UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-04015

Investment Company Act File Number

Eaton Vance Mutual Funds Trust

(Exact Name of Registrant as Specified in Charter)

Two International Place, Boston, Massachusetts 02110

(Address of Principal Executive Offices)

Maureen A. Gemma

Two International Place, Boston, Massachusetts 02110

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number, Including Area Code)

October 31

Date of Fiscal Year End

January 31, 2010

Date of Reporting Period

Item 1. Schedule of Investments

Eaton Vance Money Market Fund as of January 31, 2010 (Unaudited)

As of January 31, 2010, Eaton Vance Money Market Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invested all of its investable assets in Cash Management Portfolio (the Portfolio) and owned a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $68,085,353 and the Fund owned 8.2% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Subsequent Event

As of the close of business on February 26, 2010, the Fund merged into Eaton Vance U.S. Government Money Market Fund (formerly, Eaton Vance Cash Management Fund). In connection with the merger, shares of the Fund were exchanged for Class B shares of Eaton Vance U.S. Government Money Market Fund.

Eaton Vance U.S. Government Money Market Fund as of January 31, 2010 (Unaudited)

As of January 31, 2010, Eaton Vance U.S. Government Money Market Fund (formerly, Eaton Vance Cash Management Fund) (the Fund), a diversified series of Eaton Vance Mutual Funds Trust (the Trust), invested all of its investable assets in Cash Management Portfolio (the Portfolio) and owned a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $152,783,885 and the Fund owned 18.5% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Effective March 1, 2010, the name of the Fund was changed from Eaton Vance Cash Management Fund.

Subsequent Events

As of the close of business on February 26, 2010, the Fund acquired the net assets of Eaton Vance Money Market Fund (Money Market Fund) pursuant to a plan of reorganization approved by the Trustees of the Trust. The acquisition was accomplished by a tax-free exchange of 62,345,364 shares of Class B of the Fund (valued at $62,345,364) for the same number of shares of the Money Market Fund, each outstanding on February 26, 2010. The aggregate net assets of the Fund immediately before the acquisition were $156,915,818. The net assets of the Money Market Fund at that date of $62,345,364 were combined with those of the Fund, resulting in combined net assets of $219,261,182.

As of the close of business on February 26, 2010, the Fund received its pro rata share of cash and securities from the Portfolio in a complete liquidation of its interest in the Portfolio. As of March 1, 2010, the Fund invests directly in securities and maintains the same investment objective. Additionally, as of March 1, 2010, a change to the Fund’s investment policies was implemented to provide that it will invest substantially all of its net assets in obligations of the U.S. Government and its agencies and instrumentalities.

Cash Management Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Commercial Paper — 35.4%

Principal
Amount
(000’s omitted)		$Security	Value
Agriculture — 3.6%
	16,000	Cargill, Inc., 0.15%, 2/1/10(1)	$	16,000,000
	14,000	Cargill, Inc., 0.15%, 2/5/10(1)		13,999,767
			$	29,999,767
Banks and Money Services — 22.7%
$	25,000	Bank of America Corp., 0.13%, 2/3/10	$	24,999,819
	25,000	Bank of Nova Scotia, 0.15%, 2/2/10		24,999,896
	25,000	BNP Paribas Finance, Inc., 0.15%, 2/10/10		24,999,062
	50,000	HSBC Finance Corp., 0.15%, 2/4/10		49,999,375
	30,000	JPMorgan Chase & Co., 0.10%, 2/10/10		29,999,250
	20,000	Nordea North America, Inc., 0.145%, 2/5/10		19,999,678
	13,000	Rabobank Nederland NV, 0.23%, 2/8/10		12,999,419
			$	187,996,499
Beverages — 3.0%
$	25,000	Coca-Cola Co., 0.13%, 2/4/10(1)	$	24,999,729
			$	24,999,729
Foods — 6.1%
$	25,000	Nestle Capital Corp., 0.105%, 2/1/10(1)	$	25,000,000
	25,000	Nestle Capital Corp., 0.12%, 2/3/10(1)		24,999,833
			$	49,999,833
Total Commercial Paper (amortized cost $292,995,828)			$	292,995,828

Corporate Bonds & Notes — 1.9%

Principal
Amount
(000’s omitted)		Security	Value
Household Products — 1.9%
$	5,000	Procter & Gamble Co., 0.285%, 5/7/10(2)	$	5,000,000
	11,000	Procter & Gamble Co., MTN, 0.525%, 2/8/10(2)		11,000,839
			$	16,000,839
Total Corporate Bonds & Notes (amortized cost $16,000,839)			$	16,000,839

U.S. Government Agency Obligations — 47.6%

Principal
Amount
(000’s omitted)		Security	Value
		Federal Home Loan Bank:
$	100,000	Discount Note, 0.07%, 2/3/10	$	99,999,611
	222,008	Discount Note, 0.05%, 2/12/10		222,004,608
	2,500	Discount Note, 0.13%, 4/23/10		2,499,297
			$	324,503,516
		Federal Home Loan Mortgage Corp.:
$	2,720	Discount Note, 0.08%, 3/3/10	$	2,719,819
	8,600	Discount Note, 0.10%, 3/29/10		8,598,662

1

Principal
Amount
(000’s omitted)		$Security	Value
$	2,500	Discount Note, 0.125%, 4/26/10	$	2,499,271
	50,000	Discount Note, 0.205%, 6/14/10		49,962,132
	2,500	Discount Note, 0.19%, 8/17/10		2,497,401
	2,500	Discount Note, 0.21%, 9/1/10		2,496,908
			$	68,774,193
Total U.S. Government Agency Obligations (amortized cost $393,277,709)			$	393,277,709

U.S. Treasury Obligations — 9.1%

Principal
Amount
(000’s omitted)		Security	Value
$	75,000	U.S. Treasury Bill, 0.175%, 8/26/10	$	74,924,896
Total U.S. Treasury Obligations (amortized cost $74,924,896)			$	74,924,896

Time Deposits — 6.0%

Principal
Amount
(000’s omitted)		Security	Value
$	13,606	BNP Paribas, 0.11%, 2/1/10	$	13,606,000
	36,000	Societe Generale, Inc., 0.13%, 2/1/10		36,000,000
Total Time Deposits (amortized cost $49,606,000)			$	49,606,000
Total Investments — 100.0% (amortized cost $826,805,272)(3)			$	826,805,272
Other Assets, Less Liabilities — 0.0%			$	(221,601	)
Net Assets — 100.0%			$	826,583,671

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
MTN	-	Medium-Term Note
(1)		A security which has been issued under Section 4(2) of the Securities Act of 1933 and is generally regarded as restricted and illiquid. This security may be resold in transactions exempt from registration or to the public if the security is registered. All such securities held are deemed liquid based on criteria and procedures authorized by the Trustees.
(2)		Variable rate security. The stated interest rate represents the rate in effect at January 31, 2010.
(3)		Cost for federal income taxes is the same.

2

The Portfolio did not have any open financial instruments at January 31, 2010.

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Assets Descriptions	(Level 1)		(Level 2)		(Level 3)		Total
Commercial Paper	$	—	$	292,995,828	$	—	$	292,995,828
Corporate Bonds & Notes		—		16,000,839		—		16,000,839
U.S. Government Agency Obligations		—		393,277,709		—		393,277,709
U.S. Treasury Obligations		—		74,924,896		—		74,924,896
Time Deposits		—		49,606,000		—		49,606,000
Total	$	—	$	826,805,272	$	—	$	826,805,272

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

Subsequent Event

As of the close of business on February 26, 2010, the Portfolio made a pro rata distribution of its cash and securities to interestholders in a complete liquidation.

3

Eaton Vance Tax-Managed Equity Asset Allocation Fund as of January 31, 2010 (Unaudited)

Eaton Vance Tax-Managed Equity Asset Allocation Fund (the Fund), a series of Eaton Vance Mutual Funds Trust, pursues its investment objective by investing in one or more registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates. The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At January 31, 2010, the Fund owned 1.4% of Tax-Managed Growth Portfolio’s outstanding interests, 6.6% of Tax-Managed Value Portfolio’s outstanding interests, 43.5% of Tax-Managed International Equity Portfolio’s outstanding interests, 41.4% of Tax- Managed Multi-Cap Growth Portfolio’s outstanding interests, 27.9% of Tax-Managed Small-Cap Portfolio’s outstanding interests, 54.1% of Tax-Managed Small-Cap Value Portfolio’s outstanding interests and 49.0% of Tax-Managed Mid-Cap Core Portfolio’s outstanding interests. The Fund’s Schedule of Investments at January 31, 2010 is set forth below.

Investments in Affiliated Portfolios	Value			% of Net Assets
Tax-Managed Growth Portfolio (identified cost, $153,704,180)	$	126,540,001			25.4	%
Tax-Managed Value Portfolio (identified cost, $81,410,297)		115,645,913			23.2
Tax-Managed International Equity Portfolio (identified cost, $64,123,534)		80,473,126			16.2
Tax-Managed Multi-Cap Growth Portfolio (identified cost, $44,614,477)		54,587,947			11.0
Tax-Managed Small-Cap Portfolio (identified cost, $41,870,050)		47,812,067			9.6
Tax-Managed Small-Cap Value Portfolio (identified cost, $32,834,254)		38,939,105			7.8
Tax-Managed Mid-Cap Core Portfolio (identified cost, $28,632,631)		35,465,792			7.1
Total Investments in Affiliated Portfolios (identified cost, $447,189,423)	$	499,463,951			100.3	%
Other Assets, Less Liabilities	$	(1,345,913	)		(0.3	)%
Net Assets	$	498,118,038			100.0	%

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At January 31, 2010 and October 31, 2009, the Fund’s investments in the Portfolios were valued based on Level 1 inputs.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

A copy of each Portfolio’s Form N-Q (containing a Portfolio of Investments) is available on the EDGAR database on the Securities and Exchange Commission’s website (www.sec.gov), at the Commission’s public reference room in Washington, DC (call 1-800-732-0330 for information on the operation of the public reference room) or by calling the Fund’s principal underwriter, Eaton Vance Distributors, Inc., at 1-800-262-1122.

Eaton Vance Diversified Income Fund as of January 31, 2010 (Unaudited)

Eaton Vance Diversified Income Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, pursues its investment objective by investing in one or more registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates. The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At January 31, 2010, the Fund owned 1.8% of Boston Income Portfolio’s outstanding interests, 1.9% of Floating Rate Portfolio’s outstanding interests, 3.2% of Global Macro Portfolio’s outstanding interests, 0.9% of Government Obligations Portfolio’s outstanding interests, 2.8% of Investment Portfolio’s outstanding interests and 99.9% of Multi-Sector Portfolio’s outstanding interests. The Fund’s Portfolio of Investments at January 31, 2010 is set forth below.

Eaton Vance Diversified Income Fund as of January 31, 2010

Investments in Affiliated Portfolios	Value			% of Net Assets
Boston Income Portfolio (identified cost, $56,709,678)	$	45,652,849			15.0	%
Floating Rate Portfolio (identified cost, $98,851,276)		90,077,508			29.6	%
Global Macro Portfolio (identified cost, $71,325,170)		73,516,091			24.2	%
Government Obligations Portfolio (identified cost, $4,367,128)		9,259,596			3.0	%
Investment Portfolio (identified cost, $12,281,718)		12,320,716			4.1	%
Multi-Sector Portfolio (identified cost, $73,140,425)		74,401,837			24.4	%
Total Investments in Affiliated Portfolios (identified cost $316,675,395)	$	305,228,597			100.3	%
Other Assets, Less Liabilities	$	(810,782	)		(0.3	)%
Net Assets	$	304,417,815			100.0	%

1

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At January 31, 2010 and October 31, 2009, the Fund’s investments in the Portfolios were valued based on Level 1 inputs.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

A copy of each Portfolio’s Form N-Q (containing a Portfolio of Investments) is available on the EDGAR database on the Securities and Exchange Commission’s website (www.sec.gov), at the Commission’s public reference room in Washington, DC (call 1-800-732-0330 for information on the operation of the public reference room) or by calling the Fund’s principal underwriter, Eaton Vance Distributors, Inc., at 1-800-262-1122.

2

Eaton Vance Dividend Income Fund as of January 31, 2010 (Unaudited)

Eaton Vance Dividend Income Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Dividend Income Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $402,898,062 and the Fund owned 95.4% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Dividend Income Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.0%

Security	Shares		Value
Aerospace & Defense — 2.2%
General Dynamics Corp.		140,000	$	9,359,000
			$	9,359,000
Capital Markets — 1.8%
Goldman Sachs Group, Inc.		50,000	$	7,436,000
			$	7,436,000
Chemicals — 2.4%
Mosaic Co.		90,000	$	4,815,900
Terra Industries, Inc.		164,341		5,193,177
			$	10,009,077
Commercial Banks — 5.9%
Banco Santander Brasil SA ADR		150,000	$	1,806,000
HSBC Holdings PLC ADR		150,000		8,026,500
PNC Financial Services Group, Inc.		91,000		5,044,130
U.S. Bancorp		402,907		10,104,907
			$	24,981,537
Computers & Peripherals — 4.3%
Hewlett-Packard Co.		180,000	$	8,472,600
International Business Machines Corp.		79,781		9,764,397
			$	18,236,997
Construction & Engineering — 2.6%
Bouygues SA		75,000	$	3,692,313
Vinci SA		140,000		7,476,964
			$	11,169,277
Diversified Financial Services — 2.1%
Bank of America Corp.		571,000	$	8,667,780
			$	8,667,780
Diversified Telecommunication Services — 6.5%
AT&T, Inc.		312,530	$	7,925,761
CenturyTel, Inc.		206,004		7,006,196
Telstra Corp., Ltd.		1,250,000		3,687,569
Verizon Communications, Inc.		301,109		8,858,627
			$	27,478,153
Electric Utilities — 2.1%
American Electric Power Co., Inc.		170,000	$	5,890,500
Terna Rete Elettrica Nazionale SpA		700,000		2,823,399
			$	8,713,899
Energy Equipment & Services — 3.9%
Diamond Offshore Drilling, Inc.		83,000	$	7,596,990
Schlumberger, Ltd.		140,559		8,919,874
			$	16,516,864
Food & Staples Retailing — 1.9%
Wal-Mart Stores, Inc.		152,800	$	8,164,104
			$	8,164,104
Food Products — 2.4%
Nestle SA		214,587	$	10,171,794
			$	10,171,794

1

Security	Shares		Value
Health Care Equipment & Supplies — 1.8%
Covidien PLC		152,400	$	7,705,344
			$	7,705,344
Hotels, Restaurants & Leisure — 3.8%
Compass Group PLC		1,125,000	$	7,659,046
McDonald’s Corp.		136,400		8,515,452
			$	16,174,498
Household Durables — 1.5%
Whirlpool Corp.		83,000	$	6,239,940
			$	6,239,940
Household Products — 1.0%
Procter & Gamble Co.		65,000	$	4,000,750
			$	4,000,750
Insurance — 6.6%
Lincoln National Corp.		165,000	$	4,055,700
MetLife, Inc.		125,000		4,415,000
Prudential Financial, Inc.		140,000		6,998,600
Travelers Companies, Inc. (The)		116,692		5,912,783
Zurich Financial Services AG		30,000		6,378,364
			$	27,760,447
Media — 1.1%
Walt Disney Co. (The)		150,000	$	4,432,500
			$	4,432,500
Metals & Mining — 2.2%
BHP Billiton, Ltd. ADR		135,000	$	9,364,950
			$	9,364,950
Multi-Utilities — 3.8%
CMS Energy Corp.		275,000	$	4,171,750
GDF Suez		206,000		7,789,103
PG&E Corp.		100,000		4,224,000
			$	16,184,853
Multiline Retail — 2.6%
JC Penney Co., Inc.		115,000	$	2,855,450
Target Corp.		158,817		8,142,548
			$	10,997,998
Oil, Gas & Consumable Fuels — 14.0%
BP PLC ADR		225,000	$	12,627,000
Chevron Corp.		53,300		3,843,996
ENI SpA		335,000		7,785,844
Exxon Mobil Corp.		53,529		3,448,874
Hess Corp.		65,000		3,756,350
Occidental Petroleum Corp.		131,160		10,275,074
Royal Dutch Shell PLC, Class A		275,000		7,600,914
Total SA		173,000		9,998,242
			$	59,336,294
Personal Products — 1.1%
Avon Products, Inc.		150,000	$	4,521,000
			$	4,521,000
Pharmaceuticals — 9.0%
Abbott Laboratories		158,000	$	8,364,520
AstraZeneca PLC		205,000		9,515,370
Johnson & Johnson		116,785		7,341,105
Merck & Co., Inc.		167,307		6,387,781
Novartis AG ADR		84,000		4,496,520

2

Security	Shares		Value
Pfizer, Inc.		100,000	$	1,866,000
			$	37,971,296
Real Estate Investment Trusts (REITs) — 1.2%
Annaly Capital Management, Inc.		300,000	$	5,214,000
			$	5,214,000
Road & Rail — 2.7%
Canadian Pacific Railway, Ltd.		150,000	$	7,050,000
Union Pacific Corp.		75,000		4,537,500
			$	11,587,500
Semiconductors & Semiconductor Equipment — 1.0%
Analog Devices, Inc.		156,348	$	4,215,142
			$	4,215,142
Tobacco — 4.2%
British American Tobacco PLC		140,000	$	4,627,681
Imperial Tobacco Group PLC		150,000		4,837,175
Philip Morris International, Inc.		182,845		8,321,276
			$	17,786,132
Wireless Telecommunication Services — 2.3%
Vodafone Group PLC		4,600,000	$	9,827,485
			$	9,827,485
Total Common Stocks (identified cost $376,512,102)			$	414,224,611

Convertible Preferred Stocks — 0.8%

Security	Shares		Value
Diversified Financial Services — 0.8%
Bank of America Corp., 10.00%(1)		223,287	$	3,371,633
Total Convertible Preferred Stocks (identified cost $3,349,305)			$	3,371,633

Short-Term Investments — 0.7%

	Interest
Description	(000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(2)	$	2,841	$	2,841,255
Total Short-Term Investments (identified cost $2,841,255)			$	2,841,255
Total Investments — 99.5% (identified cost $382,702,662)			$	420,437,499
Other Assets, Less Liabilities — 0.5%			$	2,028,967
Net Assets — 100.0%			$	422,466,466

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

ADR	-	American Depositary Receipt
(1)		Variable rate security. The stated interest rate represents the rate in effect at January 31, 2010.
(2)		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 January 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $244.

3

Country Concentration of Portfolio

	Percentage
Country	of Net Assets			Value
United States		74.9	%	$	316,566,236
United Kingdom		10.4			44,067,671
France		6.9			28,956,622
Switzerland		3.9			16,550,158
Italy		2.5			10,609,243
Australia		0.9			3,687,569
Total Investments		99.5	%	$	420,437,499

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	389,988,454
Gross unrealized appreciation	$	37,799,501
Gross unrealized depreciation		(7,350,456	)
Net unrealized appreciation	$	30,449,045

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

4

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Consumer Discretionary	$	30,185,889	$	7,659,046		$	—	$	37,844,935
Consumer Staples		25,007,131		19,636,650			—		44,643,781
Energy		50,468,158		25,385,000			—		75,853,158
Financials		67,681,401		6,378,364			—		74,059,765
Health Care		36,161,270		9,515,370			—		45,676,640
Industrials		20,946,500		11,169,277			—		32,115,777
Information Technology		22,452,139		—			—		22,452,139
Materials		19,374,027		—			—		19,374,027
Telecommunication Services		23,790,583		13,515,054			—		37,305,637
Utilities		14,286,250		10,612,502			—		24,898,752
Total Common Stocks	$	310,353,348	$	103,871,263	*	$	—	$	414,224,611
Convertible Preferred Stocks
Financials	$	3,371,633	$	—		$	—	$	3,371,633
Total Convertible Preferred Stocks	$	3,371,633	$	—		$	—	$	3,371,633
Short-Term Investments	$	—	$	2,841,255		$	—	$	2,841,255
Total Investments	$	313,724,981	$	106,712,518		$	—	$	420,437,499

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

5

Eaton Vance Emerging Markets Local Income Fund as of January 31, 2010 (Unaudited)

Eaton Vance Emerging Markets Local Income Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Emerging Markets Local Income Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $5,715,923 and the Fund owned 4.8% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Emerging Markets Local Income Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 67.3%

	Principal
Security	Amount		Value
Brazil — 7.3%
Nota Do Tesouro Nacional, 6.00%, 5/15/15(1)	BRL	431,220	$	222,511
Nota Do Tesouro Nacional, 10.00%, 1/1/11	BRL	1,425,000		754,077
Nota Do Tesouro Nacional, 10.00%, 1/1/12	BRL	6,142,000		3,168,811
Nota Do Tesouro Nacional, 10.00%, 1/1/14	BRL	6,789,000		3,330,508
Nota Do Tesouro Nacional, 10.00%, 1/1/17	BRL	1,975,000		907,128
Republic of Brazil, 10.25%, 1/10/28	BRL	620,000		333,024
Total Brazil (identified cost $8,683,139)			$	8,716,059
Chile — 2.0%
Government of Chile, 2.10%, 9/1/15(1)	CLP	83,487,680	$	151,413
Government of Chile, 3.00%, 7/1/13(1)	CLP	480,246,567		932,157
Government of Chile, 3.00%, 5/1/17(1)	CLP	647,288,851		1,221,878
Government of Chile, 5.00%, 9/1/11(1)	CLP	62,615,760		127,459
Total Chile (identified cost $2,410,505)			$	2,432,907
Colombia — 3.0%
Republic of Colombia, 9.85%, 6/28/27	COP	2,200,000,000	$	1,285,061
Republic of Columbia, 12.00%, 10/22/15	COP	3,700,000,000		2,284,578
Total Colombia (identified cost $2,968,553)			$	3,569,639
Congo — 0.0%
Republic of Congo, 3.00%, 6/30/29	USD	109,250	$	58,176
Total Congo (identified cost $43,137)			$	58,176
Costa Rica — 0.1%
Titulo Propiedad Ud, 1.00%, 1/12/22(1)	CRC	89,038,237	$	72,406
Titulo Propiedad Ud, 1.63%, 7/13/16(1)	CRC	10,512,827		8,466
Total Costa Rica (identified cost $103,435)			$	80,872
Egypt — 0.3%
Arab Republic of Egypt, 8.75%, 7/18/12(2)	EGP	1,690,000	$	310,277
Total Egypt (identified cost $295,993)			$	310,277
Georgia — 0.2%
Republic of Georgia, 7.50%, 4/15/13	USD	280,000	$	291,200
Total Georgia (identified cost $199,601)			$	291,200
Ghana — 0.3%
Ghana Government Bond, 13.00%, 8/2/10	GHS	470,000	$	317,539
Total Ghana (identified cost $503,347)			$	317,539

1

	Principal
Security	Amount		Value
Hungary — 7.0%
Hungary Government Bond, 5.50%, 2/12/16	HUF	210,000,000	$	968,498
Hungary Government Bond, 6.00%, 10/24/12	HUF	538,920,000		2,701,407
Hungary Government Bond, 6.00%, 11/24/23	HUF	195,000,000		860,605
Hungary Government Bond, 6.75%, 2/24/17	HUF	303,100,000		1,458,715
Hungary Government Bond, 6.75%, 11/24/17	HUF	148,000,000		709,354
Hungary Government Bond, 7.25%, 6/12/12	HUF	322,000,000		1,666,022
Total Hungary (identified cost $7,887,596)			$	8,364,601
Indonesia — 7.4%
Indonesia Government, 9.00%, 9/15/13	IDR	9,800,000,000	$	1,076,192
Indonesia Government, 9.00%, 9/15/18	IDR	17,700,000,000		1,845,504
Indonesia Government, 9.75%, 5/15/37	IDR	12,436,000,000		1,219,646
Indonesia Government, 10.00%, 9/15/24	IDR	22,100,000,000		2,296,379
Indonesia Government, 11.00%, 11/15/20	IDR	7,910,000,000		917,568
Indonesia Government, 11.50%, 9/15/19	IDR	12,000,000,000		1,437,581
Total Indonesia (identified cost $7,893,827)			$	8,792,870
Israel — 0.4%
Israeli Government Bond, 5.00%, 4/30/15(1)	ILS	1,396,603	$	438,928
Total Israel (identified cost $440,811)			$	438,928
Macedonia — 0.3%
Republic of Macedonia, 4.625%, 12/8/15	EUR	280,000	$	350,611
Total Macedonia (identified cost $244,338)			$	350,611
Malaysia — 9.5%
Malaysian Government, 3.74%, 2/27/15	MYR	13,350,000	$	3,906,427
Malaysian Government, 3.76%, 4/28/11	MYR	10,900,000		3,248,030
Malaysian Government, 4.24%, 2/7/18	MYR	13,900,000		4,109,681
Total Malaysia (identified cost $11,164,967)			$	11,264,138
Mexico — 3.4%
Government of Mexico, 10.00%, 12/5/24	MXN	29,210,000	$	2,584,460
Government of Mexico, 10.00%, 11/20/36	MXN	16,370,000		1,436,630
Total Mexico (identified cost $4,286,092)			$	4,021,090
Peru — 2.0%
Republic of Peru, 6.90%, 8/12/37(2)	PEN	2,367,000	$	870,579
Republic of Peru, 7.84%, 8/12/20	PEN	1,000,000		405,240
Republic of Peru, 8.60%, 8/12/17	PEN	2,605,000		1,098,908
Total Peru (identified cost $2,121,048)			$	2,374,727
Poland — 4.4%
Poland Government Bond, 3.00%, 8/24/16(1)	PLN	1,513,802	$	501,646
Poland Government Bond, 4.75%, 4/25/12	PLN	2,010,000		688,659
Poland Government Bond, 5.25%, 10/25/17	PLN	3,575,000		1,176,814

2

	Principal
Security	Amount		Value
Poland Government Bond, 5.75%, 9/23/22	PLN	5,420,000	$	1,795,787
Poland Government Bond, 6.25%, 10/24/15	PLN	2,900,000		1,024,734
Total Poland (identified cost $5,761,222)			$	5,187,640
South Africa — 3.7%
Republic of South Africa, 6.50%, 6/2/14	USD	890,000	$	974,550
Republic of South Africa, 7.25%, 1/15/20	ZAR	30,500,000		3,497,841
Total South Africa (identified cost $4,283,575)			$	4,472,391
Thailand — 7.5%
Bank of Thailand, 3.625%, 5/2/11	THB	22,000,000	$	679,286
Kingdom of Thailand, 3.625%, 5/22/15	THB	85,000,000		2,595,468
Kingdom of Thailand, 5.125%, 3/13/18	THB	121,500,000		3,972,975
Kingdom of Thailand, 5.67%, 3/13/28	THB	49,000,000		1,687,733
Total Thailand (identified cost $8,629,257)			$	8,935,462
Turkey — 7.9%
Turkey Government Bond, 9.00%, 5/21/14(1)	TRY	661,024	$	535,267
Turkey Government Bond, 10.00%, 2/15/12(1)	TRY	5,897,589		4,495,840
Turkey Government Bond, 12.00%, 8/14/13(1)	TRY	5,085,551		4,413,650
Total Turkey (identified cost $7,604,478)			$	9,444,757
Uruguay — 0.6%
Republic of Uruguay, 5.00%, 9/14/18(1)	UYU	13,255,770	$	667,426
Total Uruguay (identified cost $570,790)			$	667,426
Total Foreign Government Bonds (identified cost $76,095,711)			$	80,091,310

Foreign Corporate Bonds — 0.1%

	Principal
Security	Amount		Value
Kazakhstan — 0.1%
Kazkommerts International, 7.875%, 4/7/14(3)	USD	60,000	$	55,500
Total Kazakhstan (identified cost $50,306)			$	55,500
Total Foreign Corporate Bonds (identified cost $50,306)			$	55,500

Mortgage Pass-Throughs — 16.5%

	Principal
Security	Amount		Value
Federal Home Loan Mortgage Corp.:
6.50%, with maturity at 2024	$	5,718,920	$	6,333,835
7.50%, with maturity at 2034		934,041		1,062,931
			$	7,396,766

3

	Principal
Security	Amount		Value
Federal National Mortgage Association:
2.509%, with maturity at 2035(4)	$	1,882,082	$	1,946,190
4.326%, with maturity at 2035(4)		1,701,128		1,772,895
5.50%, with maturity at 2017		1,042,412		1,116,708
6.00%, with maturity at 2032		1,394,185		1,509,321
6.50%, with maturity at 2017		1,177,632		1,260,118
7.00%, with various maturities to 2033		2,579,010		2,887,881
8.50%, with maturity at 2032		1,520,932		1,796,382
			$	12,289,495
Total Mortgage Pass-Throughs (identified cost $18,942,863)			$	19,686,261

Currency Options Purchased — 0.0%

	Principal
	Amount of
	Contracts		Strike		Expiration
Description	(000’s omitted)		Price		Date	Value
Japanese Yen Put Option		JPY  119,000		JPY  106.91	4/8/10	$	251
Total Currency Options Purchased (identified cost $20,625)						$	251

