund’s net assets.

Variable rate security. The stated interest rate represents the rate in effect at February 29, 2016.

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 8).

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 29, 2016, the aggregate value of these securities is $11,687,542 or 0.8% of the Fund’s net assets.

Defaulted security.

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 29, 2016.

United States

Netherlands

Ireland

United Kingdom

Switzerland

France

Israel

Colombia

Australia

Italy

Chile