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.

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 composed of ordinary income, tax-exempt income, net realized capital gains and return of capital. The Fund’s distribution rate is 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 is required to maintain prescribed asset coverage for its borrowings, which could be reduced if Fund asset values decline.

Fund profile subject to change due to active management.

Aerospace & Defense — 2.3%

Honeywell International, Inc.

United Technologies Corp.

Automobiles — 0.9%

Ford Motor Co.

Capital Markets — 1.1%

Goldman Sachs Group, Inc. (The)

Chemicals — 1.8%

LyondellBasell Industries NV, Class A

PPG Industries, Inc.

Commercial Banks — 10.1%

Barclays PLC

KeyCorp

Nordea Bank AB

PNC Financial Services Group, Inc.

Regions Financial Corp.

Skandinaviska Enskilda Banken AB, Class A

Svenska Handelsbanken AB, Class A

Swedbank AB, Class A

U.S. Bancorp⁽¹⁾

Wells Fargo & Co.⁽¹⁾

Computers & Peripherals — 1.0%

Apple, Inc.⁽¹⁾

Consumer Finance — 1.5%

Discover Financial Services

Diversified Financial Services — 4.4%

Citigroup, Inc.⁽¹⁾

JPMorgan Chase & Co.⁽¹⁾

Diversified Telecommunication Services — 3.4%

AT&T, Inc.

TDC A/S

Telstra Corp., Ltd.

Electric Utilities — 4.3%

Edison International⁽¹⁾

NextEra Energy, Inc.⁽¹⁾

Electrical Equipment — 0.4%

Emerson Electric Co.

Food Products — 3.6%

Kraft Foods Group, Inc.

Mondelez International, Inc., Class A

Nestle SA⁽¹⁾

Health Care Equipment & Supplies — 1.8%

Abbott Laboratories

Covidien PLC

Hotels, Restaurants & Leisure — 2.2%

McDonald’s Corp.⁽¹⁾

Industrial Conglomerates — 1.3%

General Electric Co.

Orkla ASA

Insurance — 2.7%

ACE, Ltd.

Swiss Reinsurance Co., Ltd.

IT Services — 1.7%

International Business Machines Corp.⁽¹⁾

Machinery — 1.8%

Deere & Co.

Stanley Black & Decker, Inc.

Metals & Mining — 1.4%

Freeport-McMoRan Copper & Gold, Inc.⁽¹⁾

Multi-Utilities — 1.6%

Sempra Energy⁽¹⁾

Oil, Gas & Consumable Fuels — 12.2%

Chevron Corp.⁽¹⁾

ENI SpA⁽¹⁾

Exxon Mobil Corp.⁽¹⁾

HollyFrontier Corp.

Marathon Oil Corp.⁽¹⁾

Occidental Petroleum Corp.

Pharmaceuticals — 11.9%

AstraZeneca PLC

Johnson & Johnson⁽¹⁾

Merck & Co., Inc.⁽¹⁾

Novartis AG

Pfizer, Inc.⁽¹⁾

Roche Holding AG PC

Sanofi

Real Estate Investment Trusts (REITs) — 2.3%

AvalonBay Communities, Inc.⁽¹⁾

Cedar Realty Trust, Inc.

Public Storage, Inc.

Road & Rail — 2.0%

Union Pacific Corp.⁽¹⁾

Software — 3.0%

Microsoft Corp.⁽¹⁾

Software (continued)

Oracle Corp.⁽¹⁾

Tobacco — 2.5%

Imperial Tobacco Group PLC

Swedish Match AB

Wireless Telecommunication Services — 0.6%

Rogers Communications, Inc., Class B

Total Common Stocks
(identified cost $951,616,915)

Banks — 0.8%

Lloyds Banking Group PLC, 6.657% to
5/21/37^(1)(2)(3)

Capital Markets — 2.5%

Affiliated Managers Group, Inc., 6.375%

Bank of New York Mellon Corp. (The), 5.20%

Charles Schwab Corp. (The), Series A, 7.00% to 2/1/22⁽¹⁾⁽²⁾

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

State Street Corp., Series C, 5.25%

Commercial Banks — 12.8%

Barclays Bank PLC, 7.625%

Barclays Bank PLC, Series 3, 7.10%

CBA Capital Trust II, 6.024% to 3/15/16^(1)(2)(3)

CoBank ACB, Series F, 6.25% to 10/1/22⁽²⁾⁽³⁾

Countrywide Capital V, 7.00%

Deutsche Bank Contingent Capital Trust III, 7.60%

Farm Credit Bank of Texas, Series 1, 10.00%

First Republic Bank, Series B, 6.20%

HSBC Capital Funding LP, 10.176% to
6/30/30^(1)(2)(3)

JPMorgan Chase & Co., Series 1, 7.90% to 4/30/18⁽¹⁾⁽²⁾

KeyCorp, Series A, 7.75%

Landsbanki Islands HF, 7.431%^{(3)(4)(5)(6)(7)}

Commercial Banks (continued)

Regions Financial Corp., Series A, 6.375%

Royal Bank of Scotland Group PLC, Series T, 7.25%

Standard Chartered PLC, 7.014% to
7/30/37^(1)(2)(3)

SunTrust Banks, Inc., Series E, 5.875%

Texas Capital Bancshares, Inc., 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⁽²⁾⁽⁵⁾