Short-Term Investments — 15.0%

Foreign Government Securities — 9.9%

	Principal
Security	Amount		Value
Chile — 0.3%
Chilean Government Bond, 6.00%, 7/1/10	CLP	205,000,000	$	399,594
Total Chile (identified cost $425,668)			$	399,594
Egypt — 3.2%
Egypt Treasury Bill, 0.00%, 2/2/10	EGP	2,975,000	$	544,235
Egypt Treasury Bill, 0.00%, 2/9/10	EGP	1,900,000		346,960
Egypt Treasury Bill, 0.00%, 2/16/10	EGP	4,525,000		824,833
Egypt Treasury Bill, 0.00%, 2/23/10	EGP	775,000		141,015
Egypt Treasury Bill, 0.00%, 3/2/10	EGP	4,575,000		830,946
Egypt Treasury Bill, 0.00%, 6/29/10	EGP	1,150,000		202,095
Egypt Treasury Bill, 0.00%, 8/3/10	EGP	850,000		147,795
Egypt Treasury Bill, 0.00%, 9/28/10	EGP	825,000		140,932
Egypt Treasury Bill, 0.00%, 10/5/10	EGP	1,675,000		285,483
Egypt Treasury Bill, 0.00%, 10/26/10	EGP	1,100,000		186,186
Egypt Treasury Bill, 0.00%, 10/26/10	EGP	875,000		148,102
Total Egypt (identified cost $3,800,867)			$	3,798,582
Iceland — 0.1%
Iceland Treasury Bill, 0.00%, 2/15/10	ISK	2,356,000	$	15,586
Iceland Treasury Bill, 0.00%, 3/15/10	ISK	12,900,000		84,859
Iceland Treasury Note, 7.00%, 3/17/10	ISK	8,011,000		53,034
Total Iceland (identified cost $150,456)			$	153,479

4

	Principal
Security	Amount		Value
Kazakhstan — 1.6%
Kazakhstan National Bank, 0.00%, 2/19/10	KZT	90,750,000	$	612,678
Kazakhstan National Bank, 0.00%, 3/5/10	KZT	23,795,900		160,567
Kazakhstan National Bank, 0.00%, 3/12/10	KZT	113,400		765
Kazakhstan National Bank, 0.00%, 4/23/10	KZT	52,000,400		349,976
Kazakhstan National Bank, 0.00%, 5/28/10	KZT	110,786,100		743,718
Total Kazakhstan (identified cost $1,858,218)			$	1,867,704
Lebanon — 2.6%
Lebanon Treasury Bill, 0.00%, 2/4/10	LBP	229,000,000	$	152,529
Lebanon Treasury Bill, 0.00%, 2/18/10	LBP	168,000,000		111,740
Lebanon Treasury Bill, 0.00%, 3/4/10	LBP	68,000,000		45,158
Lebanon Treasury Bill, 0.00%, 3/18/10	LBP	733,150,000		486,063
Lebanon Treasury Bill, 0.00%, 4/1/10	LBP	365,000,000		241,549
Lebanon Treasury Bill, 0.00%, 4/15/10	LBP	449,000,000		296,567
Lebanon Treasury Bill, 0.00%, 4/29/10	LBP	770,000,000		507,133
Lebanon Treasury Bill, 0.00%, 6/10/10	LBP	180,000,000		117,845
Lebanon Treasury Bill, 0.00%, 6/24/10	LBP	169,500,000		110,744
Lebanon Treasury Bill, 0.00%, 7/8/10	LBP	172,420,000		112,284
Lebanon Treasury Bill, 0.00%, 7/22/10	LBP	118,000,000		76,774
Lebanon Treasury Bill, 0.00%, 9/23/10	LBP	184,000,000		118,325
Lebanon Treasury Bill, 0.00%, 10/21/10	LBP	334,800,000		214,419
Lebanon Treasury Bill, 0.00%, 11/4/10	LBP	211,560,000		135,358
Lebanon Treasury Bill, 0.00%, 11/18/10	LBP	102,400,000		65,362
Lebanon Treasury Bill, 0.00%, 12/16/10	LBP	100,000,000		63,524
Lebanon Treasury Bill, 0.00%, 12/30/10	LBP	182,940,000		115,928
Lebanon Treasury Note, 8.46%, 6/24/10	LBP	90,720,000		61,253
Lebanon Treasury Note, 11.30%, 3/25/10	LBP	114,530,000		77,001
Total Lebanon (identified cost $3,102,517)			$	3,109,556
South Korea — 0.6%
Korea Monetary Stabilization Bond, 0.00%, 3/2/10	KRW	232,280,000	$	199,584
Korea Monetary Stabilization Bond, 0.00%, 4/13/10	KRW	394,570,000		338,004
Korea Monetary Stabilization Bond, 0.00%, 4/20/10	KRW	174,680,000		149,555
Total South Korea (identified cost $703,950)			$	687,143
Sri Lanka — 1.4%
Sri Lanka Treasury Bill, 0.00%, 2/5/10	LKR	47,330,000	$	412,231
Sri Lanka Treasury Bill, 0.00%, 5/7/10	LKR	95,550,000		815,938
Sri Lanka Treasury Bill, 0.00%, 7/16/10	LKR	55,680,000		467,605
Total Sri Lanka (identified cost $1,694,212)			$	1,695,774
Zambia — 0.1%
Zambia Treasury Bill, 0.00%, 1/31/11	ZMK	297,000,000	$	59,231
Total Zambia (identified cost $59,025)			$	59,231
Total Foreign Government Securities (identified cost $11,794,913)			$	11,771,063

5

Repurchase Agreements⁽⁵⁾ — 2.2%

	Principal
	Amount
Description	(000’s omitted)		Value
Barclays Bank PLC, dated 9/16/09, with an interest rate of 0.85%, collateralized by Costa Rica Government Bond with an interest rate of 9.995%, a maturity date of 8/1/20 and a market value of $1,359,697.	$	1,287	$	1,286,788
JPMorgan Chase Bank, dated 1/25/10, with an interest rate of 0.40%, collateralized by Philippines Government Bond with an interest rate of 9.5%, a maturity date of 2/2/30 and a market value of $1,346,036.		1,346		1,346,000
Total Repurchase Agreements (identified cost $2,632,788)			$	2,632,788

Other Securities — 2.9%

	Interest
Description	(000’s omitted)		Value
Cash Management Portfolio, 0.00%(6)	$	1,657	$	1,657,158
Eaton Vance Cash Reserves Fund, LLC, 0.11%(6)		1,759		1,758,769
Total Other Securities (identified cost $3,415,927)			$	3,415,927
Total Short-Term Investments (identified cost $17,843,628)			$	17,819,778
Total Investments — 98.9% (identified cost $112,953,133)			$	117,653,100

Currency Options Written — 0.0%

	Principal
	Amount of
	Contracts		Strike		Expiration
Description	(000’s omitted)		Price		Date	Value
Japanese Yen Call Option		JPY  170,000		JPY  76.3	4/8/10	$	(1,544	)
Total Currency Options Written (Premiums received $21,790)						$	(1,544	)
Other Assets, Less Liabilities — 1.1%						$	1,359,597
Net Assets — 100.0%						$	119,011,153

6

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
BRL	-	Brazilian Real
CLP	-	Chilean Peso
COP	-	Colombian Peso
CRC	-	Costa Rican Colon
EGP	-	Egyptian Pound
EUR	-	Euro
GHS	-	Ghanaian Cedi
HUF	-	Hungarian Forint
IDR	-	Indonesian Rupiah
ILS	-	Israeli Shekel
ISK	-	Icelandic Krona
JPY	-	Japanese Yen
KRW	-	South Korean Won
KZT	-	Kazak Tenge
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
PEN	-	Peruvian New Sol
PLN	-	Polish Zloty
THB	-	Thai Baht
TRY	-	New Turkish Lira
USD	-	United States Dollar
UYU	-	Uruguayan Peso
ZAR	-	South African Rand
ZMK	-	Zambian Kwacha

7

(1)	Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.
(2)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $1,180,856 or 1.0% of the Portfolio’s net assets.
(3)	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.
(4)	Adjustable rate mortgage security. Rate shown is the rate at January 31, 2010.
(5)	Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.
(6)	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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $31, respectively.

8

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Forward Foreign Currency Exchange Contracts

Sales

			Net Unrealized
Settlement			Appreciation
Date	Deliver	In Exchange For	(Depreciation)
2/5/10	Sri Lankan Rupee 47,330,000	United States Dollar 403,323	$	(9,296	)
2/8/10	New Turkish Lira 1,490,000	United States Dollar 1,005,839		11,528
2/19/10	Euro 844,000	United States Dollar 1,223,294		53,140
2/23/10	Chilean Peso 787,000,000	United States Dollar 1,597,321		95,054
2/25/10	Japanese Yen 54,609,016	United States Dollar 603,850		(1,181	)
2/25/10	Japanese Yen 54,000,000	United States Dollar 598,802		520
2/26/10	Euro 643,000	United States Dollar 903,280		11,816
3/2/10	Chilean Peso 154,000,000	United States Dollar 300,781		6,776
5/7/10	Sri Lankan Rupee 41,770,000	United States Dollar 356,399		(3,429	)
5/7/10	Sri Lankan Rupee 49,280,000	United States Dollar 420,299		(4,224	)
5/7/10	Sri Lankan Rupee 4,500,000	United States Dollar 38,396		(369	)
7/6/10	Chilean Peso 61,800,000	United States Dollar 125,904		7,529
7/6/10	Chilean Peso 25,700,000	United States Dollar 52,680		3,453
7/6/10	Chilean Peso 123,500,000	United States Dollar 252,169		15,610
7/16/10	Sri Lankan Rupee 55,680,000	United States Dollar 473,872		(1,609	)
7/20/10	Kazak Tenge 36,814,800	United States Dollar 225,858		(24,466	)
7/20/10	Ukrainian Hryvnia 2,269,900	United States Dollar 242,640		(17,131	)
7/21/10	Kazak Tenge 36,865,500	United States Dollar 227,565		(23,112	)
7/21/10	Ukrainian Hryvnia 2,253,200	United States Dollar 240,149		(17,588	)
7/23/10	Kazak Tenge 38,380,000	United States Dollar 236,549		(24,443	)
7/23/10	Ukrainian Hryvnia 2,355,400	United States Dollar 248,722		(20,451	)
			$	58,127

Purchases

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/1/10	Zambian Kwacha 1,046,823,800	United States Dollar 229,980	$	(413	)
2/3/10	Russian Ruble 6,200,000	United States Dollar 209,488		(5,373	)
2/3/10	Russian Ruble 28,122,000	United States Dollar 950,646		(24,820	)

9

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/4/10	Malaysian Ringgit 1,410,000	United States Dollar 410,648	$	2,639
2/5/10	Zambian Kwacha 776,193,836	United States Dollar 169,246		905
2/8/10	Polish Zloty 920,000	Euro 224,139		4,093
2/8/10	Polish Zloty 5,635,900	Euro 1,374,586		22,973
2/8/10	Polish Zloty 1,930,000	Euro 471,099		7,346
2/8/10	Indian Rupee 14,500,000	United States Dollar 313,853		(65	)
2/8/10	New Turkish Lira 7,788,404	United States Dollar 5,247,455		(50,075	)
2/8/10	South African Rand 18,925,167	United States Dollar 2,583,711		(104,190	)
2/8/10	South African Rand 23,228,086	United States Dollar 3,175,578		(132,301	)
2/9/10	Indian Rupee 25,020,000	United States Dollar 535,990		5,378
2/9/10	Indian Rupee 25,020,000	United States Dollar 535,760		5,608
2/10/10	Mexican Peso 87,942,180	United States Dollar 6,801,143		(83,128	)
2/11/10	Hungarian Forint 523,367,500	United States Dollar 2,761,105		(89,705	)
2/11/10	Mexican Peso 17,340,194	United States Dollar 1,354,491		(30,003	)
2/11/10	Russian Ruble 137,521,000	United States Dollar 4,514,806		7,574
2/16/10	Australian Dollar 408,900	United States Dollar 377,088		(15,885	)
2/16/10	Indian Rupee 26,430,000	United States Dollar 582,159		(10,853	)
2/16/10	Israeli Shekel 580,000	United States Dollar 155,329		64
2/16/10	South Korean Won 237,700,000	United States Dollar 211,308		(6,769	)
2/18/10	Colombian Peso 3,409,000,000	United States Dollar 1,701,098		14,566
2/19/10	Norwegian Krone 2,230,000	Euro 271,207		194
2/19/10	Indian Rupee 11,853,000	United States Dollar 259,536		(3,434	)
2/19/10	Polish Zloty 15,235,442	United States Dollar 5,429,111		(219,294	)
2/22/10	Australian Dollar 94,700	United States Dollar 87,165		(3,564	)
2/22/10	Indonesian Rupiah 670,000,000	United States Dollar 72,159		(856	)
2/22/10	Malaysian Ringgit 2,046,000	United States Dollar 612,758		(14,125	)
2/25/10	Norwegian Krone 4,522,300	Euro 554,822		(6,504	)
2/25/10	Euro 892,283	United States Dollar 1,259,708		(22,631	)
2/25/10	Indonesian Rupiah 15,703,000,000	United States Dollar 1,666,278		3,652
2/26/10	Indian Rupee 7,400,000	United States Dollar 159,689		39

10

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/26/10	South Korean Won 349,000,000	United States Dollar 300,841	$	(599	)
2/26/10	Thai Baht 98,268,700	United States Dollar 2,978,020		(19,163	)
3/2/10	Brazilian Real 1,080,000	United States Dollar 582,839		(12,722	)
3/2/10	Brazilian Real 7,358,000	United States Dollar 3,921,548		(37,366	)
3/11/10	Indonesian Rupiah 6,050,600,000	United States Dollar 653,201		(11,159	)
3/31/10	Indonesian Rupiah 12,645,000,000	United States Dollar 1,337,529		1,416
4/13/10	Ghanaian Cedi 188,250	United States Dollar 118,583		8,884
5/26/10	Zambian Kwacha 581,200,000	United States Dollar 98,242		27,206
5/27/10	Zambian Kwacha 540,750,000	United States Dollar 91,250		25,446
6/11/10	Zambian Kwacha 507,200,000	United States Dollar 104,793		4,367
7/20/10	Ukrainian Hryvnia 2,269,900	United States Dollar 225,861		33,910
7/21/10	Ukrainian Hryvnia 2,253,200	United States Dollar 227,596		30,142
7/23/10	Ukrainian Hryvnia 2,355,400	United States Dollar 237,919		31,254
8/19/10	Zambian Kwacha 212,650,000	United States Dollar 43,073		2,037
8/23/10	Zambian Kwacha 212,650,000	United States Dollar 43,354		1,702
9/3/10	Ukrainian Hryvnia 750,000	United States Dollar 66,964		16,743
9/28/10	Zambian Kwacha 417,900,000	United States Dollar 79,373		8,222
6/15/11	Yuan Renminbi 3,800,000	United States Dollar 574,887		7,179
6/15/11	Yuan Renminbi 1,800,000	United States Dollar 272,521		3,194
1/19/12	Yuan Renminbi 780,000	United States Dollar 123,223		(637	)
			$	(628,901	)

At January 31, 2010, closed forward foreign currency purchases and sales contracts excluded above amounted to a receivable of $58,871 and a payable of $320,324.

Futures Contracts

Expiration			Aggregate						Net Unrealized
Date	Contracts	Position	Cost			Value			Depreciation
3/10	2 Euro-Bobl	Short	$	(323,434	)	$	(325,162	)	$	(1,728	)
3/10	2 Euro-Bund	Short		(341,709	)		(342,133	)		(424	)
3/10	1 U.S. 5 Year Treasury Note	Short		(116,192	)		(116,461	)		(269	)
									$	(2,421	)

•   Euro-Bobl: Medium-term debt securities issued by the Federal Republic of Germany with a remaining term to maturity of 4.5 to 5 years.

•   Euro-Bund: Long-term debt securities issued by the Federal Government of Germany with a remaining term to maturity of 8.5 to 10.5 years.

11

Interest Rate Swaps

	Notional		Portfolio						Net Unrealized
	Amount		Pays/Receives	Floating	Annual			Termination	Appreciation
Counterparty	(000’s omitted)		Floating Rate	Rate Index	Fixed Rate			Date	(Depreciation)
Bank of America, N.A.	ILS	640	Receive	3-month ILS TELBOR		4.20	%	11/19/14	$	(760	)
Bank of America, N.A.	ILS	600	Receive	3-month ILS TELBOR		4.54	%	1/06/15		(2,107	)
Barclays Bank PLC	PLN	8,000	Pay	3-month PLN WIBOR		5.42	%	6/01/14		75,204
Citigroup Global Markets	MXN	50,000	Pay	Mexican Interbank Deposit Rate		9.08	%	8/06/13		277,929
Citigroup Global Markets	THB	69,000	Pay	6-month THBFIX		3.40	%	1/14/15		8,396
Credit Suisse	PLN	10,000	Pay	3-month PLN WIBOR		5.17	%	6/15/12		101,705
JPMorgan Chase Bank	BRL	4,252	Pay	Brazil Interbank Deposit Rate		9.67	%	1/03/11		(4,536	)
JPMorgan Chase Bank	ZAR	36,500	Pay	3-month JIBOR		9.05	%	10/12/15		120,818
									$	576,649

BRL	-	Brazilian Real
ILS	-	Israeli Shekel
MXN	-	Mexican Peso
PLN	-	Polish Zloty
THB	-	Thai Baht
ZAR	-	South African Rand

Credit Default Swaps — Sell Protection

		Notional		Contract				Current			Net Unrealized
		Amount*		Annual			Termination	Market Annual			Appreciation
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	Fixed Rate***			(Depreciation)
Iceland	JPMorgan Chase Bank	$	500		1.75	%	3/20/18		6.31	%	$	(109,696	)
Iceland	JPMorgan Chase Bank		200		2.10	%	3/20/23		5.79			(44,908	)
Iceland	JPMorgan Chase Bank		200		2.45	%	3/20/23		5.79			(40,521	)
											$	(195,125	)

Credit Default Swaps — Buy Protection

		Notional		Contract				Net Unrealized
		Amount		Annual			Termination	Appreciation
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	(Depreciation)
Austria	Barclays Bank PLC	$	300		0.44	%	12/20/13	$	3,878
Austria	Barclays Bank PLC		200		1.42	%	3/20/14		(5,093	)
Brazil	Barklays Bank PLC		450		1.65	%	9/20/19		(1,925	)
China	Barclays Bank PLC		200		1.00	%(1)	3/20/15		(323	)
China	Barclays Bank PLC		200		1.00	%(1)	3/20/20		(1,279	)
China	Citigroup Global Markets		100		1.00	%(1)	3/20/20		(478	)
China	JP Morgan Chase Bank		100		1.00	%(1)	3/20/15		(209	)
Lebanon	Barclays Bank PLC		200		1.00	%(1)	12/20/14		(2,590	)
Lebanon	Citigroup Global Markets		250		3.30	%	9/20/14		(12,401	)
Lebanon	Citigroup Global Markets		200		1.00	%(1)	12/20/14		(2,816	)
Lebanon	Citigroup Global Markets		150		1.00	%(1)	12/20/14		(1,716	)
Lebanon	Citigroup Global Markets		100		1.00	%(1)	12/20/14		(1,295	)
Lebanon	Deutchebank		100		1.00	%(1)	3/20/15		(101	)
Malaysia	Bank of America		200		0.83	%	12/20/14		1,788
Malaysia	Barclays Bank PLC		300		2.40	%	3/20/14		(17,972	)
Malaysia	Barclays Bank PLC		400		0.82	%	12/20/14		3,766
Malaysia	Citigroup Global Markets		300		2.45	%	3/20/14		(18,584	)
Philippines	Barclays Bank PLC		300		1.84	%	12/20/14		(897	)
Philippines	Barclays Bank PLC		100		1.85	%	12/20/14		(433	)
Philippines	Barclays Bank PLC		500		1.70	%	12/20/14		1,646
Philippines	Barclays Bank PLC		142		1.00	%(1)	3/20/15		1,332
Philippines	Citigroup Global Markets		200		1.84	%	12/20/14		(598	)

12

		Notional		Contract				Net Unrealized
		Amount		Annual			Termination	Appreciation
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	(Depreciation)
Philippines	Citigroup Global Markets	$	100		1.86	%	12/20/14	$	(479	)
Philippines	JP Morgan Chase Bank		400		1.69	%	12/20/14		1,502
Philippines	JP Morgan Chase Bank		142		1.00	%(1)	3/20/15		1,332
South Africa	Bank of America		300		1.00	%(1)	12/20/19		4,546
South Africa	Barclays Bank PLC		300		1.00	%(1)	12/20/19		2,401
South Africa	Citigroup Global Markets		150		1.00	%(1)	12/20/19		112
South Africa	Credit Suisse		100		1.00	%(1)	3/20/20		850
South Africa	JP Morgan Chase Bank		100		1.00	%(1)	12/20/19		(183	)
South Africa	JP Morgan Chase Bank		100		1.00	%(1)	12/20/19		(1,441	)
Thailand	Barclays Bank PLC		400		0.97	%	9/20/19		9,172
Thailand	Citigroup Global Markets		400		0.86	%	12/20/14		3,927
Thailand	Citigroup Global Markets		200		0.95	%	9/20/19		4,908
Thailand	JP Morgan Chase Bank		200		0.87	%	12/20/14		1,869
Turkey	Barclays Bank PLC		1,190		2.12	%	1/20/13		(18,744	)
Turkey	Citigroup Global Markets		430		2.93	%	9/20/19		(30,010	)
iTraxx Europe Subordinated Financials 5 Year Index	Bank of America		EUR 400		1.00	%(1)	12/20/14		(238	)
iTraxx Europe Subordinated Financials 5 Year Index	Goldman Sachs International		EUR 400		1.00	%(1)	12/20/14		(114	)
								$	(76,890	)

*	If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2010, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $900,000.
**	The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.
***	Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.

(1)  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Total Return Swaps

	Notional		Expiration	Portfolio	Portfolio	Net Unrealized
Counterparty	Amount		Date	Pays	Receives	Appreciation
JPMorgan Chase Bank	$	146,906	8/25/10	1-month USD- LIBOR-BBA + 50bp	Total Return on JPMorgan Abu Dhabi Index	$	160
						$	160

Cross-Currency Swaps

	Notional Amount		Notional Amount
	on Fixed Rate		on Floating Rate							Net Unrealized
	(Currency Received)		(Currency Delivered)		Floating	Fixed			Termination	Appreciation
Counterparty	(000’s omitted)		(000’s omitted)		Rate	Rate			Date	(Depreciation)
Citigroup Global Markets	TRY	169,736		$105,035	3-month USD- LIBOR-BBA		11.95	%	2/15/12	$	(1,174	)
Citigroup Global Markets	TRY	339,968		$205,047	3-month USD- LIBOR-BBA		12.10	%	2/15/12		(8,326	)
Citigroup Global Markets	TRY	500,316		$297,807	3-month USD- LIBOR-BBA		12.46	%	8/14/13		(41,273	)
Credit Suisse	TRY	258,962		$149,603	3-month USD- LIBOR-BBA		12.45	%	2/15/12		(14,716	)

13

Notional Amount

Notional Amount

on Fixed Rate

on Floating Rate

Net Unrealized

(Currency Received)

(Currency Delivered)

Floating

Fixed

Termination

Appreciation

Counterparty

(000’s omitted)

(000’s omitted)

Rate

Rate

Date

(Depreciation)

JPMorgan Chase Bank

TRY

685,893

$

463,128

3-month USD- LIBOR-BBA

11.20

%

5/21/14

$

16,523

$

(48,966

)

TRY - New Turkish Lira

The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.

Written call options activity for the fiscal year to date ended January 31, 2010 was as follows:

	Principal Amount
	of Contracts		Premiums
	(000’s omitted)		Received
Outstanding, beginning of period	JPY	170,000	$	21,790
Outstanding, end of period	JPY	170,000	$	21,790

JPY - Japanese Yen

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objectives, the Portfolio is subject to the following risks:

Credit Risk: The Portfolio may enter into credit default swap contracts to manage its credit risk, to gain exposure to a credit in which the Portfolio may otherwise invest, or to enhance return.

Equity Risk: The Portfolio may enter into total return swap agreements on a security, basket of securities or an index to enhance return, to change the duration of the overall portfolio, to hedge against fluctuations in securities prices or interest rates or as substitution for the purchase or sale of securities.

Foreign Exchange Risk: The Portfolio holds foreign currency denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio may enter into forward foreign currency exchange contracts. The Portfolio may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing. The Portfolio may also purchase or write currency option contracts to enhance return.

Interest Rate Risk: The Portfolio holds fixed-rate bonds. The value of these bonds may decrease if interest rates rise. To hedge against this risk, the Portfolio may enter into interest rate and cross-currency swap contracts. The Portfolio may also purchase and sell U.S. Treasury and foreign debt futures contracts to hedge against changes in interest rates.

14

The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2010 was as follows:

		Fair Value
		Asset		Liability
Risk	Derivative	Derivative		Derivative
Credit	Credit Default Swaps	$	43,029	$	(315,044	)
		$	43,029	$	(315,044	)
Equity	Total Return Swaps	$	160	$	—
		$	160	$	—
Foreign Exchange	Currency Options Purchased	$	251	$	—
Foreign Exchange	Currency Options Written		—		(1,544	)
Foreign Exchange	Forward Foreign Currency Exchange Contracts		541,030		(1,373,257	)
		$	541,281	$	(1,374,801	)
Interest Rate	Cross-Currency Swaps	$	16,523	$	(65,489	)
Interest Rate	Futures Contracts		—		(2,421	)*
Interest Rate	Interest Rate Swaps		584,052		(7,403	)
		$	600,575	$	(75,313	)

*  Amount represents cumulative unrealized depreciation on futures contracts in the Futures Contracts table above.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	113,663,479
Gross unrealized appreciation	$	6,215,783
Gross unrealized depreciation		(2,226,162	)
Net unrealized appreciation	$	3,989,621

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

15

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for			Significant Other			Significant
	Identical Assets			Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)			(Level 2)			(Level 3)		Total
Foreign Government Bonds	$	—		$	80,091,310		$	—	$	80,091,310
Foreign Corporate Bonds		—			55,500			—		55,500
Mortgage Pass-Throughs		—			19,686,261			—		19,686,261
Currency Options Purchased		—			251			—		251
Short-Term Investments		1,657,158			16,162,620					17,819,778
Total Investments	$	1,657,158		$	115,995,942		$	—	$	117,653,100
Forward Foreign Currency Exchange Contracts	$	—		$	541,030		$	—	$	541,030
Swap Contracts		—			643,764			—		643,764
Total	$	1,657,158		$	117,180,736		$	—	$	118,837,894
Liability Description
Currency Options Written	$	—		$	(1,544	)	$	—	$	(1,544	)
Forward Foreign Currency Exchange Contracts		—			(1,373,257	)		—		(1,373,257	)
Swap Contracts		—			(387,936	)		—		(387,936	)
Futures Contracts		(2,421	)		—			—		(2,421	)
Total	$	(2,421	)	$	(1,762,737	)	$	—	$	(1,765,158	)

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

16

Eaton Vance Floating-Rate Fund as of January 31, 2010 (Unaudited)

Eaton Vance Floating-Rate Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Floating Rate Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $3,201,587,513 and the Fund owned 68.7% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Eaton Vance Floating-Rate & High Income Fund as of January 31, 2010 (Unaudited)

Eaton Vance Floating-Rate & High Income Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, pursues its investment objective by investing in two registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates. In doing so, the Fund invests at least 80% of its total assets in Floating Rate Portfolio. The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At January 31, 2010, the Fund owned 11.1% of Floating Rate Portfolio’s outstanding interests and 14.3% of High Income Opportunities Portfolio’s outstanding interests. The Fund’s Schedule of Investments at January 31, 2010 is set forth below.

Investments in Affiliated Portfolios	Value			% of Net Assets
Floating Rate Portfolio (identified cost, $583,495,819)	$	517,507,347			82.4	%
High Income Opportunities Portfolio (identified cost, $118,695,869)	$	111,625,583			17.8	%
Total Investments in Affiliated Portfolios (identified cost, $702,191,688)	$	629,132,930			100.2	%
Other Assets, Less Liabilities	$	(995,984	)		(0.2	)%
Net Assets	$	628,136,946			100.0	%

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At January 31, 2010 and October 31, 2009, the Fund’s investments in the Portfolios were valued based on Level 1 inputs.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

The Floating Rate Portfolio’s Portfolio of Investments is set forth below. A copy of High Income Opportunities Portfolio’s Form N-Q (containing a Portfolio of Investments) at January 31, 2010 is available on the EDGAR database on the Securities and Exchange Commission’s website (www.sec.gov), at the Commission’s public reference room in Washington, DC (call 1-800-732-0330 for information on the operation of the public reference room) or by calling the Fund’s principal underwriter, Eaton Vance Distributors, Inc., at 1-800-262-1122.

Floating Rate Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior Floating-Rate Interests — 93.0%⁽¹⁾

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
Aerospace and Defense — 2.0%
		AWAS Capital, Inc.
	8,935	Term Loan, 2.00%, Maturing March 22, 2013	$	8,354,059
		Booz Allen Hamilton, Inc.
	3,050	Term Loan, 6.00%, Maturing July 31, 2015		3,077,959
		CACI International, Inc.
	4,209	Term Loan, 1.76%, Maturing May 3, 2011		4,190,395
		DAE Aviation Holdings, Inc.
	2,845	Term Loan, 4.00%, Maturing July 31, 2014		2,683,829
	2,916	Term Loan, 4.00%, Maturing July 31, 2014		2,750,963
		Evergreen International Aviation
	11,040	Term Loan, 10.50%, Maturing October 31, 2011(2)		8,914,435
		Hawker Beechcraft Acquisition
	18,908	Term Loan, 2.24%, Maturing March 26, 2014		14,369,912
	1,238	Term Loan, 2.25%, Maturing March 26, 2014		940,610
		Hexcel Corp.
	4,596	Term Loan, 6.50%, Maturing May 21, 2014		4,642,393
		IAP Worldwide Services, Inc.
	3,334	Term Loan, 9.25%, Maturing December 30, 2012(2)		2,909,012
		PGS Solutions, Inc.
	1,920	Term Loan, 2.52%, Maturing February 14, 2013		1,794,935
		Spirit AeroSystems, Inc.
	3,739	Term Loan, 2.00%, Maturing December 31, 2011		3,676,857
		TransDigm, Inc.
	11,650	Term Loan, 2.25%, Maturing June 23, 2013		11,402,438
		Vought Aircraft Industries, Inc.
	7,407	Revolving Loan, 0.50%, Maturing December 22, 2010(3)		7,185,185
	2,778	Term Loan, 7.50%, Maturing December 17, 2011		2,784,722
	3,565	Term Loan, 7.50%, Maturing December 17, 2011		3,578,859
	856	Term Loan, 7.50%, Maturing December 22, 2011		855,265
		Wesco Aircraft Hardware Corp.
	7,114	Term Loan, 2.49%, Maturing September 29, 2013		6,882,780
			$	90,994,608
Air Transport — 0.3%
		Delta Air Lines, Inc.
	11,428	Term Loan, 2.17%, Maturing April 30, 2012	$	10,047,120
	5,403	Term Loan - Second Lien, 3.50%, Maturing April 30, 2014		4,704,007
			$	14,751,127
Automotive — 4.0%
		Accuride Corp.
	3,108	DIP Loan, 1.00%, Maturing September 30, 2013(3)	$	3,164,594
	13,264	Term Loan, Maturing January 31, 2012(4)		13,311,513
		Adesa, Inc.
	17,648	Term Loan, 2.99%, Maturing October 18, 2013		17,200,900
		Allison Transmission, Inc.
	16,149	Term Loan, Maturing September 30, 2014(4)		14,861,620
		Cooper Standard Automotive, Inc.
	646	Revolving Loan, 7.00%, Maturing December 23, 2011		642,841
	3,935	Term Loan, 7.00%, Maturing December 23, 2010		3,913,129
	101	Term Loan, 2.75%, Maturing December 23, 2011		100,578
		Dayco Products, LLC
	3,000	Term Loan, 1.14%, Maturing November 12, 2012(3)		3,068,400
	500	Term Loan, 10.00%, Maturing November 12, 2012		490,000

1

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
	1,000	Term Loan, 10.00%, Maturing November 12, 2012	$	990,000
	1,961	Term Loan, 10.50%, Maturing November 13, 2014		1,842,984
	281	Term Loan, 12.50%, Maturing November 13, 2014(2)		264,563
		Federal-Mogul Corp.
	20,065	Term Loan, Maturing December 27, 2014(4)		17,055,066
	17,795	Term Loan, 2.17%, Maturing December 27, 2015		15,125,688
		Financiere Truck (Investissement)
EUR	1,313	Term Loan, 3.22%, Maturing February 15, 2012		1,242,000
		Ford Motor Co.
	10,000	Revolving Loan, 3.28%, Maturing December 15, 2013(3)		9,383,330
	14,405	Term Loan, 3.26%, Maturing December 15, 2013		13,507,689
	3,000	Term Loan, 3.26%, Maturing December 15, 2013		2,772,750
		Fraikin, Ltd.
GBP	1,612	Term Loan, 0.79%, Maturing February 15, 2012(3)		1,758,672
GBP	718	Term Loan, 2.99%, Maturing February 15, 2012(3)		783,091
		Goodyear Tire & Rubber Co.
	35,256	Term Loan - Second Lien, 2.34%, Maturing April 30, 2010		32,934,718
		HLI Operating Co., Inc.
EUR	425	Term Loan, 0.00%, Maturing May 30, 2014(5)		53,090
EUR	7,227	Term Loan, 0.00%, Maturing May 30, 2014(5)		901,827
		Keystone Automotive Operations, Inc.
	6,824	Term Loan, 3.75%, Maturing January 12, 2012		4,696,976
		Locafroid Services S.A.S.
EUR	309	Term Loan, 3.22%, Maturing February 15, 2012		292,356
		Tenneco Automotive, Inc.
	5,050	Term Loan, 5.73%, Maturing March 17, 2014		5,046,844
		TriMas Corp.
	894	Term Loan, 6.00%, Maturing August 2, 2011		866,938
	7,940	Term Loan, 6.00%, Maturing December 15, 2015		7,582,268
		TRW Automotive, Inc.
	3,500	Term Loan, 5.00%, Maturing May 30, 2016		3,507,658
		United Components, Inc.
	7,456	Term Loan, 2.25%, Maturing June 30, 2010		6,934,136
			$	184,296,219
Beverage and Tobacco — 0.2%
		Culligan International Co.
	10,289	Term Loan, 2.49%, Maturing November 24, 2014	$	8,323,583
		Southern Wine & Spirits of America, Inc.
	995	Term Loan, 5.50%, Maturing May 31, 2012		988,561
		Van Houtte, Inc.
	116	Term Loan, 2.75%, Maturing July 11, 2014		109,609
	848	Term Loan, 2.75%, Maturing July 11, 2014		803,802
			$	10,225,555
Building and Development — 2.4%
		401 North Wabash Venture, LLC
	3,515	Term Loan, 10.98%, Maturing May 7, 2009(3)	$	2,635,983
		AIMCO Properties, L.P.
	1,474	Term Loan, 1.74%, Maturing March 23, 2011		1,448,036
		Beacon Sales Acquisition, Inc.
	4,326	Term Loan, 2.25%, Maturing September 30, 2013		4,114,833
		Brickman Group Holdings, Inc.
	5,830	Term Loan, 2.25%, Maturing January 23, 2014		5,548,223
		Building Materials Corp. of America
	8,536	Term Loan, Maturing February 22, 2014(4)		8,372,006
		Contech Construction Products
	1,767	Term Loan, 2.24%, Maturing January 13, 2013		1,610,337
		Epco/Fantome, LLC
	9,030	Term Loan, 2.86%, Maturing November 23, 2010		8,307,600

2

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Forestar USA Real Estate Group, Inc.
	1,675	Revolving Loan, 0.39%, Maturing December 1, 2010(3)	$	1,524,455
	11,784	Term Loan, 5.08%, Maturing December 1, 2010		11,430,699
		Lafarge Roofing
	1,585	Term Loan, 3.25%, Maturing July 16, 2014		1,240,259
EUR	2,847	Term Loan, 3.25%, Maturing July 16, 2014		3,088,808
EUR	1,843	Term Loan, 5.00%, Maturing April 16, 2015(2)		1,673,523
		Materis
EUR	1,193	Term Loan, Maturing April 27, 2014(4)		1,285,864
EUR	1,290	Term Loan, Maturing April 27, 2015(4)		1,390,803
		Mueller Water Products, Inc.
	5,510	Term Loan, 5.25%, Maturing May 24, 2014		5,470,993
		NCI Building Systems, Inc.
	3,056	Term Loan, 8.00%, Maturing June 18, 2010		2,977,611
		November 2005 Land Investors
	610	Term Loan, 0.00%, Maturing May 9, 2011(5)		143,275
		Panolam Industries Holdings, Inc.
	4,016	Term Loan, 8.25%, Maturing December 31, 2013		3,654,639
		Re/Max International, Inc.
	8,478	Term Loan, 5.75%, Maturing December 17, 2012		8,498,916
		Realogy Corp.
	2,810	Term Loan, 3.23%, Maturing September 1, 2014		2,507,970
	10,437	Term Loan, 3.25%, Maturing September 1, 2014		9,315,309
		Sanitec Europe OY
EUR	3,470	Term Loan, 2.50%, Maturing June 25, 2016		3,656,803
		South Edge, LLC
	8,795	Term Loan, 0.00%, Maturing October 31, 2009(6)		3,517,857
		Standard Pacific Corp.
	4,680	Term Loan, 2.02%, Maturing May 5, 2013		4,001,400
		WCI Communities, Inc.
	3,702	Term Loan, 10.00%, Maturing September 3, 2014(2)		3,424,182
	8,876	Term Loan, 10.07%, Maturing September 3, 2014		8,876,063
			$	109,716,447
Business Equipment and Services — 7.7%
		Activant Solutions, Inc.
	8,113	Term Loan, 2.29%, Maturing May 1, 2013	$	7,758,513
		Acxiom Corp.
	8,816	Term Loan, 3.25%, Maturing March 15, 2015		8,793,939
		Affiliated Computer Services
	5,856	Term Loan, 2.23%, Maturing March 20, 2013		5,840,997
	10,011	Term Loan, 2.23%, Maturing March 20, 2013		9,985,259
		Affinion Group, Inc.
	5,000	Revolving Loan, 0.62%, Maturing October 17, 2011(3)		4,350,000
	16,134	Term Loan, 2.73%, Maturing October 17, 2012		15,710,032
		Education Management, LLC
	11,272	Term Loan, 2.06%, Maturing June 1, 2013		10,847,696
		Info USA, Inc.
	810	Term Loan, 2.01%, Maturing February 14, 2012		786,541
	1,785	Term Loan, 2.01%, Maturing February 14, 2012		1,732,553
		Intergraph Corp.
	3,350	Term Loan, 2.26%, Maturing May 29, 2014		3,288,814
		iPayment, Inc.
	11,663	Term Loan, 2.24%, Maturing May 10, 2013		11,021,375
		Kronos, Inc.
	10,282	Term Loan, 2.25%, Maturing June 11, 2014		9,789,068
		Language Line, Inc.
	12,325	Term Loan, 5.50%, Maturing October 30, 2015		12,386,625

3

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Mitchell International, Inc.
	1,985	Term Loan, 2.31%, Maturing March 28, 2014	$	1,836,669
	1,500	Term Loan - Second Lien, 5.56%, Maturing March 28, 2015		1,245,000
		N.E.W. Holdings I, LLC
	8,875	Term Loan, 2.73%, Maturing May 22, 2014		8,506,330
		Protection One, Inc.
	1,465	Term Loan, 2.48%, Maturing March 31, 2012		1,406,677
	8,304	Term Loan, 4.48%, Maturing March 31, 2014		7,989,502
		Quintiles Transnational Corp.
	10,000	Revolving Loan, 0.25%, Maturing March 31, 2012(3)		9,702,000
	13,369	Term Loan, 2.25%, Maturing March 31, 2013		12,974,432
		Sabre, Inc.
	35,770	Term Loan, Maturing September 30, 2014(4)		32,063,596
		Safenet, Inc.
	3,900	Term Loan, 2.73%, Maturing April 12, 2014		3,744,000
		Serena Software, Inc.
	7,061	Term Loan, 2.26%, Maturing March 10, 2013		6,548,740
		Sitel (Client Logic)
EUR	941	Term Loan, 5.93%, Maturing January 29, 2014		1,082,934
	11,738	Term Loan, Maturing January 29, 2014(4)		10,857,610
		Solera Holdings, LLC
	3,746	Term Loan, 2.06%, Maturing May 15, 2014		3,668,266
EUR	2,961	Term Loan, 2.44%, Maturing May 15, 2014		3,951,677
		SunGard Data Systems, Inc.
	7,401	Term Loan, 1.98%, Maturing February 11, 2013		7,173,350
	3,432	Term Loan, 6.75%, Maturing February 28, 2014		3,471,025
	42,427	Term Loan, 3.90%, Maturing February 28, 2016		41,825,999
		Ticketmaster
	7,771	Term Loan, 7.00%, Maturing July 22, 2014		7,732,571
		Transaction Network Services, Inc.
	2,385	Term Loan, 2.00%, Maturing March 28, 2014		2,405,481
		Travelport, LLC
	10,725	Term Loan, 2.74%, Maturing August 23, 2013		10,309,406
	17,549	Term Loan, 2.74%, Maturing August 23, 2013		16,825,131
	5,441	Term Loan, 2.75%, Maturing August 23, 2013		5,216,109
EUR	2,106	Term Loan, 2.89%, Maturing August 23, 2013		2,819,959
	2,487	Term Loan, 10.50%, Maturing August 23, 2013		2,499,937
		Valassis Communications, Inc.
	733	Term Loan, 2.01%, Maturing March 2, 2014		715,110
	4,347	Term Loan, 2.01%, Maturing March 2, 2014		4,238,356
		VWR International, Inc.
	16,592	Term Loan, 2.73%, Maturing June 28, 2013		15,492,430
		West Corp.
	12,135	Term Loan, 2.61%, Maturing October 24, 2013		11,705,813
	17,626	Term Loan, 4.11%, Maturing July 15, 2016		17,485,429
			$	357,784,951
Cable and Satellite Television — 6.9%
		Atlantic Broadband Finance, LLC
	9,379	Term Loan, 6.75%, Maturing June 8, 2013	$	9,398,079
	349	Term Loan, 2.51%, Maturing September 1, 2013		343,127
		Bresnan Broadband Holdings, LLC
	1,489	Term Loan, 2.25%, Maturing March 29, 2014		1,452,771
	15,435	Term Loan, 2.27%, Maturing March 29, 2014		15,061,850
		Cequel Communications, LLC
	33,547	Term Loan, 2.25%, Maturing November 5, 2013		32,028,225
		Charter Communications Operating, Inc.
	48,097	Term Loan, 2.26%, Maturing April 28, 2013		44,867,444

4

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		CSC Holdings, Inc.
	14,729	Term Loan, 2.00%, Maturing March 29, 2013	$	14,389,234
	1,477	Term Loan, 2.00%, Maturing March 29, 2016		1,460,614
		CW Media Holdings, Inc.
	4,949	Term Loan, 3.50%, Maturing February 15, 2015		4,635,394
		DirectTV Holdings, LLC
	1,970	Term Loan, 5.25%, Maturing April 13, 2013		1,981,081
		Foxco Acquisition Sub., LLC
	5,520	Term Loan, 7.50%, Maturing July 2, 2015		5,264,731
		Insight Midwest Holdings, LLC
	26,316	Term Loan, 2.25%, Maturing April 6, 2014		25,452,761
		MCC Iowa, LLC
	212	Term Loan, 1.71%, Maturing March 31, 2010		210,940
	7,636	Term Loan, 1.96%, Maturing January 31, 2015		7,235,191
	7,760	Term Loan, 1.96%, Maturing January 31, 2015		7,352,600
		Mediacom Illinois, LLC
	1,560	Term Loan, 1.46%, Maturing September 30, 2012		1,493,700
	14,139	Term Loan, 1.96%, Maturing January 31, 2015		13,388,038
	2,993	Term Loan, 5.50%, Maturing March 31, 2017		3,008,211
		NTL Investment Holdings, Ltd.
GBP	3,500	Term Loan - Second Lien, 3.58%, Maturing March 30, 2013		5,296,834
		ProSiebenSat.1 Media AG
EUR	2,083	Term Loan, Maturing June 26, 2014(4)		2,514,950
EUR	1,917	Term Loan, Maturing July 2, 2014(4)		2,313,533
EUR	2,020	Term Loan, 3.34%, Maturing March 2, 2015		2,070,238
EUR	739	Term Loan, 2.59%, Maturing June 26, 2015		911,519
EUR	16,816	Term Loan, 2.59%, Maturing June 26, 2015		20,730,580
EUR	2,020	Term Loan, 3.59%, Maturing March 2, 2016		2,070,238
		UPC Broadband Holding B.V.
	7,083	Term Loan, 2.18%, Maturing December 31, 2014		6,815,476
	7,842	Term Loan, Maturing December 31, 2016(4)		7,726,779
EUR	21,765	Term Loan, Maturing December 31, 2016(4)		28,543,998
EUR	10,790	Term Loan, 4.99%, Maturing December 31, 2017		14,200,015
		Virgin Media Investment Holding
GBP	2,000	Term Loan, Maturing March 2, 2012(4)		3,186,014
	6,345	Term Loan, 3.75%, Maturing March 30, 2012		6,344,561
GBP	2,224	Term Loan, 4.40%, Maturing March 30, 2012		3,518,771
GBP	3,638	Term Loan, 4.40%, Maturing March 30, 2012		5,755,296
GBP	1,130	Term Loan, 4.43%, Maturing March 30, 2012		1,787,949
		YPSO Holding SA
EUR	3,159	Term Loan, 4.43%, Maturing July 28, 2014		3,814,191
EUR	5,155	Term Loan, 4.43%, Maturing July 28, 2014(2)		6,223,155
EUR	8,186	Term Loan, 4.43%, Maturing July 28, 2014(2)		9,883,441
			$	322,731,529
Chemicals and Plastics — 4.8%
		Arizona Chemical, Inc.
EUR	2,567	Term Loan, 2.82%, Maturing February 28, 2013	$	3,416,322
		Ashland, Inc.
	3,256	Term Loan, 6.00%, Maturing May 20, 2014		3,267,738
	1,276	Term Loan, 7.65%, Maturing November 20, 2014		1,294,179
		Brenntag Holding GmbH and Co. KG
	8,789	Term Loan, 1.99%, Maturing December 23, 2013		8,613,172
	3,477	Term Loan, 2.01%, Maturing December 23, 2013		3,407,367
EUR	3,434	Term Loan, 2.59%, Maturing December 23, 2013		4,697,189
	2,088	Term Loan, 2.00%, Maturing January 20, 2014		2,046,665
EUR	230	Term Loan - Second Lien, 5.02%, Maturing June 23, 2015		311,761
EUR	770	Term Loan - Second Lien, 5.02%, Maturing June 23, 2015		1,044,037
		British Vita UK, Ltd.
EUR	1,210	Term Loan, 5.78%, Maturing June 30, 2014(2)		1,299,726

5

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Celanese Holdings, LLC
	10,176	Term Loan, 1.98%, Maturing April 2, 2014	$	9,832,373
	13,398	Term Loan, 2.00%, Maturing April 2, 2014		12,935,334
		Cognis GmbH
EUR	1,249	Term Loan, 2.71%, Maturing September 15, 2013		1,684,622
EUR	4,276	Term Loan, 2.71%, Maturing September 15, 2013		5,769,912
		Columbian Chemicals Acquisition
	8,627	Term Loan, 6.31%, Maturing March 16, 2013		8,066,423
		Ferro Corp.
	9,829	Term Loan, 6.25%, Maturing June 6, 2012		9,656,509
		Hexion Specialty Chemicals, Inc.
EUR	1,102	Term Loan, 2.95%, Maturing May 5, 2012		1,386,832
	9,600	Term Loan, 2.25%, Maturing May 5, 2013		8,064,000
	3,285	Term Loan, 2.56%, Maturing May 5, 2013		3,128,047
	15,123	Term Loan, 2.56%, Maturing May 5, 2013		14,401,959
	2,475	Term Loan, 2.75%, Maturing May 5, 2013		2,376,041
	975	Term Loan, 2.56%, Maturing June 15, 2014		909,188
		Huntsman International, LLC
	7,500	Revolving Loan, 0.92%, Maturing August 16, 2010(3)		6,890,625
	18,328	Term Loan, 2.00%, Maturing August 16, 2012		17,565,745
		INEOS Group
EUR	2,881	Term Loan, 5.52%, Maturing December 14, 2011		3,740,081
EUR	149	Term Loan, 7.52%, Maturing December 14, 2011		193,024
EUR	149	Term Loan, 10.25%, Maturing December 14, 2011		193,023
EUR	2,882	Term Loan, 10.25%, Maturing December 14, 2011		3,741,398
	3,405	Term Loan, 9.00%, Maturing December 14, 2012		3,242,852
	10,865	Term Loan, Maturing December 14, 2013(4)		10,134,587
	10,865	Term Loan, Maturing December 14, 2014(4)		10,134,587
		ISP Chemco, Inc.
	8,494	Term Loan, 2.00%, Maturing June 4, 2014		8,103,969
		Kranton Polymers, LLC
	10,985	Term Loan, 2.25%, Maturing May 12, 2013		10,545,341
		MacDermid, Inc.
	3,071	Term Loan, 2.23%, Maturing April 12, 2014		2,725,755
		Millenium Inorganic Chemicals
	6,628	Term Loan, 2.50%, Maturing April 30, 2014		6,263,256
		Momentive Performance Material
	4,850	Term Loan, 2.56%, Maturing December 4, 2013		4,509,491
		Nalco Co.
	2,000	Term Loan, 1.98%, Maturing May 6, 2016		1,982,500
	3,035	Term Loan, 6.50%, Maturing May 6, 2016		3,084,823
		Rockwood Specialties Group, Inc.
EUR	653	Term Loan, 5.00%, Maturing July 30, 2011		891,719
	19,474	Term Loan, 6.00%, Maturing May 15, 2014		19,668,770
			$	221,220,942
Clothing/Textiles — 0.2%
		Hanesbrands, Inc.
	6,675	Term Loan, 5.25%, Maturing December 10, 2015	$	6,772,342
		St. John Knits International, Inc.
	3,861	Term Loan, 9.25%, Maturing March 23, 2012		3,571,624
			$	10,343,966
Conglomerates — 2.5%
		Amsted Industries, Inc.
	9,994	Term Loan, 2.25%, Maturing October 15, 2010	$	9,582,040
	6,735	Term Loan, 2.26%, Maturing April 5, 2013		6,457,430
		Doncasters (Dunde HoldCo 4 Ltd.)
	3,595	Term Loan, 4.24%, Maturing July 13, 2015		3,168,366
GBP	659	Term Loan, 4.55%, Maturing July 13, 2015		935,855

6

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
	3,595	Term Loan, 4.74%, Maturing July 13, 2015	$	3,168,367
GBP	659	Term Loan, 5.05%, Maturing July 13, 2015		935,855
		Gentek Holding, LLC
	2,125	Term Loan, 7.00%, Maturing October 29, 2014		2,150,500
		Jarden Corp.
	2,273	Term Loan, 2.00%, Maturing January 24, 2012		2,249,222
	5,527	Term Loan, 2.00%, Maturing January 24, 2012		5,493,633
	1,007	Term Loan, 2.75%, Maturing January 24, 2012		1,002,794
		Johnson Diversey, Inc.
	5,125	Term Loan, 5.50%, Maturing November 24, 2015		5,201,875
		Manitowoc Company, Inc. (The)
	13,775	Term Loan, 7.50%, Maturing August 21, 2014		13,743,517
		Polymer Group, Inc.
	1,676	Term Loan, 2.49%, Maturing November 22, 2012		1,638,295
	14,060	Term Loan, 7.00%, Maturing November 22, 2014		14,218,253
		RBS Global, Inc.
	5,536	Term Loan, 2.50%, Maturing July 19, 2013		5,153,359
	19,195	Term Loan, 2.79%, Maturing July 19, 2013		18,162,826
		RGIS Holdings, LLC
	14,578	Term Loan, 2.74%, Maturing April 30, 2014		13,557,213
	729	Term Loan, 2.75%, Maturing April 30, 2014		677,861
		US Investigations Services, Inc.
	2,932	Term Loan, 3.25%, Maturing February 21, 2015		2,692,257
		Vertrue, Inc.
	4,449	Term Loan, 3.26%, Maturing August 16, 2014		3,559,140
			$	113,748,658
Containers and Glass Products — 2.9%
		Berry Plastics Corp.
	20,340	Term Loan, 2.25%, Maturing April 3, 2015	$	18,446,132
		Celanese AG
EUR	973	Term Loan, 2.45%, Maturing April 6, 2011		1,310,447
		Consolidated Container Co.
	5,806	Term Loan, 2.50%, Maturing March 28, 2014		5,350,811
		Crown Americas, Inc.
	1,392	Term Loan, 1.98%, Maturing November 15, 2012		1,380,400
	4,654	Term Loan, 1.98%, Maturing November 15, 2012		4,615,259
EUR	4,320	Term Loan, 2.19%, Maturing November 15, 2012		5,735,115
		Graham Packaging Holdings Co.
	4,789	Term Loan, 2.50%, Maturing October 7, 2011		4,760,704
	19,047	Term Loan, 6.75%, Maturing April 5, 2014		19,248,321
		Graphic Packaging International, Inc.
	24,543	Term Loan, 2.25%, Maturing May 16, 2014		23,891,374
	3,070	Term Loan, 3.00%, Maturing May 16, 2014		3,024,472
		JSG Acquisitions
EUR	1,069	Term Loan, 3.97%, Maturing December 31, 2014		1,474,767
EUR	1,060	Term Loan, 4.11%, Maturing December 31, 2014		1,462,526
		OI European Group B.V.
EUR	11,939	Term Loan, 1.95%, Maturing June 14, 2013		16,000,968
		Owens-Brockway Glass Container
	4,054	Term Loan, 1.73%, Maturing June 14, 2013		3,968,910
		Reynolds Group Holdings, Inc.
	6,000	Term Loan, 6.25%, Maturing November 5, 2015		6,089,250
		Smurfit-Stone Container Corp.
	7,929	Revolving Loan, 2.84%, Maturing July 28, 2010		7,929,373
	2,632	Revolving Loan, 3.06%, Maturing July 28, 2010		2,631,856
	1,033	Term Loan, 2.50%, Maturing November 1, 2011		1,026,793
	1,813	Term Loan, 2.50%, Maturing November 1, 2011		1,800,482

7

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
	3,416	Term Loan, 2.50%, Maturing November 1, 2011	$	3,396,111
	1,593	Term Loan, 4.50%, Maturing November 1, 2011		1,582,109
			$	135,126,180
Cosmetics/Toiletries — 0.3%
		American Safety Razor Co.
	3,373	Term Loan, 2.75%, Maturing July 31, 2013	$	3,190,539
		Bausch & Lomb, Inc.
	905	Term Loan, 3.50%, Maturing April 30, 2015		877,216
	5,728	Term Loan, 3.50%, Maturing April 30, 2015		5,550,420
		Prestige Brands, Inc.
	4,795	Term Loan, 4.50%, Maturing April 7, 2011		4,746,764
			$	14,364,939
Drugs — 0.6%
		Graceway Pharmaceuticals, LLC
	15,242	Term Loan, 2.98%, Maturing May 3, 2012	$	12,701,969
		Pharmaceutical Holdings Corp.
	1,942	Term Loan, 3.51%, Maturing January 30, 2012		1,845,354
		Warner Chilcott Corp.
	4,562	Term Loan, 5.50%, Maturing October 30, 2014		4,580,968
	2,281	Term Loan, 5.75%, Maturing April 30, 2015		2,289,481
	5,018	Term Loan, 5.75%, Maturing April 30, 2015		5,036,858
	3,200	Term Loan, Maturing April 30, 2015(4)		3,212,880
			$	29,667,510
Ecological Services and Equipment — 0.6%
		Big Dumpster Merger Sub, Inc.
	668	Term Loan, 2.49%, Maturing February 5, 2013	$	523,552
		Blue Waste B.V. (AVR Acquisition)
EUR	2,000	Term Loan, 2.68%, Maturing April 1, 2015		2,617,710
		Environmental Systems Products Holdings, Inc.
	405	Term Loan - Second Lien, 13.50%, Maturing December 12, 2010		371,009
		Kemble Water Structure, Ltd.
GBP	13,150	Term Loan - Second Lien, 4.74%, Maturing October 13, 2013		17,131,537
		Sensus Metering Systems, Inc.
	7,372	Term Loan, 6.99%, Maturing June 3, 2013		7,399,823
		Wastequip, Inc.
	281	Term Loan, 2.49%, Maturing February 5, 2013		220,443
			$	28,264,074
Electronics/Electrical — 3.2%
		Aspect Software, Inc.
	6,575	Term Loan, Maturing July 11, 2011(4)	$	6,312,392
		Fairchild Semiconductor Corp.
	9,142	Term Loan, 1.75%, Maturing June 26, 2013		8,725,027
		FCI International S.A.S.
	331	Term Loan, 3.62%, Maturing November 1, 2013		309,836
	552	Term Loan, 3.62%, Maturing November 1, 2013		516,792
	552	Term Loan, 3.62%, Maturing November 1, 2013		516,792
	573	Term Loan, 3.62%, Maturing November 1, 2013		536,802
	992	Term Loan, 4.41%, Maturing November 1, 2013		929,363
		Freescale Semiconductor, Inc.
	29,738	Term Loan, 1.98%, Maturing December 1, 2013		26,767,288
		Infor Enterprise Solutions Holdings
EUR	2,910	Term Loan, 3.39%, Maturing July 28, 2012		3,681,675
	7,154	Term Loan, 3.99%, Maturing July 28, 2012		6,707,261
	19,274	Term Loan, 3.99%, Maturing July 28, 2012		18,068,949
		Network Solutions, LLC
	8,682	Term Loan, 2.51%, Maturing March 7, 2014		7,867,923