Consumer Finance — 1.8%

Ally Financial, Inc., Series A, 8.50% to
5/15/16⁽²⁾

Capital One Financial Corp., Series B, 6.00%

Discover Financial Services, Series B, 6.50%

Diversified Financial Services — 3.4%

General Electric Capital Corp., Series A, 7.125% to 6/15/22⁽²⁾

General Electric Capital Corp., Series B, 6.25% to 12/15/22⁽²⁾

KKR Financial Holdings, LLC, Series A,
7.375%⁽⁵⁾

RBS Capital Funding Trust VII, Series G,
6.08%⁽⁵⁾

UBS AG, 7.625%⁽¹⁾

Electric Utilities — 3.1%

Duke Energy Corp., 5.125%⁽⁵⁾

Entergy Arkansas, Inc., 4.90%

Entergy Arkansas, Inc., 6.45%

Entergy Louisiana, LLC, 6.95%

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

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

Southern California Edison Co., Series D, 6.50%

Southern California Edison Co., Series E, 6.25% to 2/1/22⁽¹⁾⁽²⁾

Virginia Electric and Power Co., 6.12%

Food Products — 1.0%

Dairy Farmers of America, 7.875%⁽³⁾

Ocean Spray Cranberries, Inc., 6.25%⁽³⁾

Insurance — 3.6%

American Overseas Group, Ltd., Series A, 7.50% to 12/15/16⁽²⁾⁽⁵⁾

Arch Capital Group, Ltd., Series C, 6.75%

Aspen Insurance Holdings, Ltd., 7.401% to 1/1/17⁽²⁾

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

Montpelier Re Holdings, Ltd., 8.875%

Prudential PLC, 6.50%⁽¹⁾

RenaissanceRe Holdings, Ltd., Series D, 6.60%

Machinery — 1.0%

Stanley Black & Decker, Inc., 5.75%

Multi-Utilities — 0.5%

DTE Energy Co., Series C, 5.25%

Pipelines — 0.7%

NuStar Logistics LP, 7.625% to 1/15/18⁽²⁾⁽⁵⁾

Real Estate Investment Trusts (REITs) —1.9%

CapLease, Inc., Series A, 8.125%

Cedar Shopping Centers, Inc., Series A, 8.875%

Chesapeake Lodging Trust, Series A, 7.75%

DDR Corp., Series H, 7.375%

DDR Corp., Series J, 6.50%

Sunstone Hotel Investors, Inc., Series D, 8.00%

Telecommunications — 0.3%

Centaur Funding Corp., 9.08%⁽³⁾

Thrifts & Mortgage Finance — 0.8%

Elmira Savings Bank FSB (The),
8.998% to 12/31/17⁽²⁾

EverBank Financial Corp., Series A, 6.75%

Total Preferred Stocks
(identified cost $472,036,171)

Commercial Banks — 2.0%

Banco do Brasil SA, 6.25% to 4/15/24, 12/29/49⁽²⁾⁽³⁾

Banco Industriale Comercial SA, 8.50%, 4/27/20⁽³⁾

Citigroup Capital III, 7.625%, 12/1/36

Groupe BPCE, 12.50% to 9/30/19,
8/29/49^(1)(2)(3)

Regions Bank, 6.45%, 6/26/37⁽¹⁾

SunTrust Preferred Capital I, 4.00%, 6/29/49⁽⁴⁾

Diversified Financial Services —1.1%

HSBC Finance Capital Trust IX, 5.911% to 11/30/15, 11/30/35⁽²⁾

Textron Financial Corp., 6.00% to 2/15/17, 2/15/67^(1)(2)(3)

Electric Utilities — 1.8%

Electricite de France SA, 5.25% to 1/29/23, 1/29/49^(1)(2)(3)

PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67⁽¹⁾⁽²⁾

Industrial Conglomerates — 0.5%

Hutchison Whampoa International 12, Ltd., 6.00% to 5/7/17, 5/29/49⁽²⁾⁽³⁾

Insurance — 4.0%

Allstate Corp. (The), Series B, 6.125% to 5/15/17, 5/15/37, 5/15/67⁽²⁾⁽⁸⁾

American International Group, Inc., Series A, 8.175% to 5/15/38, 5/15/58, 5/15/68⁽²⁾⁽⁸⁾

MetLife, Inc., 10.75% to 8/1/34, 8/1/39, 8/1/69^(1)(2)(8)

QBE Capital Funding II, LP, 6.797% to 6/1/17, 6/29/49⁽²⁾⁽³⁾

QBE Capital Funding III, Ltd., 7.25% to 5/24/21, 5/24/41^(1)(2)(3)

Swiss Re Capital I, LP, 6.854% to 5/25/16, 5/29/49^(1)(2)(3)

XL Capital, Ltd., Series E, 6.50% to 4/15/17, 12/29/49⁽¹⁾⁽²⁾

Pipelines — 0.8%

Enterprise Products Operating, LLC, 7.00% to 6/1/17, 6/1/67⁽¹⁾⁽²⁾

Southern Union Co., 3.316%,
11/1/66⁽¹⁾⁽⁴⁾

Total Corporate Bonds & Notes
(identified cost $125,881,830)

Eaton Vance Cash Reserves Fund, LLC, 0.10%⁽⁹⁾

Total Short-Term Investments
(identified cost $41,129,451)

Total Investments — 131.1%
(identified cost $1,590,664,367)

Other Assets, Less Liabilities — (31.1)%

Net Assets — 100.0%

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

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, 2013, the aggregate value of these securities is $136,877,441 or 9.7% of the Fund’s net assets.

Variable rate security. The stated interest rate represents the rate in effect at February 28, 2013.

Non-income producing security.

For fair value measurement disclosure purposes, security is categorized as Level 3 (see Note 10).

Defaulted security.

The maturity dates shown are the scheduled maturity date and final maturity date, respectively. The scheduled maturity date is earlier than the final maturity date due to the possibility of earlier repayment.

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, 2013.