8

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Open Solutions, Inc.
	10,106	Term Loan, 2.38%, Maturing January 23, 2014	$	9,003,109
		Sensata Technologies Finance Co.
	18,435	Term Loan, 2.00%, Maturing April 27, 2013		16,793,248
		Spectrum Brands, Inc.
	1,343	Term Loan, Maturing March 30, 2013(4)		1,342,818
	26,030	Term Loan, Maturing March 30, 2013(4)		26,030,486
		SS&C Technologies, Inc.
	3,020	Term Loan, 2.25%, Maturing November 23, 2012		2,898,887
		Vertafore, Inc.
	1,961	Term Loan, 7.50%, Maturing July 31, 2014		1,951,058
	12,185	Term Loan, Maturing July 31, 2014(4)		11,727,751
			$	150,687,457
Equipment Leasing — 0.0%
		Hertz Corp.
	835	Term Loan, 2.00%, Maturing December 21, 2012	$	815,075
	8	Term Loan, 2.01%, Maturing December 21, 2012		7,711
			$	822,786
Farming/Agriculture — 0.3%
		BF Bolthouse HoldCo, LLC
	3,585	Term Loan, 5.50%, Maturing December 16, 2012	$	3,552,321
		Central Garden & Pet Co.
	9,816	Term Loan, 1.74%, Maturing February 28, 2014		9,325,075
			$	12,877,396
Financial Intermediaries — 1.7%
		Asset Acceptence Capital Corp.
	1,436	Term Loan, 3.52%, Maturing June 5, 2013	$	1,392,747
		Citco III, Ltd.
	9,877	Term Loan, 4.43%, Maturing June 30, 2014		9,580,529
		E.A. Viner International Co.
	390	Term Loan, 4.76%, Maturing July 31, 2013		372,488
		First Data Corp.
	3,990	Term Loan, 3.00%, Maturing September 24, 2014		3,459,209
	3,496	Term Loan, Maturing September 24, 2014(4)		3,021,764
	4,995	Term Loan, Maturing September 24, 2014(4)		4,330,647
		Grosvenor Capital Management
	5,679	Term Loan, 2.25%, Maturing December 5, 2013		5,167,981
		Jupiter Asset Management Group
GBP	3,644	Term Loan, 2.74%, Maturing June 30, 2015		5,500,360
		Lender Processing Services, Inc.
	5,027	Term Loan, 2.73%, Maturing July 2, 2014		5,031,593
		LPL Holdings, Inc.
	26,537	Term Loan, 2.00%, Maturing December 18, 2014		25,398,535
		Nuveen Investments, Inc.
	8,977	Term Loan, 3.29%, Maturing November 2, 2014		7,946,510
		Oxford Acquisition III, Ltd.
	7,203	Term Loan, Maturing May 24, 2014(4)		6,795,090
		RJO Holdings Corp. (RJ O’Brien)
	4,023	Term Loan, 5.24%, Maturing July 31, 2014(2)		2,675,532
			$	80,672,985
Food Products — 2.9%
		Acosta, Inc.
	16,869	Term Loan, 2.49%, Maturing July 28, 2013	$	16,109,831
		Advantage Sales & Marketing, Inc.
	16,440	Term Loan, 2.26%, Maturing March 29, 2013		15,714,339

9

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		American Seafoods Group, LLC
	1,930	Term Loan, 4.00%, Maturing September 30, 2012	$	1,878,406
		BL Marketing, Ltd.
GBP	3,500	Term Loan, 2.52%, Maturing December 31, 2013		5,456,883
GBP	2,500	Term Loan - Second Lien, 5.25%, Maturing June 30, 2015		3,731,501
		Dean Foods Co.
	26,463	Term Loan, 1.64%, Maturing April 2, 2014		25,746,102
		Dole Food Company, Inc.
	2,513	Term Loan, 7.89%, Maturing April 12, 2013		2,542,443
	2,318	Term Loan, 8.00%, Maturing April 12, 2013		2,344,448
	7,392	Term Loan, 8.00%, Maturing April 12, 2013		7,476,824
		Mafco Worldwide Corp.
	683	Term Loan, 2.24%, Maturing December 8, 2011		659,440
		Pinnacle Foods Finance, LLC
	4,000	Revolving Loan, 0.79%, Maturing April 2, 2013(3)		3,720,000
	30,880	Term Loan, 2.98%, Maturing April 2, 2014		29,321,672
	6,325	Term Loan, 7.50%, Maturing April 2, 2014		6,388,250
		Reddy Ice Group, Inc.
	14,335	Term Loan, Maturing August 9, 2012(4)		13,486,841
			$	134,576,980
Food Service — 2.5%
		AFC Enterprises, Inc.
	1,493	Term Loan, 7.00%, Maturing May 11, 2011	$	1,503,953
		Aramark Corp.
	970	Term Loan, 2.13%, Maturing January 26, 2014		917,863
	46,920	Term Loan, 2.13%, Maturing January 26, 2014		45,043,282
	3,167	Term Loan, 2.14%, Maturing January 26, 2014		3,040,754
		Buffets, Inc.
	4,244	Term Loan, 18.00%, Maturing April 30, 2012		4,329,100
	1,078	Term Loan, 7.50%, Maturing November 1, 2013(2)		959,843
	4,812	Term Loan - Second Lien, 17.75%, Maturing November 1, 2013(2)		4,283,056
		CBRL Group, Inc.
	3,836	Term Loan, 1.79%, Maturing April 27, 2013		3,709,683
	369	Term Loan, 1.79%, Maturing April 27, 2013		356,663
	2,318	Term Loan, 2.79%, Maturing April 27, 2016		2,255,428
	223	Term Loan, 2.79%, Maturing April 27, 2016		216,848
		JRD Holdings, Inc.
	2,775	Term Loan, 2.50%, Maturing June 26, 2014		2,691,726
		Maine Beverage Co., LLC
	1,778	Term Loan, 2.00%, Maturing June 30, 2010		1,679,906
		OSI Restaurant Partners, LLC
	1,539	Term Loan, Maturing May 9, 2013(4)		1,389,358
	17,616	Term Loan, Maturing May 9, 2014(4)		15,904,078
		QCE Finance, LLC
	8,871	Term Loan, 2.56%, Maturing May 5, 2013		7,639,834
		Sagittarius Restaurants, LLC
	4,276	Term Loan, 9.75%, Maturing March 29, 2013		4,169,160
		Selecta
CHF	18,405	Term Loan, 3.22%, Maturing June 28, 2015		13,794,528
		SSP Financing, Ltd.
	2,834	Term Loan, 1.00%, Maturing December 17, 2016		921,125
	5,115	Term Loan, 1.29%, Maturing December 17, 2016		3,452,913
			$	118,259,101
Food/Drug Retailers — 2.3%
		General Nutrition Centers, Inc.
	21,524	Term Loan, 2.51%, Maturing September 16, 2013		20,743,624

10

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Pantry, Inc. (The)
	62	Term Loan, 1.74%, Maturing May 15, 2014	$	58,560
	6,689	Term Loan, 1.74%, Maturing May 15, 2014		6,363,210
		Rite Aid Corp.
	35,532	Term Loan, Maturing June 1, 2014(4)		31,919,699
	13,917	Term Loan, 6.00%, Maturing June 4, 2014		13,217,826
	11,500	Term Loan, 9.50%, Maturing June 4, 2014		12,060,625
		Roundy’s Supermarkets, Inc.
	24,355	Term Loan, 6.25%, Maturing November 3, 2013		24,293,952
			$	108,657,496
Forest Products — 1.3%
		Appleton Papers, Inc.
	10,951	Term Loan, 6.70%, Maturing June 5, 2014	$	10,868,996
		Georgia-Pacific Corp.
	3,484	Term Loan, 2.23%, Maturing December 20, 2012		3,421,726
	35,733	Term Loan, 2.26%, Maturing December 20, 2012		35,094,716
	8,346	Term Loan, 3.50%, Maturing December 23, 2014		8,353,736
			$	57,739,174
Health Care — 9.3%
		1-800 Contacts, Inc.
	3,980	Term Loan, 7.70%, Maturing March 4, 2015	$	3,860,503
		Alliance Healthcare Services
	7,400	Term Loan, 5.50%, Maturing June 1, 2016		7,376,105
		American Medical Systems
	3,239	Term Loan, 2.50%, Maturing July 20, 2012		3,149,565
		AMR HoldCo, Inc.
	5,339	Term Loan, 2.23%, Maturing February 10, 2012		5,179,244
		Biomet, Inc.
	18,004	Term Loan, 3.25%, Maturing December 26, 2014		17,593,414
EUR	2,907	Term Loan, 3.55%, Maturing December 26, 2014		3,998,802
		Cardinal Health 409, Inc.
	15,520	Term Loan, 2.48%, Maturing April 10, 2014		14,200,851
		Carestream Health, Inc.
	15,282	Term Loan, 2.23%, Maturing April 30, 2013		14,522,770
		Carl Zeiss Vision Holding GmbH
EUR	8,371	Term Loan, 2.93%, Maturing March 23, 2015		8,965,988
		Community Health Systems, Inc.
	2,135	Term Loan, 2.51%, Maturing July 25, 2014		2,021,077
	60,727	Term Loan, 2.51%, Maturing July 25, 2014		57,477,756
		Concentra, Inc.
	6,842	Term Loan, 2.51%, Maturing June 25, 2014		6,448,930
		Convatec Cidron Healthcare
EUR	2,000	Term Loan, Maturing July 30, 2016(4)		2,748,302
		CRC Health Corp.
	1,872	Term Loan, 2.50%, Maturing February 6, 2013		1,757,376
	3,773	Term Loan, 2.50%, Maturing February 6, 2013		3,542,138
		Dako EQT Project Delphi
	1,568	Term Loan, 2.38%, Maturing June 12, 2016		1,403,630
EUR	3,099	Term Loan, 2.83%, Maturing June 12, 2016		3,877,243
		DaVita, Inc.
	13,754	Term Loan, 1.74%, Maturing October 5, 2012		13,473,795
		DJO Finance, LLC
	4,479	Term Loan, 3.23%, Maturing May 15, 2014		4,356,282
		Fenwal, Inc.
	509	Term Loan, 2.51%, Maturing February 28, 2014		444,495
	2,968	Term Loan, 2.51%, Maturing February 28, 2014		2,593,628
		Fresenius Medical Care Holdings
	6,613	Term Loan, 1.63%, Maturing March 31, 2013		6,473,736

11

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Hanger Orthopedic Group, Inc.
	3,293	Term Loan, 2.24%, Maturing May 30, 2013	$	3,221,325
		HCA, Inc.
	56,481	Term Loan, 2.50%, Maturing November 18, 2013		53,797,837
		Health Management Association, Inc.
	26,214	Term Loan, Maturing February 28, 2014(4)		24,950,782
		HealthSouth Corp.
	3,593	Term Loan, 2.51%, Maturing March 10, 2013		3,512,559
	5,000	Term Loan, 2.65%, Maturing March 10, 2013		4,650,000
	2,958	Term Loan, 4.01%, Maturing March 15, 2014		2,935,966
		Iasis Healthcare, LLC
	30	Term Loan, 2.23%, Maturing March 14, 2014		28,509
	110	Term Loan, 2.23%, Maturing March 14, 2014		105,304
	318	Term Loan, 2.23%, Maturing March 14, 2014		304,279
		Ikaria Acquisition, Inc.
	4,401	Term Loan, 2.49%, Maturing March 28, 2013		4,147,034
		IM U.S. Holdings, LLC
	6,503	Term Loan, 2.24%, Maturing June 26, 2014		6,226,627
		inVentiv Health, Inc.
	7,883	Term Loan, 2.01%, Maturing July 6, 2014		7,501,872
		LifePoint Hospitals, Inc.
	11,291	Term Loan, 1.89%, Maturing April 15, 2012		11,097,201
		MultiPlan Merger Corp.
	4,705	Term Loan, 2.73%, Maturing April 12, 2013		4,503,043
	3,215	Term Loan, 2.75%, Maturing April 12, 2013		3,076,523
		Mylan, Inc.
	12,866	Term Loan, 3.55%, Maturing October 2, 2014		12,739,069
		National Mentor Holdings, Inc.
	537	Term Loan, 2.15%, Maturing June 29, 2013		486,079
	8,754	Term Loan, 2.26%, Maturing June 29, 2013		7,922,058
		Nyco Holdings
EUR	6,019	Term Loan, 2.85%, Maturing December 29, 2014		8,041,795
	8,061	Term Loan, Maturing December 29, 2014(4)		7,652,633
EUR	6,019	Term Loan, 3.60%, Maturing December 29, 2015		8,041,795
	8,061	Term Loan, Maturing December 29, 2015(4)		7,652,633
		Psychiatric Solutions, Inc.
	952	Term Loan, 2.09%, Maturing May 31, 2014		920,505
		RadNet Management, Inc.
	7,445	Term Loan, 4.51%, Maturing November 15, 2012		7,184,176
		ReAble Therapeutics Finance, LLC
	8,854	Term Loan, 2.26%, Maturing November 16, 2013		8,665,369
		RehabCare Group, Inc.
	5,200	Term Loan, 6.00%, Maturing November 20, 2015		5,223,400
		Select Medical Holdings Corp.
	950	Revolving Loan, 0.70%, Maturing February 24, 2010(3)		855,000
	1,046	Term Loan, 4.02%, Maturing August 5, 2014		1,033,961
	8,735	Term Loan, Maturing August 5, 2014(4)		8,626,251
		Sunrise Medical Holdings, Inc.
	3,534	Term Loan, 8.25%, Maturing May 13, 2010		2,933,317
		TZ Merger Sub., Inc. (TriZetto)
	4,962	Term Loan, 7.50%, Maturing July 24, 2015		4,995,395
		Vanguard Health Holding Co., LLC
	11,554	Term Loan, 2.49%, Maturing September 23, 2011		11,564,629
	9,800	Term Loan, Maturing January 29, 2016(4)		9,847,775
		Viant Holdings, Inc.
	1,783	Term Loan, 2.51%, Maturing June 25, 2014		1,756,518
			$	431,666,849

12

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
Home Furnishings — 0.6%
		Dometic Corp.
	914	Term Loan, 1.51%, Maturing December 31, 2014	$	763,431
	2,057	Term Loan, 1.51%, Maturing December 31, 2014		1,311,433
	1,029	Term Loan, 3.76%, Maturing December 31, 2014(2)		370,287
		Hunter Fan Co.
	3,612	Term Loan, 2.74%, Maturing April 16, 2014		2,901,808
		Interline Brands, Inc.
	1,149	Term Loan, 1.98%, Maturing June 23, 2013		1,062,864
	5,583	Term Loan, 2.00%, Maturing June 23, 2013		5,164,318
		National Bedding Co., LLC
	12,526	Term Loan, 2.30%, Maturing August 31, 2011		12,087,171
	1,500	Term Loan - Second Lien, 5.31%, Maturing August 31, 2012		1,338,750
		Oreck Corp.
	4,164	Term Loan, 0.00%, Maturing February 2, 2012(5)(7)		1,495,021
		Simmons Co.
	2,726	Term Loan, 7.35%, Maturing February 15, 2012(2)		17,036
			$	26,512,119
Industrial Equipment — 2.3%
		Baxi Group, Ltd.
EUR	3,254	Revolving Loan, 0.00%, Maturing December 27, 2010(3)	$	4,116,388
GBP	881	Term Loan, 3.10%, Maturing December 27, 2010		1,360,049
EUR	500	Term Loan, 3.50%, Maturing June 13, 2011		667,686
EUR	500	Term Loan, 4.50%, Maturing June 13, 2012		667,686
		Brand Energy and Infrastructure Services, Inc.
	9,934	Term Loan, 2.56%, Maturing February 7, 2014		9,350,811
		CEVA Group PLC U.S.
	329	Term Loan, 3.23%, Maturing January 4, 2014		289,003
	40	Term Loan, 3.25%, Maturing January 4, 2014		35,667
EUR	638	Term Loan, 3.43%, Maturing January 4, 2014		793,892
EUR	1,083	Term Loan, 3.43%, Maturing January 4, 2014		1,348,119
EUR	1,331	Term Loan, 3.43%, Maturing January 4, 2014		1,656,846
EUR	1,136	Term Loan, 3.71%, Maturing January 4, 2014		1,413,354
		EPD Holdings (Goodyear Engineering Products)
	2,355	Term Loan, 2.74%, Maturing July 13, 2014		2,021,284
	12,897	Term Loan, 2.74%, Maturing July 13, 2014		11,071,085
	2,000	Term Loan - Second Lien, 5.98%, Maturing July 13, 2015		1,510,000
		Flowserve Corp.
	3,552	Term Loan, 1.81%, Maturing August 10, 2012		3,512,371
		Generac Acquisition Corp.
	9,694	Term Loan, 2.75%, Maturing November 7, 2013		9,015,824
		Gleason Corp.
	1,518	Term Loan, 2.00%, Maturing June 30, 2013		1,487,695
	1,941	Term Loan, 2.00%, Maturing June 30, 2013		1,901,922
		Jason, Inc.
	1,736	Term Loan, 5.99%, Maturing April 30, 2010		1,136,900
		John Maneely Co.
	17,544	Term Loan, 3.50%, Maturing December 8, 2013		16,848,426
		KION Group GmbH
EUR	500	Term Loan, 2.69%, Maturing December 23, 2014(2)		544,943
	7,750	Term Loan, Maturing December 23, 2014(4)		5,990,750
EUR	500	Term Loan, 2.98%, Maturing December 23, 2015(2)		544,943
	7,750	Term Loan, Maturing December 23, 2015(4)		5,990,750
		Polypore, Inc.
	2,000	Revolving Loan, 0.56%, Maturing July 3, 2013(3)		1,800,000
	16,969	Term Loan, 2.49%, Maturing July 3, 2014		16,247,442
EUR	1,087	Term Loan, 2.64%, Maturing July 3, 2014		1,408,687

13

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		TFS Acquisition Corp.
	4,457	Term Loan, 14.00%, Maturing August 11, 2013(2)	$	3,420,984
			$	106,153,507
Insurance — 1.7%
		Alliant Holdings I, Inc.
	8,944	Term Loan, Maturing August 21, 2014(4)	$	8,467,134
		AmWINS Group, Inc.
	4,119	Term Loan, 2.76%, Maturing June 8, 2013		3,825,882
		Applied Systems, Inc.
	8,839	Term Loan, Maturing September 26, 2013(4)		8,441,721
		CCC Information Services Group, Inc.
	7,265	Term Loan, 2.49%, Maturing February 10, 2013		7,037,557
		Conseco, Inc.
	16,863	Term Loan, 7.50%, Maturing October 10, 2013		16,083,114
		Crump Group, Inc.
	3,577	Term Loan, 3.24%, Maturing August 4, 2014		3,228,209
		Hub International Holdings, Inc.
	1,631	Term Loan, 2.75%, Maturing June 13, 2014		1,529,428
	11,620	Term Loan, 2.75%, Maturing June 13, 2014		10,893,895
	3,516	Term Loan, 6.75%, Maturing June 30, 2014		3,497,140
		U.S.I. Holdings Corp.
	1,995	Term Loan, 7.00%, Maturing May 4, 2014		1,953,853
	15,891	Term Loan, Maturing May 4, 2014(4)		14,659,375
			$	79,617,308
Leisure Goods/Activities/Movies — 4.8%
		24 Hour Fitness Worldwide, Inc.
	1,914	Term Loan, 2.76%, Maturing June 8, 2012	$	1,813,662
		AMC Entertainment, Inc.
	17,308	Term Loan, 1.73%, Maturing January 26, 2013		16,934,612
		AMF Bowling Worldwide, Inc.
	2,806	Term Loan, 2.73%, Maturing June 8, 2013		2,453,768
		Bombardier Recreational Products
	17,400	Term Loan, 3.28%, Maturing June 28, 2013		13,191,375
		Carmike Cinemas, Inc.
	444	Term Loan, Maturing May 19, 2012(4)		444,824
	556	Term Loan, Maturing May 19, 2012(4)		557,364
	16,000	Term Loan, Maturing January 27, 2016(4)		16,016,672
		Cedar Fair, L.P.
	2,206	Term Loan, 2.24%, Maturing August 31, 2011		2,199,743
	2,468	Term Loan, 2.23%, Maturing August 30, 2012		2,461,568
	7,427	Term Loan, 4.23%, Maturing February 17, 2014		7,419,671
	3,763	Term Loan, 4.25%, Maturing February 17, 2014		3,734,691
		Cinemark, Inc.
	24,035	Term Loan, 2.01%, Maturing October 5, 2013		23,664,742
		Dave & Buster’s, Inc.
	815	Term Loan, 2.50%, Maturing March 8, 2013		806,282
	2,050	Term Loan, 2.50%, Maturing March 8, 2013		2,026,495
		Deluxe Entertainment Services
	271	Term Loan, 6.22%, Maturing January 28, 2011		256,279
	464	Term Loan, 6.25%, Maturing January 28, 2011		438,032
	4,420	Term Loan, 6.25%, Maturing January 28, 2011		4,173,652
		DW Funding, LLC
	2,709	Term Loan, 2.14%, Maturing April 30, 2011		2,370,420
		Fender Musical Instruments Corp.
	1,294	Term Loan, 2.51%, Maturing June 9, 2014		1,122,213
	4,511	Term Loan, 2.51%, Maturing June 9, 2014		3,913,264
		Mega Blocks, Inc.
	1,862	Term Loan, 9.75%, Maturing July 26, 2012		1,245,838

14

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Metro-Goldwyn-Mayer Holdings, Inc.
	22,879	Term Loan, 0.00%, Maturing April 8, 2012(5)	$	13,806,336
		National CineMedia, LLC
	14,250	Term Loan, 2.01%, Maturing February 13, 2015		13,780,933
		Odeon
GBP	624	Term Loan, 2.62%, Maturing April 2, 2015		946,903
GBP	624	Term Loan, 3.49%, Maturing April 2, 2016		946,903
		Red Football, Ltd.
GBP	1,576	Term Loan, 3.02%, Maturing August 16, 2014		2,511,786
GBP	1,576	Term Loan, 3.27%, Maturing August 16, 2015		2,511,786
		Regal Cinemas Corp.
	18,332	Term Loan, 4.00%, Maturing November 10, 2010		18,384,388
		Revolution Studios Distribution Co., LLC
	5,554	Term Loan, 3.99%, Maturing December 21, 2014		5,053,992
		Six Flags Theme Parks, Inc.
	12,327	Term Loan, 2.49%, Maturing April 30, 2015		12,179,401
		Southwest Sports Group, LLC
	9,500	Term Loan, 6.75%, Maturing December 22, 2010		7,877,086
		SW Acquisition Co., Inc.
	11,325	Term Loan, 5.75%, Maturing May 31, 2016		11,455,951
		Universal City Development Partners, Ltd.
	15,900	Term Loan, 6.50%, Maturing November 6, 2014		16,098,750
		Zuffa, LLC
	9,118	Term Loan, 2.31%, Maturing June 20, 2016		8,632,142
			$	221,431,524
Lodging and Casinos — 2.8%
		Choctaw Resort Development Enterprise
	2,296	Term Loan, 7.25%, Maturing November 4, 2011	$	2,279,227
		Full Moon Holdco 3, Ltd.
GBP	1,500	Term Loan, 4.35%, Maturing November 20, 2014		2,157,977
GBP	1,500	Term Loan, 4.85%, Maturing November 20, 2014		2,157,977
		Gala Electric Casinos, Ltd.
GBP	5,000	Term Loan, Maturing December 12, 2013(4)		7,490,089
GBP	5,000	Term Loan, Maturing December 12, 2014(4)		7,490,409
		Green Valley Ranch Gaming, LLC
	8,868	Term Loan, Maturing February 16, 2014(4)		5,962,092
		Harrah’s Operating Co.
	4,051	Term Loan, 3.25%, Maturing January 28, 2015		3,360,705
	2,384	Term Loan, 3.25%, Maturing January 28, 2015		1,973,759
	8,000	Term Loan, 9.50%, Maturing October 31, 2016		8,171,112
		Herbst Gaming, Inc.
	2,319	Term Loan, 0.00%, Maturing December 2, 2011(5)		1,275,343
	6,245	Term Loan, 0.00%, Maturing December 2, 2011(5)		3,434,638
		Isle of Capri Casinos, Inc.
	1,347	Term Loan, Maturing November 30, 2013(4)		1,338,359
	4,775	Term Loan, Maturing November 30, 2013(4)		4,745,449
	7,982	Term Loan, Maturing November 30, 2013(4)		7,931,915
		LodgeNet Entertainment Corp.
	10,899	Term Loan, 2.26%, Maturing April 4, 2014		10,047,934
		New World Gaming Partners, Ltd.
	949	Term Loan, 2.75%, Maturing June 30, 2014		866,324
	9,600	Term Loan, 2.75%, Maturing June 30, 2014		8,759,857
		Penn National Gaming, Inc.
	17,077	Term Loan, 1.99%, Maturing October 3, 2012		16,792,766
		Scandic Hotels
EUR	1,725	Term Loan, 3.12%, Maturing April 25, 2015		1,853,112
EUR	1,725	Term Loan, 3.49%, Maturing April 25, 2016		1,853,112

15

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Venetian Casino Resort/Las Vegas Sands, Inc.
	8,872	Term Loan, 2.01%, Maturing May 14, 2014	$	7,837,479
	22,750	Term Loan, 2.01%, Maturing May 23, 2014		20,098,214
		VML US Finance, LLC
	2,781	Term Loan, 4.76%, Maturing May 25, 2012		2,655,508
	1,669	Term Loan, 4.76%, Maturing May 25, 2013		1,593,305
			$	132,126,662
Nonferrous Metals/Minerals — 0.7%
		Compass Minerals Group, Inc.
	1,270	Term Loan, 1.76%, Maturing December 22, 2012	$	1,263,841
		Euramax International, Inc.
GBP	473	Term Loan, 10.00%, Maturing June 29, 2013		589,358
	744	Term Loan, 10.00%, Maturing June 29, 2013		580,359
GBP	480	Term Loan, 14.00%, Maturing June 29, 2013(2)		598,596
	742	Term Loan, 14.00%, Maturing June 29, 2013(2)		578,894
		Noranda Aluminum Acquisition
	6,772	Term Loan, 2.23%, Maturing May 18, 2014		5,891,242
		Novelis, Inc.
	2,242	Term Loan, 2.24%, Maturing June 28, 2014		2,133,456
	5,120	Term Loan, 2.25%, Maturing June 28, 2014		4,872,960
		Oxbow Carbon and Mineral Holdings
	16,935	Term Loan, 2.25%, Maturing May 8, 2014		16,468,942
		Tube City IMS Corp.
	143	Term Loan, 2.25%, Maturing January 25, 2014		133,422
	1,156	Term Loan, 2.50%, Maturing January 25, 2014		1,075,709
			$	34,186,779
Oil and Gas — 1.9%
		Atlas Pipeline Partners, L.P.
	7,059	Term Loan, 6.75%, Maturing July 20, 2014	$	7,041,315
		Citgo Petroleum Corp.
	5,738	Term Loan, 1.71%, Maturing November 15, 2012		5,678,146
		Dresser, Inc.
	15,095	Term Loan, Maturing May 4, 2014(4)		14,505,873
		Dynegy Holdings, Inc.
	1,638	Term Loan, 3.99%, Maturing April 2, 2013		1,602,130
	33,304	Term Loan, Maturing April 2, 2013(4)		32,584,389
		Enterprise GP Holdings, L.P.
	2,352	Term Loan, 2.49%, Maturing October 31, 2014		2,325,540
		Hercules Offshore, Inc.
	4,955	Term Loan, Maturing July 6, 2013(4)		4,741,479
		Precision Drilling Corp.
	3,574	Term Loan, 4.24%, Maturing December 23, 2013		3,520,091
	4,300	Term Loan, 8.25%, Maturing September 30, 2014		4,345,287
		SemGroup Corp.
	7,250	Term Loan, 1.25%, Maturing November 27, 2013		7,201,664
		Targa Resources, Inc.
	6,525	Term Loan, 6.00%, Maturing June 4, 2017		6,557,625
			$	90,103,539
Publishing — 6.1%
		American Media Operations, Inc.
	16,536	Term Loan, 10.00%, Maturing January 31, 2013(2)	$	15,639,114
		Aster Zweite Beteiligungs GmbH
	6,825	Term Loan, 2.89%, Maturing September 27, 2013		6,624,516
EUR	708	Term Loan, 3.27%, Maturing September 27, 2013		956,792
		Black Press US Partnership
	1,228	Term Loan, 2.26%, Maturing August 2, 2013		841,216
	2,023	Term Loan, 2.26%, Maturing August 2, 2013		1,385,532

16

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		GateHouse Media Operating, Inc.
	4,916	Term Loan, 2.24%, Maturing August 28, 2014	$	2,451,877
	15,664	Term Loan, 2.24%, Maturing August 28, 2014		7,812,398
	9,350	Term Loan, 2.49%, Maturing August 28, 2014		4,663,312
		Getty Images, Inc.
	10,076	Term Loan, 6.25%, Maturing July 2, 2015		10,159,654
		Hanley-Wood, LLC
	7,331	Term Loan, 2.48%, Maturing March 8, 2014		3,317,391
		Lamar Media Corp.
	5,848	Term Loan, 5.50%, Maturing March 31, 2013		5,889,523
		Laureate Education, Inc.
	2,112	Term Loan, 3.50%, Maturing August 17, 2014		1,963,114
	14,105	Term Loan, 3.50%, Maturing August 17, 2014		13,113,412
	2,993	Term Loan, 7.00%, Maturing August 31, 2014		2,970,993
		Local Insight Regatta Holdings, Inc.
	1,683	Term Loan, 6.25%, Maturing April 23, 2015		1,426,401
		MediaNews Group, Inc.
	7,330	Term Loan, 6.73%, Maturing August 25, 2010		3,365,796
	3,343	Term Loan, 6.73%, Maturing August 2, 2013		1,471,101
		Mediannuaire Holding
EUR	4,100	Term Loan, 1.94%, Maturing October 24, 2013		5,116,182
EUR	1,871	Term Loan, 2.96%, Maturing October 10, 2014		1,963,270
EUR	1,871	Term Loan, 3.46%, Maturing October 10, 2015		1,962,727
		Merrill Communications, LLC
	9,854	Term Loan, 8.50%, Maturing December 24, 2012		8,450,011
		Nelson Education, Ltd.
	293	Term Loan, 2.75%, Maturing July 5, 2014		269,790
		Newspaper Holdings, Inc.
	18,303	Term Loan, 1.75%, Maturing July 24, 2014		10,066,630
		Nielsen Finance, LLC
	38,157	Term Loan, 2.23%, Maturing August 9, 2013		36,589,768
	6,882	Term Loan, 3.98%, Maturing May 1, 2016		6,729,825
		Philadelphia Newspapers, LLC
	2,037	Term Loan, 12.50%, Maturing March 30, 2010		2,071,340
	5,003	Term Loan, 0.00%, Maturing June 29, 2013(5)		1,175,621
		Reader’s Digest Association, Inc. (The)
	7,596	DIP Loan, 13.50%, Maturing August 21, 2010		7,899,551
	8,161	Revolving Loan, 4.52%, Maturing March 3, 2014		4,869,333
	32,865	Term Loan, 4.23%, Maturing March 3, 2014		19,609,499
	2,927	Term Loan, 7.00%, Maturing March 3, 2014		1,746,264
		SGS International, Inc.
	964	Term Loan, 2.86%, Maturing December 30, 2011		935,341
	969	Term Loan, 2.89%, Maturing December 30, 2011		939,696
		Source Interlink Companies, Inc.
	1,801	Term Loan, 10.75%, Maturing June 18, 2012		1,800,681
	2,284	Term Loan, 10.75%, Maturing June 18, 2013		1,975,813
	1,242	Term Loan, 15.00%, Maturing June 18, 2013(2)		496,726
		Source Media, Inc.
	10,267	Term Loan, 5.26%, Maturing November 8, 2011		9,086,396
		Springer Science+Business Media S.A.
	178	Term Loan, 2.20%, Maturing May 5, 2010		176,563
EUR	5,000	Term Loan, Maturing June 30, 2015(4)		7,034,320
		Star Tribune Co. (The)
	841	Term Loan, 8.00%, Maturing September 28, 2014(7)		585,673
	1,262	Term Loan, 8.00%, Maturing September 28, 2014(7)		1,003,469
		TL Acquisitions, Inc.
	2,992	Term Loan, 2.75%, Maturing July 5, 2014		2,664,853
		Trader Media Corp.
GBP	12,137	Term Loan, 2.65%, Maturing March 23, 2015		17,605,933

17

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Tribune Co.
	1,667	DIP Revolving Loan, 1.50%, Maturing April 10, 2010(3)	$	1,650,000
	4,791	Term Loan, 0.00%, Maturing April 10, 2010(5)		2,922,423
	8,553	Term Loan, 0.00%, Maturing May 17, 2014(5)		5,377,741
	18,925	Term Loan, 0.00%, Maturing May 17, 2014(5)		10,925,033
		Xsys, Inc.
	7,702	Term Loan, 2.89%, Maturing September 27, 2013		7,475,341
EUR	792	Term Loan, 3.27%, Maturing September 27, 2013		1,068,883
EUR	2,750	Term Loan, 3.27%, Maturing September 27, 2013		3,713,738
	7,867	Term Loan, 2.89%, Maturing September 27, 2014		7,635,484
EUR	2,690	Term Loan, 3.27%, Maturing September 27, 2014		3,632,351
EUR	1,000	Term Loan - Second Lien, 4.78%, Maturing September 27, 2015		1,336,238
		Yell Group, PLC
	3,402	Term Loan, 3.98%, Maturing July 31, 2014		2,668,647
			$	285,283,296
Radio and Television — 4.6%
		Block Communications, Inc.
	6,821	Term Loan, 2.28%, Maturing December 22, 2011	$	6,411,575
		Citadel Broadcasting Corp.
	9,841	Term Loan, 1.99%, Maturing June 12, 2014		7,988,416
		CMP Susquehanna Corp.
	3,815	Revolving Loan, 2.43%, Maturing May 5, 2011(3)		2,965,971
	9,994	Term Loan, 2.25%, Maturing May 5, 2013		8,211,930
		Cumulus Media, Inc.
	12,541	Term Loan, 4.23%, Maturing June 11, 2014		11,223,932
		Emmis Operating Co.
	6,870	Term Loan, 4.25%, Maturing November 2, 2013		5,770,677
		Gray Television, Inc.
	4,407	Term Loan, 3.75%, Maturing January 19, 2015		4,059,545
		HIT Entertainment, Inc.
	1,446	Term Loan, 2.53%, Maturing March 20, 2012		1,270,569
		Intelsat Corp.
	18,441	Term Loan, 2.73%, Maturing January 3, 2014		17,636,660
	18,441	Term Loan, 2.73%, Maturing January 3, 2014		17,636,660
	18,446	Term Loan, 2.73%, Maturing January 3, 2014		17,642,025
		Ion Media Networks, Inc.
	2,381	DIP Loan, 15.00%, Maturing May 29, 2010(7)		3,745,058
	14,925	Term Loan, 0.00%, Maturing January 15, 2012(5)		4,147,911
		Local TV Finance, LLC
	1,950	Term Loan, 2.26%, Maturing May 7, 2013		1,716,000
		NEP II, Inc.
	4,416	Term Loan, 2.53%, Maturing February 16, 2014		4,084,768
		Nexstar Broadcasting, Inc.
	9,757	Term Loan, 5.00%, Maturing October 1, 2012		9,550,121
	9,171	Term Loan, 5.00%, Maturing October 1, 2012		8,976,171
		Raycom TV Broadcasting, LLC
	8,333	Term Loan, 1.81%, Maturing June 25, 2014		7,291,701
		Spanish Broadcasting System, Inc.
	8,332	Term Loan, 2.01%, Maturing June 10, 2012		6,984,910
		Tyrol Acquisition 2 SAS
EUR	6,300	Term Loan, 2.43%, Maturing January 19, 2015		7,632,157
EUR	6,300	Term Loan, 2.68%, Maturing January 19, 2016		7,632,158
		Univision Communications, Inc.
	52,733	Term Loan, 2.50%, Maturing September 29, 2014		46,062,469
		Young Broadcasting, Inc.
	973	Term Loan, 0.00%, Maturing November 3, 2012(5)		778,608
	8,285	Term Loan, 0.00%, Maturing November 3, 2012(5)		6,632,798
			$	216,052,790

18

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
Rail Industries — 0.2%
		Kansas City Southern Railway Co.
	7,815	Term Loan, 2.01%, Maturing April 26, 2013	$	7,590,408
	1,950	Term Loan, 1.75%, Maturing April 28, 2013		1,881,750
			$	9,472,158
Retailers (Except Food and Drug) — 2.5%
		Alliance Boots Holdings
GBP	9,000	Term Loan, Maturing July 5, 2015(4)	$	13,219,247
		American Achievement Corp.
	2,040	Term Loan, 6.29%, Maturing March 25, 2011		1,937,802
		Amscan Holdings, Inc.
	4,352	Term Loan, 2.50%, Maturing May 25, 2013		4,079,941
		Cumberland Farms, Inc.
	2,840	Term Loan, 2.75%, Maturing September 29, 2013		2,598,207
		Harbor Freight Tools USA, Inc.
	5,818	Term Loan, 9.75%, Maturing July 15, 2010		5,840,110
		Josten’s Corp.
	5,046	Term Loan, 2.23%, Maturing October 4, 2011		5,004,370
		Mapco Express, Inc.
	3,471	Term Loan, 6.50%, Maturing April 28, 2011		3,315,104
		Neiman Marcus Group, Inc.
	6,951	Term Loan, 2.26%, Maturing April 5, 2013		6,354,248
		Orbitz Worldwide, Inc.
	9,536	Term Loan, 3.24%, Maturing July 25, 2014		9,115,973
		Oriental Trading Co., Inc.
	17,365	Term Loan, 9.75%, Maturing July 31, 2013		14,933,978
	2,000	Term Loan - Second Lien, 6.24%, Maturing January 31, 2013		550,000
		Pilot Travel Centers, LLC
	7,000	Term Loan, Maturing November 24, 2015(4)		7,077,497
		Rent-A-Center, Inc.
	279	Term Loan, 2.00%, Maturing November 15, 2012		273,662
	5,017	Term Loan, 3.26%, Maturing May 31, 2015		4,966,646
		Rover Acquisition Corp.
	2,927	Term Loan, 2.49%, Maturing October 26, 2013		2,871,331
		Savers, Inc.
	2,669	Term Loan, 2.99%, Maturing August 11, 2012		2,588,768
	2,999	Term Loan, 2.99%, Maturing August 11, 2012		2,908,635
		Vivarte
EUR	61	Term Loan, 2.45%, Maturing May 29, 2015		72,444
EUR	239	Term Loan, 2.45%, Maturing May 29, 2015		281,729
EUR	6,604	Term Loan, Maturing May 29, 2015(4)		7,790,534
EUR	61	Term Loan, 2.95%, Maturing May 29, 2016		72,444
EUR	239	Term Loan, 2.95%, Maturing May 29, 2016		281,728
EUR	6,604	Term Loan, Maturing May 29, 2016(4)		7,790,534
		Yankee Candle Company, Inc. (The)
	12,529	Term Loan, Maturing February 6, 2014(4)		12,160,529
			$	116,085,461
Surface Transport — 0.4%
		Oshkosh Truck Corp.
	9,292	Term Loan, 6.26%, Maturing December 6, 2013	$	9,346,631
		Swift Transportation Co., Inc.
	6,000	Term Loan, 2.05%, Maturing May 10, 2012		5,535,000
	5,056	Term Loan, 8.25%, Maturing May 10, 2014		4,864,704
			$	19,746,335

19

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
Telecommunications — 2.6%
		Alaska Communications Systems Holdings, Inc.
	2,613	Term Loan, 2.00%, Maturing February 1, 2012	$	2,538,639
	13,612	Term Loan, 2.00%, Maturing February 1, 2012		13,226,037
		Asurion Corp.
	19,950	Term Loan, 3.24%, Maturing July 13, 2012		19,404,427
	2,000	Term Loan - Second Lien, 6.73%, Maturing January 13, 2013		1,962,500
		BCM Luxembourg, Ltd.
EUR	4,956	Term Loan, 2.30%, Maturing September 30, 2014		6,489,775
EUR	5,957	Term Loan, Maturing September 30, 2015(4)		7,799,610
		Cellular South, Inc.
	6,765	Term Loan, 2.00%, Maturing May 29, 2014		6,545,398
	2,966	Term Loan, 2.01%, Maturing May 29, 2014		2,869,938
		CommScope, Inc.
	10,750	Term Loan, 2.75%, Maturing November 19, 2014		10,593,756
		Crown Castle Operating Co.
	2,471	Term Loan, 1.73%, Maturing January 9, 2014		2,431,564
		Intelsat Subsidiary Holding Co.
	7,558	Term Loan, 2.73%, Maturing July 3, 2013		7,282,088
		Iowa Telecommunications Services
	2,500	Term Loan, 2.01%, Maturing November 23, 2011		2,490,312
		IPC Systems, Inc.
	4,484	Term Loan, 2.49%, Maturing May 31, 2014		3,935,134
GBP	338	Term Loan, 2.86%, Maturing May 31, 2014		454,259
		Macquarie UK Broadcast Ventures, Ltd.
GBP	6,867	Term Loan, 2.52%, Maturing December 26, 2014		9,213,876
		Ntelos, Inc.
	5,985	Term Loan, 5.75%, Maturing August 13, 2015		6,041,109
		Palm, Inc.
	5,718	Term Loan, 3.76%, Maturing April 24, 2014		5,060,762
		Telesat Canada, Inc.
	396	Term Loan, Maturing October 22, 2014(4)		388,236
	4,605	Term Loan, Maturing October 22, 2014(4)		4,520,073
		TowerCo Finance, LLC
	2,475	Term Loan, 6.00%, Maturing November 24, 2014		2,509,031
		Trilogy International Partners
	2,000	Term Loan, 3.75%, Maturing June 29, 2012		1,690,000
		Windstream Corp.
	4,279	Term Loan, 3.01%, Maturing December 17, 2015		4,246,494
			$	121,693,018
Utilities — 2.9%
		AEI Finance Holding, LLC
	2,114	Revolving Loan, 3.23%, Maturing March 30, 2012	$	1,958,536
	14,175	Term Loan, 3.25%, Maturing March 30, 2014		13,129,296
		BRSP, LLC
	4,395	Term Loan, 7.50%, Maturing June 24, 2014		4,340,475
		Calpine Corp.
	36,291	DIP Loan, Maturing March 29, 2014(4)		34,385,743
		Covanta Energy Corp.
	1,903	Term Loan, 1.65%, Maturing February 9, 2014		1,850,714
	2,782	Term Loan, 3.25%, Maturing February 9, 2014		2,705,374
		Electricinvest Holding Co.
GBP	2,300	Term Loan, 5.02%, Maturing October 24, 2012		3,051,539
EUR	4,170	Term Loan - Second Lien, 4.93%, Maturing October 24, 2012		4,837,811
		NRG Energy, Inc.
	16,981	Term Loan, 2.00%, Maturing June 1, 2014		16,472,019
	19,298	Term Loan, Maturing June 1, 2014(4)		18,718,949

20

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		NSG Holdings, LLC
	202	Term Loan, 1.75%, Maturing June 15, 2014	$	186,284
	990	Term Loan, 1.75%, Maturing June 15, 2014		910,743
		TXU Texas Competitive Electric Holdings Co., LLC
	9,185	Term Loan, 3.73%, Maturing October 10, 2014		7,499,764
	20,612	Term Loan, 3.73%, Maturing October 10, 2014		16,930,560
	4,980	Term Loan, 3.78%, Maturing October 10, 2014		4,087,445
		Vulcan Energy Corp.
	3,278	Term Loan, 5.50%, Maturing December 31, 2015		3,285,959
			$	134,351,211
Total Senior Floating-Rate Interests (identified cost $4,529,491,727)			$	4,332,012,636

Corporate Bonds & Notes — 1.2%

Principal
Amount*
(000’s omitted)		Security	Value
Building and Development — 0.3%
		Grohe Holding GmbH, Variable Rate
EUR	12,000	3.559%, 1/15/14(8)	$	14,683,026
			$	14,683,026
Chemicals and Plastics — 0.0%
		Wellman Holdings, Inc., Sr. Sub. Notes
	1,049	5.00%, 1/29/19(7)	$	386,032
			$	386,032
Diversified Financial Services — 0.3%
		Virgin Media Finance PLC, Sr. Notes
	14,000	6.50%, 1/15/18(9)	$	13,842,500
			$	13,842,500
Ecological Services and Equipment — 0.0%
		Environmental Systems Product Holdings, Inc., Jr. Notes
	149	18.00%, 3/31/15(2)(7)	$	119,296
			$	119,296
Electronics/Electrical — 0.1%
		NXP BV/NXP Funding, LLC, Variable Rate
	6,300	3.00%, 10/15/13	$	5,284,125
			$	5,284,125
Health Care — 0.1%
		Accellent, Inc., Sr. Notes
	3,000	8.375%, 2/1/17(9)	$	3,045,000
			$	3,045,000
Leisure Goods/Activities/Movies — 0.2%
		MU Finance PLC, Sr. Notes
	10,000	8.375%, 2/1/17(9)	$	9,800,000
			$	9,800,000
Radio and Television — 0.0%
		Ion Media Networks, Inc., Variable Rate
	3,000	0.00%, 1/15/12(5)(9)	$	915,000
			$	915,000

21

Principal
Amount*
(000’s omitted)		Security	Value
Telecommunications — 0.2%
		Qwest Corp., Sr. Notes, Variable Rate
	5,850	3.504%, 6/15/13	$	5,747,625
			$	5,747,625
Total Corporate Bonds & Notes (identified cost $57,428,515)			$	53,822,604

Asset-Backed Securities — 0.1%

Principal
Amount
(000’s omitted)		Security	Value
$	877	Alzette European CLO SA, Series 2004-1A, Class E2, 6.754%, 12/15/20(10)	$	105,278
	2,451	Assemblies of God Financial Real Estate, Series 2004-1A, Class A, 6.90%,  6/15/29(9)(10)		2,379,671
	953	Avalon Capital Ltd. 3, Series 1A, Class D, 2.212%, 2/24/19(9)(10)		611,338
	1,129	Babson Ltd., Series 2005-1A, Class C1, 2.201%, 4/15/19(9)(10)		785,113
	1,500	Bryant Park CDO Ltd., Series 2005-1A, Class C, 2.301%, 1/15/19(9)(10)		231,150
	1,500	Carlyle High Yield Partners, Series 2004-6A, Class C, 2.70%, 8/11/16(9)(10)		553,800
	985	Centurion CDO 8 Ltd., Series 2005-8A, Class D, 5.757%, 3/8/17(10)		689,357
	2,000	Morgan Stanley Investment Management Croton, Ltd., Series 2005-1A, Class D, 2.201%, 1/15/18(9)(10)		988,200
Total Asset-Backed Securities (identified cost $11,339,504)			$	6,343,907

Common Stocks — 0.2%

Shares		Security	Value
Automotive — 0.0%
	88,506	Dayco Products	$	1,371,843
	105,145	Hayes Lemmerz International, Inc.(7)(11)		0
			$	1,371,843
Building and Development — 0.1%
	23,625	Lafarge Roofing(7)(11)	$	0
	234,248	Sanitec Europe Oy B Units(7)(11)		354,015
	230,960	Sanitec Europe Oy E Units(7)(11)		0
	3,646	United Subcontractors, Inc.(7)(11)		293,917
	22,273	WCI Communities, Inc.(11)		1,893,171
			$	2,541,103
Chemicals and Plastics — 0.0%
	3,849	Vita Cayman II, Ltd.	$	200,124
	1,022	Wellman Holdings, Inc.(7)(11)		366,990
			$	567,114
Ecological Services and Equipment — 0.0%
	2,484	Environmental Systems Products Holdings, Inc.(7)(11)(12)	$	34,602
			$	34,602
Food Service — 0.0%
	193,076	Buffets, Inc.(11)	$	1,484,271
			$	1,484,271
Home Furnishings — 0.0%
	364	Dometic Corp.(7)(11)	$	0
			$	0

22

Shares		Security	Value
Publishing — 0.1%
	5,725	Source Interlink Companies, Inc.(7)(11)	$	41,220
	30,631	Star Tribune Co. (The)(7)(11)		0
	53,719	SuperMedia, Inc.(11)		1,950,537
			$	1,991,757
Total Common Stocks (identified cost $7,500,675)			$	7,990,690

Preferred Stocks — 0.0%

Shares		Security	Value
Automotive — 0.0%
	350	Hayes Lemmerz International, Inc., Series A, Convertible(7)(11)(12)	$	0
			$	0
Ecological Services and Equipment — 0.0%
	1,138	Environmental Systems Products Holdings, Inc., Series A(7)(11)(12)	$	91,040
			$	91,040
Total Preferred Stocks (identified cost $37,415)			$	91,040

Closed-End Investment Companies — 0.0%

Shares		Security	Value
	4,000	Pioneer Floating Rate Trust	$	45,560
Total Closed-End Investment Companies (identified cost $72,148)			$	45,560

Short-Term Investments — 8.3%

Interest/
Principal
Amount
(000’s omitted)		Description	Value
$	113,116	Cash Management Portfolio, 0.00%(13)	$	113,115,682
	222,509	Eaton Vance Cash Reserves Fund, LLC, 0.11%(13)		222,508,820
	52,657	State Street Bank and Trust Euro Time Deposit, 0.00%, 2/1/10		52,657,362
Total Short-Term Investments (identified cost $388,281,864)			$	388,281,864
Total Investments — 102.8% (identified cost $4,994,151,848)			$	4,788,588,301
Less Unfunded Loan Commitments — (1.1)%			$	(52,754,181	)
Net Investments — 101.7% (identified cost $4,941,397,667)			$	4,735,834,120
Other Assets, Less Liabilities — (1.7)%			$	(78,649,664	)
Net Assets — 100.0%			$	4,657,184,456

23

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

DIP	-	Debtor in Possession
CHF	-	Swiss Franc
EUR	-	Euro
GBP	-	British Pound Sterling
*		In U.S. dollars unless otherwise indicated.
(1)		Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(2)		Represents a payment-in-kind security which may pay all or a portion of interest in additional par.
(3)		Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(4)		This Senior Loan will settle after January 31, 2010, at which time the interest rate will be determined.
(5)		Currently the issuer is in default with respect to interest payments.
(6)		Defaulted matured security.
(7)		Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(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.
(9)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $33,151,772 or 0.7% of the Portfolio’s net assets.
(10)		Variable rate security. The stated interest rate represents the rate in effect at January 31, 2010.
(11)		Non-income producing security.
(12)		Restricted security.
(13)		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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $5,488, respectively.

24

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Forward Foreign Currency Exchange Contracts

Sales

Settlement			Net Unrealized
Date	Deliver	In Exchange For	Appreciation
2/26/10	British Pound Sterling 70,987,078	United States Dollar 114,548,298	$	1,096,054
2/26/10	British Pound Sterling 4,600,000	United States Dollar 7,433,922		82,157
2/26/10	British Pound Sterling 5,560,000	United States Dollar 8,960,107		74,060
2/26/10	British Pound Sterling 1,820,000	United States Dollar 2,954,624		45,883
2/26/10	British Pound Sterling 1,820,000	United States Dollar 2,942,758		34,016
2/26/10	Euro 229,379,789	United States Dollar 321,108,767		3,093,556
2/26/10	Euro 1,975,000	United States Dollar 2,778,924		40,757
2/26/10	Swiss Franc 14,631,856	United States Dollar 13,920,517		124,206
			$	4,590,689

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio may enter into forward foreign currency exchange contracts. The Portfolio may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing.

At January 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is foreign exchange risk was $4,590,689.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	4,941,858,287
Gross unrealized appreciation	$	69,490,092
Gross unrealized depreciation		(275,514,259	)
Net unrealized depreciation	$	(206,024,167	)

Restricted Securities

At January 31, 2010, the Portfolio owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

	Date of
Description	Acquisition		Shares		Cost			Value
Common Stocks
Environmental Systems Products Holdings, Inc.		10/25/07		2,484	$	0	(1)	$	34,602
Preferred Stocks
Environmental Systems Products Holdings, Inc., Series A		10/25/07		1,138	$	19,915		$	91,040
Hayes Lemmerz International, Inc., Series A, Convertible		6/23/03		350		17,500			0
Total Restricted Securities					$	37,415		$	125,642

(1) Less than $0.50.

25

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Senior Floating-Rate Interests (Less Unfunded Loan Commitments)	$	—	$	4,272,429,234	$	6,829,221	$	4,279,258,455
Corporate Bonds & Notes		—		53,317,276		505,328		53,822,604
Asset-Backed Securities		—		6,343,907		—		6,343,907
Common Stocks		1,950,537		4,949,409		1,090,744		7,990,690
Preferred Stocks		—		—		91,040		91,040
Closed-End Investment Companies		45,560		—		—		45,560
Short-Term Investments		113,115,682		275,166,182		—		388,281,864
Total Investments	$	115,111,779	$	4,612,206,008	$	8,516,333	$	4,735,834,120
Forward Foreign Currency Exchange Contracts	$	—	$	4,590,689	$	—	$	4,590,689
Total	$	115,111,779	$	4,616,796,697	$	8,516,333	$	4,740,424,809

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in
	Senior			Investments in
	Floating-Rate			Corporate			Investments in		Investments in
	Interests			Bonds & Notes			Common Stocks		Preferred Stocks			Total
Balance as of October 31, 2009	$	6,829,221		$	505,328		$	1,053,368	$	91,040		$	8,478,957
Realized gains (losses)		—			—			—		—			—
Change in net unrealized appreciation (depreciation)		(34,931	)		(6,758	)		33,601		(91	)		(8,179	)
Net purchases (sales)		—			—			—		—			—
Accrued discount (premium)		34,931			6,758			—		—			41,689
Net transfers to (from) Level 3		—			—			3,775		91			3,866
Balance as of January 31, 2010	$	6,829,221		$	505,328		$	1,090,744	$	91,040		$	8,516,333
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2010	$	(34,931	)	$	(6,758	)	$	33,601	$	(91	)	$	(8,179	)

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

26

Eaton Vance Government Obligations Fund as of January 31, 2010 (Unaudited)

Eaton Vance Government Obligations Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Government Obligations Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $923,869,724 and the Fund owned 93.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Government Obligations Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Mortgage Pass-Throughs — 83.9%

	Principal
	Amount
Security	(000’s omitted)			Value
Federal Home Loan Mortgage Corp.:
2.932%, with maturity at 2035(1)	$	14,558		$	14,952,452
3.125%, with maturity at 2034(1)		3,103			3,188,250
5.00%, with maturity at 2014		1,437			1,520,794
5.50%, with various maturities to 2032		9,172			9,821,232
6.00%, with various maturities to 2035		22,144			23,953,942
6.50%, with various maturities to 2033		36,301			39,855,217
6.87%, with maturity at 2024		280			313,132
7.00%, with various maturities to 2035		31,039			34,231,660
7.09%, with maturity at 2023		1,097			1,232,480
7.25%, with maturity at 2022		1,570			1,753,246
7.31%, with maturity at 2027		411			456,366
7.50%, with various maturities to 2035		28,493			32,316,062
7.63%, with maturity at 2019		572			629,673
7.75%, with maturity at 2018		40			44,617
7.78%, with maturity at 2022		195			222,214
7.85%, with maturity at 2020		490			554,726
8.00%, with various maturities to 2028		15,501			17,601,716
8.13%, with maturity at 2019		1,021			1,166,440
8.15%, with various maturities to 2021		336			387,960
8.25%, with maturity at 2017		128			145,884
8.50%, with various maturities to 2031		8,872			10,274,681
8.75%, with maturity at 2016		15			16,595
9.00%, with various maturities to 2027		10,278			11,785,117
9.25%, with various maturities to 2017		111			125,576
9.50%, with various maturities to 2026		3,008			3,536,157
9.75%, with maturity at 2018		3			3,253
10.50%, with maturity at 2020		911			1,058,827
11.00%, with maturity at 2015		30			34,296
13.50%, with maturity at 2010		1			950
15.00%, with maturity at 2011		0	(2)		259
				$	211,183,774
Federal National Mortgage Association:
2.509%, with various maturities to 2035(1)	$	37,109		$	38,340,168
2.522%, with various maturities to 2033(1)		5,111			5,267,364
2.83%, with maturity at 2035(1)		2,306			2,375,392
2.974%, with maturity at 2037(1)		7,646			7,923,610
3.175%, with maturity at 2031(1)		4,490			4,598,121
3.243%, with maturity at 2036(1)		2,535			2,606,585
3.266%, with maturity at 2022(1)		2,705			2,766,967
3.281%, with maturity at 2022(1)		2,469			2,530,676
3.344%, with maturity at 2026(1)		1,525			1,571,424
3.60%, with maturity at 2036(1)		3,127			3,210,129
3.851%, with maturity at 2040(1)		2,512			2,613,222
3.86%, with maturity at 2034(1)		9,538			9,935,584
3.925%, with maturity at 2036(1)		920			944,726
3.942%, with maturity at 2034(1)		9,117			9,501,399
4.00%, with maturity at 2014		607			625,086
4.005%, with maturity at 2035(1)		12,009			12,515,755
4.334%, with maturity at 2036(1)		38,161			39,771,261
4.477%, with maturity at 2021(1)		2,500			2,593,444
4.489%, with maturity at 2035(1)		12,837			13,378,109
4.50%, with various maturities to 2018		56,007			58,796,218
4.859%, with maturity at 2034(1)		36,242			37,771,147

1

	Principal
	Amount
Security	(000’s omitted)		Value
5.00%, with various maturities to 2027	$	5,043	$	5,346,779
5.50%, with various maturities to 2030		27,218		29,301,226
6.00%, with various maturities to 2032		22,641		24,448,570
6.50%, with various maturities to 2033		65,793		72,319,464
6.518%, with maturity at 2025(3)		443		490,993
7.00%, with various maturities to 2033		55,242		61,273,810
7.25%, with maturity at 2023		43		46,939
7.50%, with various maturities to 2032		15,027		16,966,229
7.86%, with maturity at 2030(3)		45		51,956
7.875%, with maturity at 2021		1,012		1,159,507
8.00%, with various maturities to 2032		17,901		20,589,923
8.25%, with maturity at 2025		389		443,038
8.33%, with maturity at 2020		994		1,147,085
8.50%, with various maturities to 2032		11,816		13,797,840
8.53%, with maturity at 2021(3)		128		149,168
9.00%, with various maturities to 2030		1,554		1,815,277
9.125%, with maturity at 2011		1		1,520
9.50%, with various maturities to 2030		3,000		3,539,805
9.585%, with maturity at 2025(3)		54		61,595
9.75%, with maturity at 2019		32		38,960
9.953%, with maturity at 2021(3)		84		100,870
10.00%, with maturity at 2012		11		11,188
10.018%, with maturity at 2023(3)		111		129,953
10.051%, with maturity at 2020(3)		100		114,508
10.069%, with maturity at 2021(3)		138		160,105
10.105%, with maturity at 2021(3)		63		73,475
10.549%, with maturity at 2025(3)		61		69,954
11.00%, with maturity at 2020		935		1,077,784
11.373%, with maturity at 2019(3)		119		134,126
11.50%, with maturity at 2012		9		9,371
11.616%, with maturity at 2025(3)		33		38,298
11.711%, with maturity at 2018(3)		134		152,327
12.41%, with maturity at 2021(3)		49		54,614
12.70%, with maturity at 2015(3)		123		142,148
13.00%, with maturity at 2010		1		827
			$	514,895,619
Government National Mortgage Association:
3.125%, with various maturities to 2027(1)	$	799	$	825,513
6.50%, with maturity at 2024		73		79,657
7.00%, with various maturities to 2034		47,404		53,154,198
7.25%, with maturity at 2022		37		42,004
7.50%, with various maturities to 2025		7,754		8,744,857
8.00%, with various maturities to 2027		14,417		16,456,265
8.25%, with maturity at 2019		189		215,645
8.30%, with maturity at 2020		51		58,786
8.50%, with various maturities to 2018		2,477		2,807,896
9.00%, with various maturities to 2027		8,511		10,216,181
9.50%, with various maturities to 2026		5,702		6,865,037
			$	99,466,039
Total Mortgage Pass-Throughs (identified cost $789,035,066)			$	825,545,432

2

Collateralized Mortgage Obligations — 6.8%

	Principal
	Amount
Security	(000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 30, Class I, 7.50%, 4/25/24	$	330	$	352,013
Series 1822, Class Z, 6.90%, 3/15/26		2,023		2,149,593
Series 1829, Class ZB, 6.50%, 3/15/26		933		1,018,250
Series 1896, Class Z, 6.00%, 9/15/26		1,068		1,117,730
Series 2075, Class PH, 6.50%, 8/15/28		530		576,337
Series 2091, Class ZC, 6.00%, 11/15/28		2,303		2,506,078
Series 2102, Class Z, 6.00%, 12/15/28		591		640,217
Series 2115, Class K, 6.00%, 1/15/29		3,200		3,419,000
Series 2142, Class Z, 6.50%, 4/15/29		1,134		1,242,276
Series 2245, Class A, 8.00%, 8/15/27		12,271		13,991,618
			$	27,013,112
Federal National Mortgage Association:
Series G-8, Class E, 9.00%, 4/25/21	$	450	$	521,569
Series G92-44, Class ZQ, 8.00%, 7/25/22		503		561,908
Series G93-36, Class ZQ, 6.50%, 12/25/23		16,608		18,150,805
Series 1993-16, Class Z, 7.50%, 2/25/23		620		702,104
Series 1993-39, Class Z, 7.50%, 4/25/23		1,473		1,666,825
Series 1993-149, Class M, 7.00%, 8/25/23		765		859,496
Series 1993-178, Class PK, 6.50%, 9/25/23		1,512		1,671,110
Series 1993-250, Class Z, 7.00%, 12/25/23		407		447,157
Series 1994-42, Class K, 6.50%, 4/25/24		6,836		7,523,592
Series 1994-82, Class Z, 8.00%, 5/25/24		2,480		2,842,439
Series 1997-81, Class PD, 6.35%, 12/18/27		948		1,049,765
Series 2000-49, Class A, 8.00%, 3/18/27		1,320		1,530,460
Series 2002-1, Class G, 7.00%, 7/25/23		990		1,112,617
			$	38,639,847
Government National Mortgage Association:
Series 1998-19, Class ZB, 6.50%, 7/20/28	$	804	$	882,238
Total Collateralized Mortgage Obligations (identified cost $62,512,813)			$	66,535,197

U.S. Government Agency Obligations — 7.3%

	Principal
	Amount
Security	(000’s omitted)		Value
Federal Home Loan Bank:
4.75%, with maturity at 2023	$	4,500	$	4,677,008
5.75%, with maturity at 2026		2,720		3,093,056
			$	7,770,064
United States Agency for International Development - Israel:
0.00%, with various maturities to 2020	$	31,782	$	22,882,175
5.50%, with various maturities to 2024		37,500		41,391,850
			$	64,274,025
Total U.S. Government Agency Obligations (identified cost $71,743,836)			$	72,044,089

3

U.S. Treasury Obligations — 0.8%

	Principal
	Amount
Security	(000’s omitted)		Value
U.S. Treasury Bond, 7.125%, 2/15/23(4)	$	6,000	$	7,865,628
Total U.S. Treasury Obligations (identified cost $6,221,709)			$	7,865,628

Short-Term Investments — 0.8%

	Interest
Description	(000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(5)	$	7,437	$	7,437,184
Total Short-Term Investments (identified cost $7,437,184)			$	7,437,184
Total Investments — 99.6% (identified cost $936,950,608)			$	979,427,530
Other Assets, Less Liabilities — 0.4%			$	4,255,553
Net Assets — 100.0%			$	983,683,083

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)	Adjustable rate mortgage.
(2)	Principal amount is less than $1,000.
(3)	Weighted average fixed-rate coupon that changes/updates monthly.
(4)	Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(5)	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 January 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $123.

4

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Futures Contracts

Expiration			Aggregate						Net Unrealized
Date	Contracts	Position	Cost			Value			Appreciation
3/10	120 U.S. 30 Year Treasury Bond	Short	$	(14,360,205	)	$	(14,257,500	)	$	102,705

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. The Portfolio may purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

At January 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $102,705.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	946,213,398
Gross unrealized appreciation	$	33,425,290
Gross unrealized depreciation		(211,158	)
Net unrealized appreciation	$	33,214,132

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Mortgage Pass-Throughs	$	—	$	825,545,432	$	—	$	825,545,432
Collateralized Mortgage Obligations		—		66,535,197		—		66,535,197
U.S. Government Agency Obligations		—		72,044,089		—		72,044,089
U.S. Treasury Obligations		—		7,865,628		—		7,865,628
Short-Term Investments		—		7,437,184		—		7,437,184
Total Investments	$	—	$	979,427,530	$	—	$	979,427,530
Futures Contracts	$	102,705	$	—	$	—	$	102,705
Total	$	102,705	$	979,427,530	$	—	$	979,530,235

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

5

Eaton Vance High Income Opportunities Fund as of January 31, 2010 (Unaudited)

Eaton Vance High Income Opportunities Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in High Income Opportunities Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $444,827,293 and the Fund owned 56.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

High Income Opportunities Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior Floating-Rate Interests — 6.5%⁽¹⁾

	Principal
	Amount
Security	(000’s omitted)		Value
Aerospace — 0.5%
Hawker Beechcraft Acquisition, Term Loan, 2.24%, Maturing 3/26/14	$	2,576	$	1,958,101
Hawker Beechcraft Acquisition, Term Loan, 2.25%, Maturing 3/26/14		153		116,162
Hawker Beechcraft Acquisition, Term Loan, 10.50%, Maturing 3/26/14		1,825		1,728,678
			$	3,802,941
Automotive & Auto Parts — 0.9%
EPD Holdings, (Goodyear Engineering Products), Term Loan - Second Lien, 5.98%, Maturing 7/13/15	$	2,560	$	1,932,800
Ford Motor Co., Revolving Loan, Maturing 12/15/13(2)		1,100		1,032,166
Ford Motor Co., Term Loan, 3.26%, Maturing 12/15/13		4,713		4,419,384
			$	7,384,350
Broadcasting — 0.7%
HIT Entertainment, Inc., Term Loan - Second Lien, 5.78%, Maturing 2/5/13	$	9,180	$	5,347,350
			$	5,347,350
Building Materials — 0.4%
Panolam Industries Holdings, Inc., Term Loan, 5.00%, Maturing 9/30/12	$	1,957	$	1,765,944
Panolam Industries Holdings, Inc., Term Loan - Second Lien, Maturing 6/30/14(2)		1,300		1,184,657
			$	2,950,601
Capital Goods — 0.1%
Dresser, Inc., Term Loan - Second Lien, 6.00%, Maturing 5/4/15	$	1,080	$	1,027,350
			$	1,027,350
Consumer Products — 0.2%
Amscan Holdings, Inc., Term Loan, 2.50%, Maturing 5/25/13	$	1,507	$	1,413,164
			$	1,413,164
Electronics/Electrical — 0.3%
Freescale Semiconductor, Inc., Term Loan, 1.98%, Maturing 12/1/13	$	2,501	$	2,251,199
			$	2,251,199
Food & Drug Retail — 0.4%
Rite Aid Corp., Term Loan, 9.50%, Maturing 6/4/14	$	2,860	$	2,999,425
			$	2,999,425
Food/Beverage/Tobacco — 0.3%
Dole Food Company, Inc., Term Loan, 7.89%, Maturing 4/12/13	$	271	$	274,255
Dole Food Company, Inc., Term Loan, 8.00%, Maturing 4/12/13		1,530		1,547,461
Dole Food Company, Inc., Term Loan, 8.00%, Maturing 4/12/13		472		476,945
			$	2,298,661
Gaming — 0.6%
BLB Worldwide Holdings, Term Loan - Second Lien, 0.00%, Maturing 6/30/12(3)	$	5,410	$	297,550
Cannery Casino Resorts, LLC, Term Loan - Second Lien, 4.48%, Maturing 5/18/14		1,580		1,174,466
Great Lakes Entertainment, Term Loan, 9.00%, Maturing 8/15/12		3,189		3,076,940
			$	4,548,956
Health Care — 0.5%
IASIS Healthcare, (PIK), Term Loan, 5.50%, Maturing 6/13/14	$	2,080	$	1,955,216
Viant Holdings, Inc., Term Loan, 2.51%, Maturing 6/25/14		2,167		2,134,955
			$	4,090,171

1

	Principal
	Amount
Security	(000’s omitted)		Value
Insurance — 0.2%
HUB International, Ltd., Term Loan, 6.75%, Maturing 6/13/14	$	1,865	$	1,855,220
			$	1,855,220
Services — 0.5%
Neff Rental, Inc., Term Loan - Second Lien, 3.75%, Maturing 5/31/13	$	1,310	$	231,434
Rental Service Corp., Term Loan - Second Lien, 3.76%, Maturing 11/30/13		1,042		985,532
Travelport, LLC, Term Loan, 10.50%, Maturing 8/23/13		2,637		2,649,934
			$	3,866,900
Steel — 0.2%
RathGibson, Inc., DIP Loan, 10.75%, Maturing 2/10/10	$	1,612	$	1,612,308
			$	1,612,308
Transportation Ex Air/Rail — 0.1%
CEVA Group, PLC, Term Loan, 3.24%, Maturing 8/2/15	$	743	$	651,617
CEVA Group, PLC, Term Loan, 3.25%, Maturing 8/2/15		250		224,295
			$	875,912
Utilities — 0.6%
TXU Texas Competitive Electric Holdings Co., LLC, Term Loan, 3.73%, Maturing 10/10/14	$	5,507	$	4,523,454
			$	4,523,454
Total Senior Floating-Rate Interests (identified cost $58,207,663)			$	50,847,962

Corporate Bonds & Notes — 84.8%

	Principal
	Amount
Security	(000’s omitted)		Value
Aerospace — 0.2%
Alion Science and Technologies Corp., 10.25%, 2/1/15	$	1,625	$	1,328,438
			$	1,328,438
Air Transportation — 0.2%
Continental Airlines, 7.033%, 6/15/11	$	985	$	930,920
United Airlines, Inc., Sr. Notes, 9.875%, 8/1/13(4)		550		558,250
			$	1,489,170
Automotive & Auto Parts — 4.2%
Affinia Group, Inc., Sr. Notes, 10.75%, 8/15/16(4)	$	525	$	577,500
Allison Transmission, Inc., 11.00%, 11/1/15(4)		940		996,400
Allison Transmission, Inc., (PIK), 11.25%, 11/1/15(4)		5,436		5,748,147
American Axle & Manufacturing Holdings, Inc., Sr. Notes, 7.875%, 3/1/17		1,125		981,563
American Axle & Manufacturing Holdings, Inc., Sr. Notes, 9.25%, 1/15/17(4)		3,840		3,993,600
Commercial Vehicle Group, Inc., Sr. Notes, 8.00%, 7/1/13		1,660		1,012,600
Ford Motor Credit Co., Sr. Notes, 7.50%, 8/1/12		3,645		3,694,707
Ford Motor Credit Co., Sr. Notes, 8.00%, 12/15/16		4,890		4,925,413
Ford Motor Credit Co., Sr. Notes, 12.00%, 5/15/15		1,305		1,500,117
Goodyear Tire & Rubber Co. (The), Sr. Notes, 10.50%, 5/15/16		3,770		4,109,300
Navistar International Corp., Sr. Notes, 8.25%, 11/1/21		3,200		3,248,000
United Components, Inc., Sr. Sub. Notes, 9.375%, 6/15/13		1,670		1,661,650
			$	32,448,997
Banks and Thrifts — 0.7%
General Motors Acceptance Corp., 6.875%, 9/15/11(4)	$	571	$	573,855
General Motors Acceptance Corp., 8.00%, 12/31/18		650		620,750
General Motors Acceptance Corp., 8.00%, 11/1/31(4)		4,005		3,874,838
			$	5,069,443

2

	Principal
	Amount
Security	(000’s omitted)		Value
Broadcasting — 2.5%
Clear Channel Communications, Inc., Sr. Notes, 4.40%, 5/15/11	$	705	$	638,025
Clear Channel Communications, Inc., Sr. Notes, 6.25%, 3/15/11		6,060		5,726,700
Clear Channel Communications, Inc., Sr. Notes, 7.65%, 9/15/10		1,485		1,447,875
Clear Channel Worldwide Holdings, Inc., Series A, 9.25%, 12/15/17(4)		2,980		3,084,300
Clear Channel Worldwide Holdings, Inc., Series B, 9.25%, 12/15/17(4)		745		765,488
Rainbow National Services, LLC, Sr. Sub. Notes, 10.375%, 9/1/14(4)		1,675		1,775,500
Sirius XM Radio, Inc., Sr. Notes, 9.75%, 9/1/15(4)		1,305		1,396,350
XM Satellite Radio Holdings, Inc., Sr. Notes, 11.25%, 6/15/13(4)		2,120		2,279,000
XM Satellite Radio Holdings, Inc., Sr. Notes, 13.00%, 8/1/13(4)		2,515		2,772,787
			$	19,886,025
Building Materials — 1.6%
Goodman Global Group, Inc., 0.00%, 12/15/14(4)	$	4,000	$	2,340,000
Goodman Global, Inc., 13.50%, 2/15/16		1,940		2,143,700
Interface, Inc., Sr. Notes, 11.375%, 11/1/13(4)		640		726,400
Interface, Inc., Sr. Sub. Notes, 9.50%, 2/1/14		745		756,175
Norcraft Cos. LP/Norcraft Finance Corp., 10.50%, 12/15/15(4)		640		668,800
Ply Gem Industries, Inc., 13.125%, 7/15/14(4)		3,830		3,849,150
Ply Gem Industries, Inc., Sr. Notes, 11.75%, 6/15/13		1,065		1,088,963
USG Corp., 9.75%, 8/1/14(4)		670		713,550
			$	12,286,738
Cable/Satellite TV — 1.2%
CCO Holdings, LLC/CCO Capital Corp., Sr. Notes, 8.75%, 11/15/13	$	1,575	$	1,604,531
Charter Communications, Inc., Sr. Notes, 8.375%, 4/30/14(4)		290		296,525
Charter Communications, Inc., Sr. Notes, 10.875%, 9/15/14(4)		2,340		2,632,500
Kabel Deutschland GmbH, 10.625%, 7/1/14		2,835		2,976,750
Virgin Media Finance PLC, 9.50%, 8/15/16		2,005		2,135,325
			$	9,645,631
Capital Goods — 1.6%
American Railcar Industry, Sr. Notes, 7.50%, 3/1/14	$	1,620	$	1,539,000
Chart Industries, Inc., Sr. Sub. Notes, 9.125%, 10/15/15		2,370		2,375,925
ESCO Corp., Sr. Notes, 8.625%, 12/15/13(4)		1,720		1,735,050
RBS Global & Rexnord Corp., 9.50%, 8/1/14(4)		1,947		1,961,603
RBS Global & Rexnord Corp., 11.75%, 8/1/16		1,870		1,921,425
Terex Corp., Sr. Notes, 10.875%, 6/1/16		2,555		2,829,662
			$	12,362,665
Chemicals — 2.8%
Ashland, Inc., 9.125%, 6/1/17(4)	$	1,945	$	2,124,912
CII Carbon, LLC, 11.125%, 11/15/15(4)		1,665		1,689,975
Dow Chemical Co. (The), 8.55%, 5/15/19		4,135		4,953,366
Georgia Gulf Corp., 9.00%, 1/15/17(4)		355		366,538
INEOS Group Holdings PLC, Sr. Sub. Notes, 8.50%, 2/15/16(4)		4,115		2,777,625
Koppers, Inc., 7.875%, 12/1/19(4)		315		322,875
Nova Chemicals Corp., Sr. Notes, 8.375%, 11/1/16(4)		1,610		1,630,125
Reichhold Industries, Inc., Sr. Notes, 9.00%, 8/15/14(4)		5,520		4,885,200
Solutia, Inc., 8.75%, 11/1/17		1,420		1,508,750
Terra Capital, Inc., Sr. Notes, 7.75%, 11/1/19(4)		1,555		1,624,975
			$	21,884,341
Consumer Products — 2.1%
ACCO Brands Corp., 7.625%, 8/15/15	$	1,190	$	1,121,575
ACCO Brands Corp., Sr. Notes, 10.625%, 3/15/15(4)		1,920		2,112,000
Amscan Holdings, Inc., Sr. Sub. Notes, 8.75%, 5/1/14		5,960		5,915,300
Libbey Glass, Inc., 10.00%, 2/15/15(4)		2,195		2,226,103
Revlon Consumer Products Corp., 9.75%, 11/15/15(4)		2,480		2,569,900
Scotts Miracle-Gro Co. (The), 7.25%, 1/15/18		550		561,000

3

	Principal
	Amount
Security	(000’s omitted)		Value
Sealy Mattress Co., 8.25%, 6/15/14	$	1,195	$	1,195,000
Sealy Mattress Co., Sr. Notes, 10.875%, 4/15/16(4)		400		450,000
			$	16,150,878
Containers — 0.6%
Intertape Polymer US, Inc., Sr. Sub. Notes, 8.50%, 8/1/14	$	3,855	$	3,305,663
Solo Cup Co., Sr. Notes, 10.50%, 11/1/13(4)		1,295		1,366,225
			$	4,671,888
Diversified Media — 5.3%
Affinion Group, Inc., 11.50%, 10/15/15	$	2,490	$	2,589,600
Catalina Marketing Corp., 11.625%, 10/1/17(4)		2,965		3,120,663
Catalina Marketing Corp., (PIK), 10.50%, 10/1/15(4)		13,960		14,623,100
Interpublic Group Cos., Inc., 10.00%, 7/15/17		2,570		2,852,700
LBI Media, Inc., Sr. Disc. Notes, 11.00%, 10/15/13		2,760		2,111,400
LBI Media, Inc., Sr. Sub. Notes, 8.50%, 8/1/17(4)		3,950		3,377,250
MDC Partners, Inc., 11.00%, 11/1/16(4)		2,200		2,332,000
Nielsen Finance, LLC, 10.00%, 8/1/14		3,430		3,584,350
Nielsen Finance, LLC, 11.50%, 5/1/16		1,870		2,103,750
Nielsen Finance, LLC, 12.50%, (0.00% until 8/1/11), 8/1/16		1,520		1,398,400
Nielsen Finance, LLC, Sr. Notes, 11.625%, 2/1/14		220		247,500
Warner Music Group Acquisition Corp., Sr. Notes, 9.50%, 6/15/16(4)		2,935		3,162,462
			$	41,503,175
Energy — 7.4%
Allis-Chalmers Energy, Inc., Sr. Notes, 9.00%, 1/15/14	$	1,155	$	1,126,125
Antero Resources Finance Corp., Sr. Notes, 9.375%, 12/1/17(4)		1,080		1,134,000
Berry Petroleum Co., Sr. Notes, 10.25%, 6/1/14		1,905		2,095,500
Bill Barrett Corp., 9.875%, 7/15/16		385		415,800
Clayton Williams Energy, Inc., 7.75%, 8/1/13		2,600		2,496,000
Compton Pet Finance Corp., 7.625%, 12/1/13		2,545		2,055,087
Denbury Resources, Inc., Sr. Sub. Notes, 9.75%, 3/1/16		3,050		3,229,187
El Paso Corp., Sr. Notes, 9.625%, 5/15/12		2,880		3,002,985
Expro Finance Luxembourg SCA, 8.50%, 12/15/16(4)		2,070		2,070,000
Forbes Energy Services, Sr. Notes, 11.00%, 2/15/15		4,040		3,908,700
Holly Corp., 9.875%, 6/15/17(4)		3,025		3,221,625
McJunkin Red Man Corp., Sr. Notes, 9.50%, 12/15/16(4)		2,080		2,085,200
OPTI Canada, Inc., Sr. Notes, 7.875%, 12/15/14		1,915		1,670,838
OPTI Canada, Inc., Sr. Notes, 8.25%, 12/15/14		2,060		1,823,100
Petroleum Development Corp., Sr. Notes, 12.00%, 2/15/18		1,570		1,656,350
Petroplus Finance, Ltd., 6.75%, 5/1/14(4)		200		186,000
Petroplus Finance, Ltd., 7.00%, 5/1/17(4)		1,480		1,335,700
Petroplus Finance, Ltd., Sr. Notes, 9.375%, 9/15/19(4)		3,235		3,218,825
Quicksilver Resources, Inc., Sr. Notes, 11.75%, 1/1/16		2,720		3,148,400
SandRidge Energy, Inc., 8.75%, 1/15/20(4)		1,190		1,231,650
SandRidge Energy, Inc., Sr. Notes, (PIK), 8.625%, 4/1/15		4,240		4,287,700
SESI, LLC, Sr. Notes, 6.875%, 6/1/14		700		696,500
Stewart & Stevenson, LLC, Sr. Notes, 10.00%, 7/15/14		2,800		2,604,000
Tesoro Corp., 9.75%, 6/1/19		925		1,002,469
United Refining Co., Sr. Notes, 10.50%, 8/15/12		8,420		8,167,400
			$	57,869,141
Entertainment/Film — 1.4%
AMC Entertainment, Inc., 11.00%, 2/1/16	$	10,255	$	11,075,400
			$	11,075,400
Environmental — 0.7%
Casella Waste Systems, Inc., Sr. Notes, 11.00%, 7/15/14(4)	$	650	$	708,500
Waste Services, Inc., Sr. Sub. Notes, 9.50%, 4/15/14		4,915		5,111,600
			$	5,820,100

4

	Principal
	Amount
Security	(000’s omitted)		Value
Food/Beverage/Tobacco — 2.7%
ASG Consolidated, LLC/ASG Finance, Inc., Sr. Disc. Notes, 11.50%, 11/1/11	$	6,585	$	6,634,387
Dole Foods Co., 13.875%, 3/15/14(4)		1,680		2,016,000
Pinnacle Foods Finance, LLC, 9.25%, 4/1/15(4)		1,635		1,651,350
Smithfield Foods, Inc., Sr. Notes, 7.00%, 8/1/11		4,535		4,557,675
Smithfield Foods, Inc., Sr. Notes, 10.00%, 7/15/14(4)		2,140		2,340,625
U.S. Foodservice, Inc., Sr. Notes, 10.25%, 6/30/15(4)		4,085		4,166,700
			$	21,366,737
Gaming — 6.3%
Buffalo Thunder Development Authority, 9.375%, 12/15/14(3)(4)	$	5,755	$	1,007,125
CCM Merger, Inc., 8.00%, 8/1/13(4)		3,635		2,998,875
Chukchansi EDA, Sr. Notes, Variable Rate, 4.024%, 11/15/12(4)		595		478,975
Eldorado Casino Shreveport, 10.00%, 8/1/12(5)		705		621,378
Fontainebleau Las Vegas Casino, LLC, 11.00%, 6/15/15(3)(4)		9,480		142,200
Galaxy Entertainment Finance, 9.875%, 12/15/12(4)		3,970		4,089,100
Greektown Holdings, LLC, Sr. Notes, 10.75%, 12/1/13(3)(4)		1,180		147,500
Harrah’s Operating Co., Inc., Sr. Notes, 11.25%, 6/1/17(4)		3,315		3,538,762
Indianapolis Downs, LLC & Capital Corp., Sr. Notes, 11.00%, 11/1/12(4)		1,980		1,346,400
Inn of the Mountain Gods, Sr. Notes, 12.00%, 11/15/10(3)		3,615		1,798,463
Majestic HoldCo, LLC, 12.50%, 10/15/11(3)(4)		1,620		8,100
MGM Mirage, Inc., 8.375%, 2/1/11		4,090		3,951,962
MGM Mirage, Inc., Sr. Notes, 10.375%, 5/15/14(4)		1,305		1,438,763
MGM Mirage, Inc., Sr. Notes, 11.125%, 11/15/17(4)		1,350		1,525,500
Mohegan Tribal Gaming Authority, Sr. Sub. Notes, 6.875%, 2/15/15		2,930		2,160,875
Mohegan Tribal Gaming Authority, Sr. Sub. Notes, 7.125%, 8/15/14		2,760		2,145,900
Mohegan Tribal Gaming Authority, Sr. Sub. Notes, 8.00%, 4/1/12		3,250		3,010,312
Mohegan Tribal Gaming Authority, Sr. Sub. Notes, 8.375%, 7/1/11		1,000		960,672
Mohegan Tribal Gaming Authority, Sr. Sub. Notes, 11.50%, 11/1/17(4)		1,620		1,709,100
MTR Gaming Group, Inc., 12.625%, 7/15/14(4)		2,055		2,029,313
Peninsula Gaming, LLC, 8.375%, 8/15/15(4)		390		397,800
Peninsula Gaming, LLC, 10.75%, 8/15/17(4)		1,935		1,983,375
Pinnacle Entertainment, Inc., Sr. Sub. Notes, 7.50%, 6/15/15		1,235		1,148,550
Pokagon Gaming Authority, Sr. Notes, 10.375%, 6/15/14(4)		1,184		1,241,720
San Pasqual Casino, 8.00%, 9/15/13(4)		1,335		1,281,600
Seminole Hard Rock Entertainment, Variable Rate, 2.754%, 3/15/14(4)		990		878,625
Tunica-Biloxi Gaming Authority, Sr. Notes, 9.00%, 11/15/15(4)		3,605		3,388,700
Waterford Gaming, LLC, Sr. Notes, 8.625%, 9/15/14(4)(5)		4,925		3,931,135
			$	49,360,780
Health Care — 7.0%
Accellent, Inc., 10.50%, 12/1/13	$	2,465	$	2,483,487
Accellent, Inc., Sr. Notes, 8.375%, 2/1/17(4)		2,840		2,882,600
AMR HoldCo, Inc./EmCare HoldCo, Inc., Sr. Sub. Notes, 10.00%, 2/15/15		4,860		5,115,150
Apria Healthcare Group, Inc., Sr. Notes, 12.375%, 11/1/14(4)		320		346,400
Biomet, Inc., 11.625%, 10/15/17		6,975		7,707,375
Biomet, Inc., (PIK), 10.375%, 10/15/17		640		700,800
DJO Finance, LLC/DJO Finance Corp., 10.875%, 11/15/14		3,465		3,690,225
DJO Finance, LLC/DJO Finance Corp., Sr. Notes, 10.875%, 11/15/14(4)		320		340,800
HCA, Inc., 9.875%, 2/15/17(4)		2,195		2,398,037
Inverness Medical Innovations, Inc., Sr. Sub. Notes, 9.00%, 5/15/16		3,230		3,310,750
MultiPlan, Inc., Sr. Sub. Notes, 10.375%, 4/15/16(4)		5,835		6,039,225
National Mentor Holdings, Inc., 11.25%, 7/1/14		3,670		3,688,350
Quintiles Transnational Corp., (PIK), 9.50%, 12/30/14(4)		5,465		5,560,637
Res-Care, Inc., Sr. Notes, 7.75%, 10/15/13		2,370		2,352,225
Rural/Metro Corp., Sr. Disc. Notes, 12.75%, (0.00% until 3/15/10), 3/15/16		2,470		2,556,450
US Oncology, Inc., 10.75%, 8/15/14		1,655		1,733,613
US Oncology, Inc., Sr. Notes, 9.125%, 8/15/17(4)		2,040		2,152,200

5

	Principal
	Amount
Security	(000’s omitted)		Value
Valeant Pharmaceuticals International, 8.375%, 6/15/16(4)	$	1,375	$	1,433,438
Viant Holdings, Inc., 10.125%, 7/15/17(4)		440		437,800
			$	54,929,562
Homebuilders/Real Estate — 0.3%
CB Richard Ellis Service, Inc., Sr. Sub. Notes, 11.625%, 6/15/17	$	1,990	$	2,248,700
			$	2,248,700
Insurance — 0.5%
Alliant Holdings I, Inc., 11.00%, 5/1/15(4)	$	1,795	$	1,830,900
HUB International Holdings, Inc., Sr. Notes, 9.00%, 12/15/14(4)		670		651,575
U.S.I. Holdings Corp., Sr. Notes, Variable Rate, 4.148%, 11/15/14(4)		1,200		1,020,000
			$	3,502,475
Leisure — 1.0%
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp., 12.50%, 4/1/13(3)(4)(5)	$	2,315	$	0
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp., Variable Rate, 0.00%, 4/1/12(3)(4)(5)		3,985		0
HRP Myrtle Beach Operations, LLC/HRP Myrtle Beach Capital Corp., Sr. Notes, (PIK), 14.50%, 4/1/14(3)(4)(5)		3,274		0
MU Finance PLC, Sr. Notes, 8.375%, 2/1/17(4)		2,130		2,087,400
Royal Caribbean Cruises, Sr. Notes, 6.875%, 12/1/13		858		853,213
Royal Caribbean Cruises, Sr. Notes, 7.00%, 6/15/13		1,750		1,745,625
Royal Caribbean Cruises, Sr. Notes, 7.25%, 6/15/16		535		524,300
Royal Caribbean Cruises, Sr. Notes, 7.25%, 3/15/18		1,355		1,310,962
Royal Caribbean Cruises, Sr. Notes, 8.75%, 2/2/11		255		265,838
Universal City Development Partners, Ltd., Sr. Notes, 8.875%, 11/15/15(4)		1,215		1,230,187
			$	8,017,525
Metals/Mining — 3.3%
Arch Coal, Inc., Sr. Notes, 8.75%, 8/1/16(4)	$	765	$	818,550
Cloud Peak Energy Resources, LLC/Cloud Peak Energy Finance Corp., 8.50%, 12/15/19(4)		1,555		1,624,975
FMG Finance PTY, Ltd., 10.625%, 9/1/16(4)		5,820		6,620,250
Murray Energy Corp., Sr. Notes, 10.25%, 10/15/15(4)		3,865		3,951,962
Novelis, Inc./GA, Sr. Notes, 11.50%, 2/15/15		785		853,688
Teck Resources, Ltd., Sr. Notes, 9.75%, 5/15/14		2,555		2,931,862
Teck Resources, Ltd., Sr. Notes, 10.25%, 5/15/16		1,915		2,197,463
Teck Resources, Ltd., Sr. Notes, 10.75%, 5/15/19		5,805		6,864,412
			$	25,863,162
Paper — 3.6%
Boise Paper Holdings, LLC, Sr. Notes, 9.00%, 11/1/17(4)	$	1,825	$	1,939,062
Domtar Corp., Sr. Notes, 10.75%, 6/1/17		2,680		3,122,200
International Paper Co., 7.95%, 6/15/18		2,320		2,692,627
International Paper Co., 9.375%, 5/15/19		7,525		9,437,118
International Paper Co., Sr. Notes, 7.50%, 8/15/21		890		1,012,302
NewPage Corp., Sr. Notes, 11.375%, 12/31/14(4)		8,085		7,862,662
Verso Paper Holdings, LLC/Verso Paper, Inc., 11.375%, 8/1/16		1,820		1,569,750
Verso Paper Holdings, LLC/Verso Paper, Inc., Sr. Notes, Variable Rate, 4.031%, 8/1/14		245		202,125
			$	27,837,846
Publishing/Printing — 0.2%
Dex Media West/Finance, Series B, 9.875%, 8/15/13(3)	$	1,835	$	646,838
Local Insight Regatta Holdings, Inc., 11.00%, 12/1/17		695		455,225
Reader’s Digest Association, Inc. (The), Sr. Sub. Notes, 9.00%, 2/15/17(3)		5,520		83,352
			$	1,185,415

6

	Principal
	Amount
Security	(000’s omitted)		Value
Railroad — 0.2%
Kansas City Southern Mexico, Sr. Notes, 7.375%, 6/1/14	$	1,150	$	1,138,500
Kansas City Southern Mexico, Sr. Notes, 7.625%, 12/1/13		650		656,500
			$	1,795,000
Restaurants — 0.9%
El Pollo Loco, Inc., 11.75%, 11/15/13	$	3,175	$	2,968,625
NPC International, Inc., Sr. Sub. Notes, 9.50%, 5/1/14		4,375		4,375,000
			$	7,343,625
Services — 5.1%
Education Management, LLC, Sr. Sub. Notes, 10.25%, 6/1/16	$	998	$	1,070,355
Hertz Corp., 8.875%, 1/1/14		255		258,188
Hertz Corp., 10.50%, 1/1/16		350		368,375
JohnsonDiversey Holdings, Inc., Sr. Notes, (PIK), 10.50%, 5/15/20(4)		1,265		1,331,413
Laureate Education, Inc., 10.00%, 8/15/15(4)		7,020		7,274,475
Laureate Education, Inc., 11.75%, 8/15/17(4)		3,930		4,116,675
Laureate Education, Inc., (PIK), 10.25%, 8/15/15(4)		9,770		9,378,017
MediMedia USA, Inc., Sr. Sub. Notes, 11.375%, 11/15/14(4)		2,575		2,278,875
Muzak, LLC/Muzak Finance, Sr. Notes, 10.00%, 2/15/09(6)		2,640		1,135,200
RSC Equipment Rental, Inc., Sr. Notes, 10.00%, 7/15/17(4)		3,015		3,293,887
ServiceMaster Co. (The), (PIK), 10.75%, 7/15/15(4)		1,490		1,571,950
Ticketmaster Entertainment, Inc., 10.75%, 8/1/16		2,340		2,568,150
United Rentals North America, Inc., 10.875%, 6/15/16(4)		2,345		2,570,706
West Corp., 9.50%, 10/15/14		2,480		2,504,800
			$	39,721,066
Steel — 0.2%
RathGibson, Inc., Sr. Notes, 11.25%, 2/15/14(3)	$	5,225	$	1,750,375
			$	1,750,375
Super Retail — 7.7%
General Nutrition Center, Sr. Notes, (PIK),Variable Rate, 5.178%, 3/15/14	$	4,445	$	4,144,963
General Nutrition Center, Sr. Sub. Notes, 10.75%, 3/15/15		5,715		5,843,587
Limited Brands, Inc., Sr. Notes, 8.50%, 6/15/19(4)		3,745		4,100,775
Neiman Marcus Group, Inc., 9.00%, 10/15/15		8,184		7,999,741
Neiman Marcus Group, Inc., 10.375%, 10/15/15		5,100		5,023,500
Sally Holdings, LLC, Sr. Notes, 10.50%, 11/15/16		5,840		6,278,000
Sonic Automotive, Inc., 5.00%, 10/1/29		2,200		2,252,250
Toys “R” Us, 7.375%, 10/15/18		260		242,450
Toys “R” Us, 7.625%, 8/1/11		6,140		6,370,250
Toys “R” Us, 10.75%, 7/15/17(4)		3,945		4,388,812
Toys “R” Us Property Co., LLC, 8.50%, 12/1/17(4)		2,340		2,421,900
United Auto Group, Inc., 7.75%, 12/15/16		2,000		1,935,000
Yankee Acquisition Corp., 8.50%, 2/15/15		3,996		4,015,980
Yankee Acquisition Corp., 9.75%, 2/15/17		4,950		4,974,750
			$	59,991,958
Technology — 3.1%
Advanced Micro Devices, Inc., 8.125%, 12/15/17(4)	$	1,280	$	1,292,800
Amkor Technologies, Inc., Sr. Notes, 9.25%, 6/1/16		2,635		2,766,750
Avaya, Inc., Sr. Notes, 9.75%, 11/1/15(4)		2,930		2,900,700
Avaya, Inc., Sr. Notes, 10.125%, 11/1/15(4)		4,792		4,480,376
Brocade Communications Systems, Inc., Sr. Notes, 6.625%, 1/15/18(4)		680		691,900
Brocade Communications Systems, Inc., Sr. Notes, 6.875%, 1/15/20(4)		675		691,875
First Data Corp., 9.875%, 9/24/15		1,375		1,234,063
GXS Worldwide, Inc., Sr. Notes, 9.75%, 6/15/15(4)		590		575,250
Sorenson Communications, Inc., Sr. Notes, 10.50%, 2/1/15(4)		2,860		2,717,000
SunGard Data Systems, Inc., Sr. Notes, 10.625%, 5/15/15(4)		6,375		6,964,687
			$	24,315,401

7

	Principal
	Amount
Security	(000’s omitted)		Value
Telecommunications — 6.1%
Clearwire Communications LLC/Clearwire Finance, Inc., Sr. Notes, 12.00%, 12/1/15(4)	$	3,770	$	3,807,700
Digicel Group, Ltd., Sr. Notes, 9.125%, 1/15/15(4)		8,397		8,313,030
Digicel Group, Ltd., Sr. Notes, 12.00%, 4/1/14(4)		1,195		1,332,425
Intelsat Bermuda, Ltd., 11.25%, 6/15/16		3,050		3,255,875
Intelsat Corp., 9.25%, 8/15/14		1,385		1,419,625
Intelsat Jackson Holdings, Ltd., 9.50%, 6/15/16		2,413		2,557,780
Intelsat Subsidiary Holdings Co., Ltd., 8.875%, 1/15/15		660		679,800
Intelsat Subsidiary Holdings Co., Ltd., 8.875%, 1/15/15(4)		865		886,625
NII Capital Corp., 8.875%, 12/15/19(4)		3,235		3,235,000
NII Capital Corp., 10.00%, 8/15/16(4)		2,740		2,877,000
SBA Telecommunications, Inc., 8.00%, 8/15/16(4)		1,145		1,193,662
SBA Telecommunications, Inc., 8.25%, 8/15/19(4)		765		807,075
Sprint Capital Corp., 6.875%, 11/15/28		1,115		880,850
Telesat Canada/Telesat, LLC, Sr. Notes, 11.00%, 11/1/15		7,770		8,721,825
Telesat Canada/Telesat, LLC, Sr. Sub. Notes, 12.50%, 11/1/17		4,060		4,669,000
Wind Acquisition Finance SA, Sr. Notes, 11.75%, 7/15/17(4)		3,060		3,343,050
			$	47,980,322
Textiles/Apparel — 1.2%
Levi Strauss & Co., Sr. Notes, 8.875%, 4/1/16	$	265	$	276,925
Levi Strauss & Co., Sr. Notes, 9.75%, 1/15/15		810		850,500
Oxford Industries, Inc., Sr. Notes, 11.375%, 7/15/15		1,945		2,188,125
Perry Ellis International, Inc., Sr. Sub. Notes, 8.875%, 9/15/13		3,710		3,742,463
Quiksilver, Inc., 6.875%, 4/15/15		2,700		2,362,500
			$	9,420,513
Transportation Ex Air/Rail — 0.7%
CEVA Group, PLC, Sr. Notes, 10.00%, 9/1/14(4)	$	3,825	$	3,695,906
CEVA Group, PLC, Sr. Notes, 11.625%, 10/1/16(4)		880		907,500
Teekay Corp., Sr. Notes, 8.50%, 1/15/20		1,080		1,101,600
			$	5,705,006
Utilities — 2.2%
AES Eastern Energy, Series 99-A, 9.00%, 1/2/17	$	2,052	$	2,092,683
Calpine Construction Finance Co., Sr. Notes, 8.00%, 6/1/16(4)		3,315		3,397,875
Dynegy Holdings, Inc., Sr. Notes, 8.375%, 5/1/16		570		517,275
Edison Mission Energy, Sr. Notes, 7.20%, 5/15/19		790		616,200
Energy Future Holdings Corp., (PIK), 11.25%, 11/1/17		4,185		2,980,515
NGC Corp., 7.625%, 10/15/26		3,205		2,451,825
NRG Energy, Inc., Sr. Notes, 7.375%, 2/1/16		4,645		4,633,388
Reliant Energy, Inc., Sr. Notes, 7.625%, 6/15/14		370		357,050
			$	17,046,811
Total Corporate Bonds & Notes (identified cost $667,385,243)			$	662,874,309
Convertible Bonds — 2.3%
Automotive & Auto Parts — 0.8%
Ford Motor Co., 4.25%, 11/15/16	$	4,655	$	6,255,156
			$	6,255,156
Cable/Satellite TV — 1.0%
Virgin Media, Inc., 6.50%, 11/15/16(4)	$	7,310	$	7,967,900
			$	7,967,900

8

	Principal
	Amount
Security	(000’s omitted)		Value
Health Care — 0.1%
LifePoint Hospitals, Inc., 3.25%, 8/15/25	$	525	$	476,437
			$	476,437
Services — 0.1%
Gaylord Entertainment Co., 3.75%, 10/1/14(4)	$	1,355	$	1,324,512
			$	1,324,512
Technology — 0.3%
Advanced Micro Devices, Inc., 6.00%, 5/1/15	$	2,450	$	2,254,000
			$	2,254,000
Total Convertible Bonds (identified cost $13,169,662)			$	18,278,005

Common Stocks — 3.4%

Security	Shares		Value
Automotive & Auto Parts — 0.9%
Lear Corp.(7)		100,000	$	6,880,000
			$	6,880,000
Building Materials — 0.2%
Panolam Holdings Co.(5)(8)		3,117	$	1,712,792
			$	1,712,792
Consumer Products — 0.0%
HF Holdings, Inc.(5)(7)		13,600	$	0
			$	0
Energy — 0.1%
SemGroup Corp.(7)		16,378	$	406,379
			$	406,379
Gaming — 0.0%
Fontainebleau Equity Holdings, Class A(5)(7)(8)		148,726	$	1,487
Shreveport Gaming Holdings, Inc.(5)		4,858		87,444
			$	88,931
Services — 0.7%
Geo Group, Inc. (The)(7)		300,000	$	5,550,000
			$	5,550,000
Super Retail — 0.9%
GameStop Corp., Class A(7)		300,000	$	5,931,000
GNC Acquisition Holdings, Class A(5)(7)(8)		108,818		1,280,788
			$	7,211,788
Technology — 0.6%
Amkor Technology, Inc.(7)		800,000	$	4,552,000
			$	4,552,000
Total Common Stocks (identified cost $31,868,965)			$	26,401,890

9

Convertible Preferred Stocks — 0.3%

Security	Shares		Value
Energy — 0.3%
Chesapeake Energy Corp., 4.50%		22,471	$	1,871,160
Chesapeake Energy Corp., 5.00%(4)		6,292		534,820
			$	2,405,980
Total Convertible Preferred Stocks (identified cost $2,908,400)			$	2,405,980

Preferred Stocks — 0.4%

Security	Shares/Units		Value
Gaming — 0.0%
Fontainebleau Resorts LLC, (PIK)(5)(7)(8)		4,544	$	45
			$	45
Homebuilders/Real Estate — 0.3%
GGP Capital Trust I		3,000	$	2,565,000
			$	2,565,000
Super Retail — 0.1%
GNC Acquisition Holdings(5)(7)(8)		37,182	$	224,951
			$	224,951
Total Preferred Stocks (identified cost $7,130,370)			$	2,789,996

Miscellaneous — 0.1%

Security	Shares		Value
Cable/Satellite TV — 0.1%
Adelphia, Inc., Escrow Certificate(7)		3,555,000	$	62,213
Adelphia, Inc., Escrow Certificate(7)		7,585,000		132,737
Adelphia Recovery Trust(7)		10,758,837		363,111
			$	558,061
Energy — 0.0%
VeraSun Energy Corp., Escrow Certificate(5)(7)		1,240,000	$	0
			$	0
Utilities — 0.0%
Mirant Corp., Escrow Certificate(5)(7)(8)		3,200,000	$	320
Mirant Corp., Escrow Certificate(5)(7)(8)		1,440,000		144
			$	464
Total Miscellaneous (identified cost $9,900,030)			$	558,525

10

Warrants — 0.3%

Security	Shares		Value
Energy — 0.0%
SemGroup Corp., expires 11/30/14(5)		17,240	$	90,959
			$	90,959
Gaming — 0.3%
Peninsula Gaming LLC, Convertible Preferred Membership Interests(5)(7)(8)		25,351	$	2,466,672
			$	2,466,672
Total Warrants (identified cost $172)			$	2,557,631
Total Investments — 98.1% (identified cost $790,570,505)			$	766,714,298
Other Assets, Less Liabilities — 1.9%			$	14,995,674
Net Assets — 100.0%			$	781,709,972

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
DIP	-	Debtor in Possession
PIK	-	Payment In Kind
(1)		Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(2)		This Senior Loan will settle after January 31, 2010, at which time the interest rate will be determined.
(3)		Defaulted security. Currently the issuer is in default with respect to interest and/or principal payments.
(4)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $310,905,177 or 39.8% of the Portfolio’s net assets.
(5)		Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(6)		Defaulted matured security.
(7)		Non-income producing security.
(8)		Restricted security.

11

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	796,307,410
Gross unrealized appreciation	$	59,439,659
Gross unrealized depreciation		(89,032,771	)
Net unrealized depreciation	$	(29,593,112	)

Restricted Securities

At January 31, 2010, the Portfolio owned the following securities (representing 0.7% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

	Date of
Description	Acquisition		Shares/Units		Cost			Value
Stocks, Miscellaneous, and Warrants
GNC Acquisition Holdings, Class A		3/15/07		108,818	$	544,090		$	1,280,788
GNC Acquisition Holdings, Preferred		3/15/07		37,182		185,910			224,951
Fontainebleau Equity Holdings, Class A		6/1/07		148,726		1,784,712			1,487
Fontainebleau Resorts LLC (PIK), Preferred		6/1/07		4,544		4,544,460			45
Mirant Corp., Escrow Certificate		1/5/06		1,440,000		0	(1)		144
Mirant Corp., Escrow Certificate		1/5/06		3,200,000		0	(1)		320
Panolam Holding Co., Common		12/30/09		3,117		1,712,792			1,712,792
Peninsula Gaming LLC, Convertible Preferred Membership Interests		7/8/99		25,351		0	(1)		2,466,672
Total Restricted Securities					$	8,771,964		$	5,687,199

(1) Less than $0.50.

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Credit Default Swaps — Sell Protection

			Notional		Receive
	Reference	Credit	Amount**		Annual	Termination		Net Unrealized
Counterparty	Entity	Rating*	(000’s omitted)		Fixed Rate	Date		Appreciation
Bank of America	Ford Motor Credit Co.	B3/B-	$	3,200	5.00%(1)		3/20/10	$	78,412
Citigroup, Inc.	First Data Corp.	Caa1/B-		4,560	5.00%(1)		12/20/10		491,613
								$	570,025

*	Credit ratings are those of Moody’s Investors Service, Inc. and Standard & Poor’s Corp. The credit ratings of the reference debt obligation (together with the unrealized appreciation or depreciation on the swap) are a representative measure of the current payment/performance risk of the credit default swap. A lower credit rating increases the probability of the occurrence of a credit event.
**	If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2010, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $7,760,000.

(1) Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to credit risk in the normal course of pursuing its investment objectives. The Portfolio may enter into credit default swap contracts to manage its credit risk, to gain exposure to a credit in which it may otherwise invest, or to enhance return.

At January 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is credit risk was $570,025.

12

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Senior Floating-Rate Interests	$	—	$	50,847,962	$	—	$	50,847,962
Corporate Bonds & Notes		—		658,321,796		4,552,513		662,874,309
Convertible Bonds		—		18,278,005		—		18,278,005
Common Stocks		22,913,000		406,379		3,082,511		26,401,890
Convertible Preferred Stocks		1,871,160		534,820		—		2,405,980
Preferred Stocks		—		2,565,000		224,996		2,789,996
Miscellaneous		—		558,061		464		558,525
Warrants		—		—		2,557,631		2,557,631
Total Investments	$	24,784,160	$	731,512,023	$	10,418,115	$	766,714,298
Credit Default Swaps	$	—	$	570,025	$	—	$	570,025
Total	$	24,784,160	$	732,082,048	$	10,418,115	$	767,284,323

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in
	Corporate		Investments in		Investments in		Investments in		Investments in
	Bonds & Notes		Common Stocks		Preferred Stocks		Warrants		Miscellaneous		Total
Balance as of October 31, 2009	$	621,378	$	1,369,719	$	224,996	$	2,466,672	$	464	$	4,683,229
Realized gains (losses)		—		—		—		—		—		—
Change in net unrealized appreciation (depreciation)		—		—		—		90,787		—		90,787
Net purchases (sales)		—		1,712,792		—		172		—		1,712,964
Accrued discount (premium)		—		—		—		—		—		—
Net transfers to (from) Level 3		3,931,135		—		—		—		—		3,931,135
Balance as of January 31, 2010	$	4,552,513	$	3,082,511	$	224,996	$	2,557,631	$	464	$	10,418,115
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2010	$	—	$	—	$	—	$	90,787	$	—	$	90,787

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

13

Eaton Vance International Equity Fund as of January 31, 2010 (Unaudited)

Eaton Vance International Equity Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in International Equity Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $22,526,642 and the Fund owned 67.2% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

International Equity Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 95.6%

Security	Shares		Value
Automobiles — 4.1%
Fiat SpA(1)		9,800	$	122,813
Honda Motor Co., Ltd. ADR		14,600		495,086
Nissan Motor Co., Ltd.(1)		41,000		333,282
Toyota Motor Corp.		11,300		434,637
			$	1,385,818
Beverages — 2.8%
Central European Distribution Corp.(1)		15,300	$	490,365
Fomento Economico Mexicano SA de CV ADR		10,600		446,896
			$	937,261
Building Products — 1.2%
Wienerberger AG(1)		22,120	$	413,680
			$	413,680
Capital Markets — 0.4%
3i Group PLC		32,000	$	134,219
			$	134,219
Chemicals — 1.0%
Agrium, Inc.		5,900	$	332,465
			$	332,465
Commercial Banks — 17.1%
Banco Santander Central Hispano SA ADR		85,700	$	1,206,656
Barclays PLC		133,000		568,443
BOC Hong Kong Holdings, Ltd.		303,000		628,961
Credit Agricole SA		9,100		142,650
DBS Group Holdings, Ltd. ADR		22,500		919,125
Intesa Sanpaolo SpA(1)		152,000		578,608
KBC Groep NV(1)		12,000		516,612
Mitsubishi UFJ Financial Group, Inc.		38,000		195,551
National Bank of Greece SA(1)		25,100		548,663
Societe Generale		4,600		266,143
Turkiye Is Bankasi		37,000		162,534
			$	5,733,946
Computers & Peripherals — 0.6%
Toshiba Corp.(1)		39,000	$	213,089
			$	213,089
Construction & Engineering — 0.8%
Vinci SA		4,800	$	256,353
			$	256,353
Consumer Finance — 1.0%
ORIX Corp.		4,600	$	344,360
			$	344,360
Diversified Telecommunication Services — 2.9%
Koninklijke KPN NV		21,000	$	347,728
Telefonica SA		26,000		622,844
			$	970,572
Electric Utilities — 0.9%
E.ON AG ADR		8,600	$	315,018
			$	315,018

1

Security	Shares		Value
Electrical Equipment — 1.2%
ABB, Ltd. ADR(1)		22,000	$	396,660
			$	396,660
Electronic Equipment, Instruments & Components — 3.2%
FUJIFILM Holdings Corp.		23,000	$	736,659
Hon Hai Precision Industry Co., Ltd.		80,500		335,443
			$	1,072,102
Energy Equipment & Services — 2.6%
OAO TMK GDR(1)		25,800	$	489,193
Tenaris SA ADR		8,600		378,400
			$	867,593
Food Products — 6.4%
Cosan, Ltd., Class A(1)		45,200	$	352,560
Nestle SA ADR		22,200		1,054,722
Unilever PLC		24,000		729,817
			$	2,137,099
Health Care Equipment & Supplies — 0.5%
Mindray Medical International, Ltd. ADR		5,000	$	174,350
			$	174,350
Hotels, Restaurants & Leisure — 0.6%
Carnival PLC(1)		5,100	$	183,354
			$	183,354
Household Durables — 1.8%
Desarrolladora Homex SA de CV ADR(1)		10,200	$	312,630
Fisher & Paykel Appliances Holdings, Ltd.(1)		330,000		138,609
LG Electronics, Inc.		1,600		149,255
			$	600,494
Household Products — 0.5%
Henkel AG & Co. KGaA		3,800	$	165,987
			$	165,987
Industrial Conglomerates — 3.2%
Cookson Group PLC(1)		61,000	$	413,512
Keppel, Ltd. ADR		54,000		642,600
			$	1,056,112
Insurance — 2.6%
AXA SA ADR		14,300	$	294,437
Swiss Reinsurance Co., Ltd.		7,200		311,255
Zurich Financial Services AG		1,300		276,396
			$	882,088
Media — 1.0%
Central European Media Enterprises, Ltd., Class A(1)		12,200	$	347,822
			$	347,822
Metals & Mining — 6.6%
Anglo American PLC ADR(1)		18,163	$	329,658
ArcelorMittal		9,000		348,120
Rio Tinto PLC ADR		2,000		388,040
Sterlite Industries India, Ltd. ADR		19,900		317,405
Thompson Creek Metals Co., Inc.(1)		30,600		354,960
Vale SA ADR		20,800		469,664
			$	2,207,847

2

Security	Shares		Value
Multi-Utilities — 2.8%
National Grid PLC		31,800	$	319,391
RWE AG ADR		7,000		619,640
			$	939,031
Office Electronics — 1.1%
Canon, Inc.		9,000	$	351,793
			$	351,793
Oil, Gas & Consumable Fuels — 9.0%
KazMunaiGas Exploration Production GDR		8,000	$	202,005
LUKOIL OAO ADR		9,000		500,400
OMV AG		3,600		141,791
Petroleo Brasileiro SA ADR		20,200		728,816
Soco International PLC(1)		14,400		330,506
Statoil ASA ADR		15,191		339,671
Total SA ADR		13,700		788,983
			$	3,032,172
Pharmaceuticals — 7.8%
AstraZeneca PLC ADR		6,000	$	278,940
GlaxoSmithKline PLC ADR		15,000		585,150
Novartis AG ADR		25,300		1,354,309
Sanofi-Aventis		5,500		406,694
			$	2,625,093
Real Estate Management & Development — 0.5%
Raven Russia, Ltd.		208,000	$	165,772
			$	165,772
Road & Rail — 0.6%
All America Latina Logistica SA (Units)		25,000	$	200,265
			$	200,265
Semiconductors & Semiconductor Equipment — 0.5%
United Microelectronics Corp. ADR(1)		47,000	$	164,970
			$	164,970
Specialty Retail — 0.5%
Kingfisher PLC		52,000	$	175,160
			$	175,160
Tobacco — 3.2%
British American Tobacco PLC ADR		16,100	$	1,071,294
			$	1,071,294
Trading Companies & Distributors — 3.8%
Mitsubishi Corp.		9,000	$	217,631
Mitsui & Co., Ltd.		71,000		1,044,300
			$	1,261,931
Wireless Telecommunication Services — 2.8%
MTN Group, Ltd.		15,000	$	214,134
Turkcell Iletisim Hizmetleri AS ADR		40,400		734,876
			$	949,010
Total Common Stocks (identified cost $30,238,116)			$	32,064,780

3

Short-Term Investments — 5.1%

	Interest
Description	(000’s omitted)		Value
Cash Management Portfolio, 0.00%(2)	$	195	$	195,451
Eaton Vance Cash Reserves Fund, LLC, 0.11%(2)		1,513		1,512,605
Total Short-Term Investments (identified cost $1,708,056)			$	1,708,056
Total Investments — 100.7% (identified cost $31,946,172)			$	33,772,836
Other Assets, Less Liabilities — (0.7)%			$	(227,342	)
Net Assets — 100.0%			$	33,545,494

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
(1)		Non-income producing security.
(2)		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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $24, respectively.

4

Country Concentration of Portfolio

	Percentage
Country	of Net Assets			Value
United Kingdom		16.4	%	$	5,507,484
Japan		13.0			4,366,388
Switzerland		10.1			3,393,342
France		6.4			2,155,260
Spain		5.5			1,829,500
Brazil		5.3			1,751,305
United States		5.1			1,708,056
Singapore		4.6			1,561,725
Russia		3.4			1,155,365
Germany		3.3			1,100,645
Italy		3.2			1,079,821
Turkey		2.7			897,410
Mexico		2.3			759,526
Netherlands		2.1			695,848
Canada		2.0			687,425
Hong Kong		1.9			628,961
Austria		1.7			555,471
Greece		1.6			548,663
Belgium		1.6			516,612
Taiwan		1.5			500,413
Poland		1.5			490,365
Czech Republic		1.0			347,822
Norway		1.0			339,671
India		0.9			317,405
South Africa		0.6			214,134
Kazakhstan		0.6			202,005
China		0.5			174,350
South Korea		0.5			149,255
New Zealand		0.4			138,609
Total Investments		100.7	%	$	33,772,836

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	31,946,172
Gross unrealized appreciation	$	3,471,840
Gross unrealized depreciation		(1,645,176	)
Net unrealized appreciation	$	1,826,664

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

5

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Consumer Discretionary	$	1,155,538	$	1,537,110		$	—	$	2,692,648
Consumer Staples		3,415,837		895,804			—		4,311,641
Energy		2,736,270		1,163,495			—		3,899,765
Financials		2,420,218		4,840,167			—		7,260,385
Health Care		2,392,749		406,694			—		2,799,443
Industrials		1,239,525		2,345,476			—		3,585,001
Information Technology		164,970		1,636,984			—		1,801,954
Materials		2,540,312		—			—		2,540,312
Telecommunication Services		734,876		1,184,706			—		1,919,582
Utilities		934,658		319,391			—		1,254,049
Total Common Stocks	$	17,734,953	$	14,329,827	*	$	—	$	32,064,780
Short-Term Investments	$	195,451	$	1,512,605		$	—	$	1,708,056
Total Investments	$	17,930,404	$	15,842,432		$	—	$	33,772,836

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

6

Eaton Vance International Income Fund as of January 31, 2010 (Unaudited)

Eaton Vance International Income Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in International Income Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $6,678,152 and the Fund owned 9.1% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

International Income Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 40.3%

	Principal
Security	Amount		Value
Australia — 0.6%
Commonwealth of Australia, 5.75%, 6/15/11	AUD	177,000	$	159,787
Commonwealth of Australia, 6.25%, 4/15/15	AUD	146,000		135,957
Commonwealth of Australia, 6.50%, 5/15/13	AUD	152,000		141,299
Total Australia (identified cost $395,541)			$	437,043
Belgium — 1.5%
Kingdom of Belgium, 4.00%, 3/28/13	EUR	211,000	$	310,700
Kingdom of Belgium, 5.50%, 9/28/17	EUR	195,000		311,346
Kingdom of Belgium, 5.50%, 3/28/28	EUR	288,000		461,967
Total Belgium (identified cost $1,049,131)			$	1,084,013
Brazil — 0.2%
Nota Do Tesouro Nacional, 6.00%, 5/15/15(1)	BRL	275,606	$	142,213
Total Brazil (identified cost $126,171)			$	142,213
Canada — 2.3%
Canada Housing Trust, 2.20%, 3/15/14	CAD	135,000	$	125,248
Canada Housing Trust, 3.60%, 6/15/13(2)	CAD	881,000		863,359
Canada Housing Trust, 4.00%, 6/15/12(2)	CAD	214,000		211,098
Canada Housing Trust, 4.10%, 12/15/18	CAD	475,000		463,468
Total Canada (identified cost $1,596,086)			$	1,663,173
Chile — 0.1%
Government of Chile, 2.10%, 9/1/15(1)	CLP	41,743,840	$	75,707
Total Chile (identified cost $75,630)			$	75,707
Congo — 0.0%
Republic of Congo, 3.00%, 6/30/29	USD	64,600	$	34,399
Total Congo (identified cost $25,507)			$	34,399
Costa Rica — 0.1%
Titulo Propiedad Ud, 1.00%, 1/12/22(1)	CRC	41,617,040	$	33,843
Titulo Propiedad Ud, 1.63%, 7/13/16(1)	CRC	4,802,156		3,867
Total Costa Rica (identified cost $48,237)			$	37,710
Czech Republic — 1.9%
Czech Republic, 4.125%, 3/18/20	EUR	1,010,000	$	1,413,116
Total Czech Republic (identified cost $1,516,783)			$	1,413,116
Denmark — 1.0%
Kingdom of Denmark, 4.00%, 11/15/15	DKK	215,000	$	42,402
Kingdom of Denmark, 4.00%, 11/15/17	DKK	1,008,000		196,950

1

	Principal
Security	Amount		Value
Kingdom of Denmark, 5.00%, 11/15/13	DKK	938,000	$	191,920
Kingdom of Denmark, 6.00%, 11/15/11	DKK	460,000		92,417
Kingdom of Denmark, 7.00%, 11/10/24	DKK	790,000		199,467
Total Denmark (identified cost $704,908)			$	723,156
France — 11.0%
Government of France, 3.75%, 4/25/17	EUR	1,320,000	$	1,918,522
Government of France, 4.00%, 10/25/13	EUR	905,000		1,344,418
Government of France, 4.00%, 4/25/14	EUR	570,000		848,162
Government of France, 4.25%, 10/25/23	EUR	1,920,000		2,771,460
Government of France, 5.50%, 4/25/29	EUR	745,000		1,230,896
Total France (identified cost $7,729,937)			$	8,113,458
Georgia — 0.2%
Republic of Georgia, 7.50%, 4/15/13	USD	115,000	$	119,600
Total Georgia (identified cost $79,161)			$	119,600
Germany — 11.3%
Republic of Germany, 3.75%, 7/4/13	EUR	1,096,000	$	1,618,364
Republic of Germany, 3.75%, 1/4/19	EUR	970,000		1,410,853
Republic of Germany, 5.00%, 1/4/12	EUR	1,700,000		2,528,217
Republic of Germany, 6.25%, 1/4/30	EUR	732,000		1,331,532
Republic of Germany, 6.50%, 7/4/27	EUR	760,000		1,401,607
Total Germany (identified cost $7,831,334)			$	8,290,573
Ghana — 0.1%
Ghana Government Bond, 13.69%, 3/15/10	GHS	140,000	$	97,250
Total Ghana (identified cost $145,231)			$	97,250
Israel — 0.4%
Israeli Government Bond, 5.00%, 4/30/15(1)	ILS	856,698	$	269,245
Total Israel (identified cost $270,245)			$	269,245
Macedonia — 0.3%
Republic of Macedonia, 4.625%, 12/8/15	EUR	190,000	$	237,915
Total Macedonia (identified cost $165,705)			$	237,915
Netherlands — 1.5%
Government of Netherlands, 3.75%, 1/15/23	EUR	368,000	$	511,000
Government of Netherlands, 4.50%, 7/15/17	EUR	206,000		312,466
Government of Netherlands, 5.00%, 7/15/12	EUR	212,000		319,113
Total Netherlands (identified cost $1,093,189)			$	1,142,579

2

	Principal
Security	Amount		Value
Poland — 0.3%
Poland Government Bond, 3.00%, 8/24/16(1)	PLN	650,417	$	215,536
Total Poland (identified cost $185,479)			$	215,536
South Africa — 0.8%
Republic of South Africa, 6.50%, 6/2/14	USD	540,000	$	591,300
Total South Africa (identified cost $592,786)			$	591,300
Sweden — 1.1%
Government of Sweden, 3.75%, 8/12/17	SEK	5,510,000	$	782,735
Government of Sweden, 6.75%, 5/5/14	SEK	395,000		63,076
Total Sweden (identified cost $868,183)			$	845,811
Turkey — 2.0%
Turkey Government Bond, 9.00%, 5/21/14(1)	TRY	388,220	$	314,363
Turkey Government Bond, 10.00%, 2/15/12(1)	TRY	538,212		410,289
Turkey Government Bond, 12.00%, 8/14/13(1)	TRY	854,908		741,958
Total Turkey (identified cost $1,110,758)			$	1,466,610
United Kingdom — 3.3%
United Kingdom Government Bond, 4.25%, 12/7/27	GBP	230,000	$	361,831
United Kingdom Government Bond, 4.75%, 6/7/10	GBP	342,000		554,602
United Kingdom Government Bond, 4.75%, 3/7/20	GBP	285,000		483,455
United Kingdom Government Bond, 5.00%, 3/7/12	GBP	321,000		550,052
United Kingdom Government Bond, 5.00%, 9/7/14	GBP	266,000		466,107
Total United Kingdom (identified cost $2,829,731)			$	2,416,047
Uruguay — 0.3%
Republic of Uruguay, 5.00%, 9/14/18(1)	UYU	5,078,839	$	255,719
Total Uruguay (identified cost $217,797)			$	255,719
Total Foreign Government Bonds (identified cost $28,657,530)			$	29,672,173

Foreign Corporate Bonds — 0.1%

	Principal
Security	Amount		Value
Kazakhstan — 0.1%
Kazkommerts International, 7.875%, 4/7/14(3)	USD	40,000	$	37,000
Total Kazakhstan (identified cost $33,538)			$	37,000
Total Foreign Corporate Bonds (identified cost $33,538)			$	37,000

3

Collateralized Mortgage Obligations — 7.9%

	Principal
Security	Amount		Value
Federal Home Loan Mortgage Corp.:
Series 2127, Class PG, 6.25%, 2/15/29	$	690,074	$	743,831
Federal National Mortgage Association:
Series 1991-139, Class PN, 7.50%, 10/25/21		836,887		945,659
Series 2001-31, Class ZA, 6.00%, 7/25/31		2,472,646		2,673,605
Series 2009-62, Class WA, 5.56%, 8/25/39(4)		1,371,617		1,473,280
Total Collateralized Mortgage Obligations (identified cost $5,699,286)			$	5,836,375

Mortgage Pass-Throughs — 31.2%

	Principal
Security	Amount		Value
Federal Home Loan Mortgage Corp.:
6.00%, with maturity at 2016	$	1,282,956	$	1,382,108
			$	1,382,108
Federal National Mortgage Association:
2.51%, with maturity at 2035(5)	$	1,882,082	$	1,946,190
4.33%, with maturity at 2035(5)		2,142,161		2,232,534
6.00%, with maturity at 2019		337,090		364,278
6.50%, with various maturities to 2036		5,162,114		5,677,487
7.00%, with various maturities to 2033		2,579,010		2,887,881
7.50%, with maturity at 2035		894,326		1,019,418
8.50%, with maturity at 2032		844,962		997,990
			$	15,125,778
Government National Mortgage Association:
7.00%, with various maturities to 2035	$	2,945,757	$	3,285,739
8.00%, with maturity at 2016		1,247,929		1,348,157
9.00%, with various maturities to 2024		1,575,368		1,834,091
			$	6,467,987
Total Mortgage Pass-Throughs (identified cost $22,343,249)			$	22,975,873

Currency Options Purchased — 0.0%

	Principal
	Amount of
	Contracts		Strike		Expiration
Description	(000’s omitted)		Price		Date	Value
Japanese Yen Put Option		JPY  910,000		JPY  107.75	4/6/10	$	1,613
Total Currency Options Purchased (identified cost $163,800)						$	1,613

Short-Term Investments — 29.2%

Foreign Government Securities — 9.6%

	Principal
Security	Amount		Value
Chile — 0.3%
Chilean Government Bond, 6.00%, 7/1/10	CLP	125,000,000	$	243,655
Total Chile (identified cost $259,628)			$	243,655

4

	Principal
Security	Amount		Value
Egypt — 3.1%
Egypt Treasury Bill, 0.00%, 2/2/10	EGP	2,600,000	$	475,634
Egypt Treasury Bill, 0.00%, 2/9/10	EGP	1,475,000		269,350
Egypt Treasury Bill, 0.00%, 2/16/10	EGP	1,850,000		337,225
Egypt Treasury Bill, 0.00%, 2/23/10	EGP	325,000		59,135
Egypt Treasury Bill, 0.00%, 3/2/10	EGP	2,800,000		508,557
Egypt Treasury Bill, 0.00%, 6/29/10	EGP	600,000		105,441
Egypt Treasury Bill, 0.00%, 8/3/10	EGP	500,000		86,938
Egypt Treasury Bill, 0.00%, 9/28/10	EGP	500,000		85,414
Egypt Treasury Bill, 0.00%, 10/5/10	EGP	950,000		161,916
Egypt Treasury Bill, 0.00%, 10/26/10	EGP	425,000		71,935
Egypt Treasury Bill, 0.00%, 10/26/10	EGP	525,000		88,861
Total Egypt (identified cost $2,250,636)			$	2,250,406
Iceland — 0.1%
Iceland Treasury Bill, 0.00%, 2/15/10	ISK	577,000	$	3,817
Iceland Treasury Bill, 0.00%, 3/15/10	ISK	3,200,000		21,050
Iceland Treasury Note, 7.00%, 3/17/10	ISK	1,965,000		13,009
Total Iceland (identified cost $37,136)			$	37,876
Kazakhstan — 1.5%
Kazakhstan National Bank, 0.00%, 2/19/10	KZT	54,310,000	$	366,661
Kazakhstan National Bank, 0.00%, 3/5/10	KZT	16,399,700		110,660
Kazakhstan National Bank, 0.00%, 3/12/10	KZT	78,100		527
Kazakhstan National Bank, 0.00%, 4/23/10	KZT	30,000,300		201,910
Kazakhstan National Bank, 0.00%, 5/28/10	KZT	66,624,600		447,257
Total Kazakhstan (identified cost $1,121,226)			$	1,127,015
Lebanon — 2.6%
Lebanon Treasury Bill, 0.00%, 2/4/10	LBP	136,000,000	$	90,585
Lebanon Treasury Bill, 0.00%, 2/18/10	LBP	100,000,000		66,512
Lebanon Treasury Bill, 0.00%, 3/4/10	LBP	51,000,000		33,868
Lebanon Treasury Bill, 0.00%, 3/18/10	LBP	478,290,000		317,096
Lebanon Treasury Bill, 0.00%, 4/1/10	LBP	230,000,000		152,209
Lebanon Treasury Bill, 0.00%, 4/15/10	LBP	259,000,000		171,071
Lebanon Treasury Bill, 0.00%, 4/29/10	LBP	450,000,000		296,376
Lebanon Treasury Bill, 0.00%, 6/10/10	LBP	220,000,000		144,033
Lebanon Treasury Bill, 0.00%, 6/24/10	LBP	104,600,000		68,341
Lebanon Treasury Bill, 0.00%, 7/8/10	LBP	104,680,000		68,170
Lebanon Treasury Bill, 0.00%, 7/22/10	LBP	69,800,000		45,414
Lebanon Treasury Bill, 0.00%, 9/23/10	LBP	73,000,000		46,944
Lebanon Treasury Bill, 0.00%, 10/21/10	LBP	149,400,000		95,682
Lebanon Treasury Bill, 0.00%, 11/4/10	LBP	90,970,000		58,203
Lebanon Treasury Bill, 0.00%, 11/18/10	LBP	71,460,000		45,613
Lebanon Treasury Bill, 0.00%, 12/16/10	LBP	70,000,000		44,467
Lebanon Treasury Bill, 0.00%, 12/30/10	LBP	111,780,000		70,834
Lebanon Treasury Note, 8.46%, 6/24/10	LBP	63,320,000		42,753
Lebanon Treasury Note, 11.30%, 3/25/10	LBP	61,330,000		41,234
Total Lebanon (identified cost $1,895,194)			$	1,899,405
South Korea — 0.6%
Korea Monetary Stabilization Bond, 0.00%, 3/2/10	KRW	131,300,000	$	112,818
Korea Monetary Stabilization Bond, 0.00%, 4/13/10	KRW	246,600,000		211,247

5

	Principal
Security	Amount		Value
Korea Monetary Stabilization Bond, 0.00%, 4/20/10	KRW	109,670,000	$	93,896
Total South Korea (identified cost $428,405)			$	417,961
Sri Lanka — 1.4%
Sri Lanka Government Bond, 7.60%, 4/1/10	LKR	1,970,000	$	17,168
Sri Lanka Government Bond, 15.50%, 5/15/10	LKR	6,990,000		62,192
Sri Lanka Treasury Bill, 0.00%, 2/5/10	LKR	28,540,000		248,575
Sri Lanka Treasury Bill, 0.00%, 4/9/10	LKR	7,250,000		62,302
Sri Lanka Treasury Bill, 0.00%, 4/30/10	LKR	4,450,000		38,061
Sri Lanka Treasury Bill, 0.00%, 5/7/10	LKR	37,550,000		320,654
Sri Lanka Treasury Bill, 0.00%, 7/16/10	LKR	31,660,000		265,883
Total Sri Lanka (identified cost $1,013,666)			$	1,014,835
Zambia — 0.0%
Zambia Treasury Bill, 0.00%, 1/31/11	ZMK	184,000,000	$	36,695
Total Zambia (identified cost $36,568)			$	36,695
Total Foreign Government Securities (identified cost $7,042,459)			$	7,027,848

Repurchase Agreements⁽⁶⁾ — 9.3%

	Principal
	Amount
Description	(000’s omitted)		Value
Barclays Bank PLC, dated 9/16/09, with an interest rate of 0.85%, collateralized by Costa Rica Government Bond with an interest rate of 9.995%, a maturity date of 8/1/20 and a market value of $1,359,697.	$	1,287	$	1,286,788
Citibank, dated 1/22/10, with an interest rate of 0.38%, collateralized by Turkey Government Bond with an interest rate of 7.00%, a maturity date of 9/26/16 and a market value of $2,278,222.		2,222		2,222,200
JPMorgan Chase:
Dated 1/29/10, with an interest rate of 0.45%, collateralized by Peru Government Bond with an interest rate of 7.35%, a maturity date of 7/21/25 and a market value of $1,127,450.		1,133		1,132,500
Dated 1/29/10, with an interest rate of 0.45%, collateralized by Uruguay Government Bond with an interest rate of 7.875%, a maturity date of 1/15/33 and a market value of $2,198,563.		2,192		2,192,000
Total Repurchase Agreements (identified cost $6,833,488)			$	6,833,488

Other Securities — 10.3%

	Interest
Description	(000’s omitted)		Value
Cash Management Portfolio, 0.00%(7)	$	4,178	$	4,178,455
Eaton Vance Cash Reserves Fund, LLC, 0.11%(7)		3,429		3,428,914
Total Other Securities (identified cost $7,607,369)			$	7,607,369
Total Short-Term Investments (identified cost $21,483,316)			$	21,468,705
Total Investments — 108.7% (identified cost $78,380,719)			$	79,991,739

6

Currency Options Written — 0.0%

	Principal
	Amount of
	Contracts		Strike		Expiration
Description	(000’s omitted)		Price		Date	Value
Japanese Yen Call Option	JPY	1,335,000	JPY	76.40	4/6/10	$	(11,388	)
Total Currency Options Written (premiums received $152,300)						$	(11,388	)
Other Assets, Less Liabilities — (8.7)%						$	(6,325,673	)
Net Assets — 100.0%						$	73,654,678

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
AUD	-	Australian Dollar
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CLP	-	Chilean Peso
CRC	-	Costa Rican Colon
DKK	-	Danish Krone
EGP	-	Egyptian Pound
EUR	-	Euro
GBP	-	British Pound Sterling
GHS	-	Ghanaian Cedi
ILS	-	Israeli Shekel
ISK	-	Icelandic Krona
JPY	-	Japanese Yen
KRW	-	South Korean Won
KZT	-	Kazak Tenge
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
PLN	-	Polish Zloty
SEK	-	Swedish Krona
TRY	-	New Turkish Lira
USD	-	United States Dollar
UYU	-	Uruguayan Peso
ZMK	-	Zambian Kwacha
(1)		Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.
(2)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $1,074,457 or 1.5% of the Portfolio’s net assets.

7

(3)	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.
(4)	Weighted average fixed-rate coupon that changes/updates monthly.
(5)	Adjustable rate mortgage security. Rate shown is the rate at January 31, 2010.
(6)	Open repurchase agreements with no specific maturity date. Either party may terminate the agreement upon demand.
(7)	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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $65, respectively.

8

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Forward Foreign Currency Exchange Contracts

Sales

			Net Unrealized
Settlement			Appreciation
Date	Deliver	In Exchange For	(Depreciation)
2/5/10	Sri Lankan Rupee 28,540,000	United States Dollar 243,204	$	(5,605	)
2/8/10	New Turkish Lira 180,000	United States Dollar 121,511		1,393
2/8/10	South African Rand 1,607,881	United States Dollar 219,512		8,852
2/8/10	South African Rand 3,972,582	United States Dollar 543,103		22,627
2/19/10	Euro 506,000	United States Dollar 733,396		31,859
2/26/10	Swedish Krona 2,835,000	United States Dollar 390,184		6,482
3/2/10	Chilean Peso 95,000,000	United States Dollar 185,547		4,180
4/1/10	Sri Lankan Rupee 2,044,860	United States Dollar 17,540		(158	)
4/9/10	Sri Lankan Rupee 7,250,000	United States Dollar 62,232		(459	)
4/30/10	Sri Lankan Rupee 4,450,000	United States Dollar 38,197		(172	)
5/7/10	Sri Lankan Rupee 16,370,000	United States Dollar 139,676		(1,344	)
5/7/10	Sri Lankan Rupee 19,310,000	United States Dollar 164,691		(1,655	)
5/7/10	Sri Lankan Rupee 1,870,000	United States Dollar 15,956		(154	)
5/17/10	Sri Lankan Rupee 7,531,725	United States Dollar 64,346		(455	)
7/6/10	Chilean Peso 38,110,000	United States Dollar 77,641		4,643
7/6/10	Chilean Peso 20,600,000	United States Dollar 42,226		2,768
7/6/10	Chilean Peso 72,000,000	United States Dollar 147,014		9,101
7/16/10	Sri Lankan Rupee 31,660,000	United States Dollar 269,447		(915	)
7/20/10	Kazak Tenge 22,347,800	United States Dollar 137,103		(14,852	)
7/20/10	Ukrainian Hryvnia 1,377,900	United States Dollar 147,290		(10,399	)
7/21/10	Kazak Tenge 22,253,300	United States Dollar 137,366		(13,951	)
7/21/10	Ukrainian Hryvnia 1,360,000	United States Dollar 144,951		(10,616	)
7/23/10	Kazak Tenge 22,791,200	United States Dollar 140,470		(14,515	)
7/23/10	Ukrainian Hryvnia 1,395,100	United States Dollar 147,318		(12,113	)
			$	4,542

9

Purchases

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/1/10	Zambian Kwacha 648,441,500	United States Dollar 142,458	$	(256	)
2/3/10	Japanese Yen 1,039,492,000	United States Dollar 11,455,341		60,699
2/3/10	Japanese Yen 21,810,000	United States Dollar 241,856		(233	)
2/3/10	Russian Ruble 7,834,000	United States Dollar 264,823		(6,914	)
2/4/10	Malaysian Ringgit 340,000	United States Dollar 99,021		636
2/5/10	Zambian Kwacha 480,778,492	United States Dollar 104,832		561
2/8/10	Indian Rupee 10,720,000	United States Dollar 232,035		(48	)
2/8/10	New Turkish Lira 926,180	United States Dollar 624,016		(5,955	)
2/8/10	Polish Zloty 1,984,344	Euro 484,364		7,553
2/8/10	Polish Zloty 560,000	Euro 136,432		2,492
2/9/10	Indian Rupee 14,860,000	United States Dollar 318,338		3,194
2/9/10	Indian Rupee 14,860,000	United States Dollar 318,201		3,331
2/10/10	Japanese Yen 1,145,514,160	United States Dollar 12,687,715		3,179
2/11/10	Mexican Peso 3,613,000	United States Dollar 282,222		(6,251	)
2/11/10	Russian Ruble 13,500,000	United States Dollar 443,204		744
2/16/10	Australian Dollar 211,241	United States Dollar 194,806		(8,206	)
2/16/10	Indian Rupee 15,500,000	United States Dollar 341,410		(6,365	)
2/16/10	Indonesian Rupiah 1,407,370,000	United States Dollar 153,912		(3,912	)
2/16/10	Israeli Shekel 340,000	United States Dollar 91,055		37
2/16/10	South Korean Won 148,400,000	United States Dollar 131,923		(4,226	)
2/18/10	Colombian Peso 273,125,859	United States Dollar 136,290		1,167
2/19/10	Norwegian Krone 1,480,000	Euro 179,994		128
2/19/10	Indian Rupee 7,070,000	United States Dollar 154,806		(2,048	)
2/22/10	Australian Dollar 231,800	United States Dollar 213,356		(8,723	)
2/22/10	Canadian Dollar 223,019	United States Dollar 212,719		(4,149	)
2/22/10	Malaysian Ringgit 564,000	United States Dollar 168,913		(3,894	)
2/25/10	Norwegian Krone 2,602,500	Euro 319,290		(3,743	)
2/25/10	Euro 9,110,667	United States Dollar 12,862,258		(231,074	)
2/25/10	Indonesian Rupiah 2,432,000,000	United States Dollar 258,065		566

10

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/26/10	British Pound Sterling 681,444	Euro 784,057	$	2,063
2/26/10	British Pound Sterling 115,349	United States Dollar 186,675		(2,323	)
2/26/10	Euro 469,311	United States Dollar 659,284		(8,624	)
2/26/10	Indian Rupee 4,500,000	United States Dollar 97,108		24
2/26/10	South Korean Won 215,000,000	United States Dollar 185,332		(369	)
3/2/10	Brazilian Real 290,000	United States Dollar 156,503		(3,416	)
3/2/10	Brazilian Real 600,831	United States Dollar 320,221		(3,051	)
3/11/10	Indonesian Rupiah 1,058,000,000	United States Dollar 114,218		(1,951	)
3/31/10	Indonesian Rupiah 1,958,000,000	United States Dollar 207,108		219
4/13/10	Ghanaian Cedi 251,500	United States Dollar 158,425		11,869
5/26/10	Zambian Kwacha 355,800,000	United States Dollar 60,142		16,655
5/27/10	Zambian Kwacha 332,600,000	United States Dollar 56,126		15,651
6/11/10	Zambian Kwacha 285,300,000	United States Dollar 58,946		2,456
7/20/10	Ukrainian Hryvnia 1,377,900	United States Dollar 137,104		20,585
7/21/10	Ukrainian Hryvnia 1,360,000	United States Dollar 137,374		18,193
7/23/10	Ukrainian Hryvnia 1,395,100	United States Dollar 140,919		18,512
8/19/10	Zambian Kwacha 93,650,000	United States Dollar 18,969		897
8/23/10	Zambian Kwacha 93,650,000	United States Dollar 19,093		749
9/3/10	Ukrainian Hryvnia 540,000	United States Dollar 48,214		12,055
9/28/10	Zambian Kwacha 235,100,000	United States Dollar 44,653		4,626
6/15/11	Yuan Renminbi 1,100,000	United States Dollar 166,541		1,952
6/15/11	Yuan Renminbi 2,300,000	United States Dollar 347,958		4,345
1/19/12	Yuan Renminbi 470,000	United States Dollar 74,250		(384	)
			$	(100,977	)

At January 31, 2010, closed forward foreign currency purchases and sales contracts excluded above amounted to a receivable of $4,807 and a payable of $23,769.

11

Futures Contracts

									Net Unrealized
Expiration			Aggregate						Appreciation
Date	Contracts	Position	Cost			Value			(Depreciation)
3/10	5 Euro-Bobl	Long	$	879,554		$	884,039		$	4,485
3/10	38 Euro-Bund	Long		7,065,807			7,071,971			6,164
3/10	6 Euro-Buxl	Long		890,862			901,993			11,131
3/10	15 Euro-Schatz	Long		2,439,439			2,448,736			9,297
3/10	12 U.K. Gilt	Long		2,335,800			2,307,564			(28,236	)
3/10	11 U.S. 30 Year Treasury Bond	Short		(1,329,758	)		(1,306,937	)		22,821
3/10	1 U.S. 5 Year Treasury Note	Short		(116,192	)		(116,461	)		(269	)
3/10	9 U.S. Ultra Long Treasury Bond	Short		(1,111,687	)		(1,119,375	)		(7,688	)
									$	17,705

•   Euro-Bobl: Medium-term debt securities issued by the Federal Republic of Germany with a remaining term to maturity of 4.5 to 5 years.

•   Euro-Bund: Long-term debt securities issued by the Federal Republic of Germany with a remaining term to maturity of 8.5 to 10.5 years.

•   Euro-Buxl: Long-term debt securities issued by the Federal Republic of Germany with a remaining term to maturity of 24 to 35 years.

•   Euro-Schatz: Medium-term debt securities issued by the Federal Republic of Germany or the Treuhandanstalt with a remaining term to maturity of 13/4 to 21/4 years.

•   U.K. Gilt: Gilt issues having a maturity of 81/4 to 13 years from the calendar day of the delivery month.

Interest Rate Swaps

	Notional		Portfolio
	Amount		Pays/Receives	Floating	Annual			Termination	Net Unrealized
Counterparty	(000’s omitted)		Floating Rate	Rate Index	Fixed Rate			Date	Depreciation
Bank of America	ILS	380	Receive	3-month ILS TELBOR		4.20	%	11/19/14	$	(567	)
Bank of America	ILS	400	Receive	3-month ILS TELBOR		4.54		1/6/15		(1,404	)
JPMorgan Chase Bank	BRL	2,569	Pay	Brazil Interbank Deposit Rate		9.67		1/3/11		(2,741	)
									$	(4,712	)

BRL	-	Brazilian Real
ILS	-	Israeli Shekel

Credit Default Swaps — Sell Protection

		Notional		Contract				Current
		Amount*		Annual			Termination	Market Annual			Net Unrealized
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	Fixed Rate***			Depreciation
Iceland	JPMorgan Chase Bank	$	300		1.75	%	3/20/18		6.31	%	$	(65,818	)
Iceland	JPMorgan Chase Bank		100		2.10		3/20/23		5.79			(22,454	)
Iceland	JPMorgan Chase Bank		100		2.45		3/20/23		5.79			(20,260	)
											$	(108,532	)

12

Credit Default Swaps — Buy Protection

		Notional		Contract				Net Unrealized
		Amount		Annual			Termination	Appreciation
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	(Depreciation)
Austria	Barclays Bank PLC	$	200		0.44	%	12/20/13	$	2,585
Austria	Barclays Bank PLC		100		1.42		3/20/14		(2,547	)
Brazil	Barclays Bank PLC		250		1.65		9/20/19		(1,069	)
China	Barclays Bank PLC		100		1.00	(1)	3/20/15		(161	)
China	Barclays Bank PLC		100		1.00	(1)	3/20/20		(640	)
China	Citigroup Global Markets		100		1.00	(1)	3/20/20		(478	)
China	JPMorgan Chase Bank		100		1.00	(1)	3/20/15		(209	)
Greece	JPMorgan Chase Bank		4,000		0.13		9/20/17		803,408
Lebanon	Barclays Bank PLC		100		1.00	(1)	12/20/14		(1,295	)
Lebanon	Citigroup Global Markets		200		1.00	(1)	12/20/14		(2,816	)
Lebanon	Citigroup Global Markets		100		1.00	(1)	3/20/15		168
Lebanon	Citigroup Global Markets		150		3.30		9/20/14		(7,440	)
Lebanon	Deutschebank		100		1.00	(1)	3/20/15		(101	)
Malaysia	Bank of America		100		0.83		12/20/14		894
Malaysia	Barclays Bank PLC		200		0.82		12/20/14		1,882
Malaysia	Barclays Bank PLC		200		2.40		3/20/14		(11,981	)
Malaysia	Citigroup Global Markets		200		2.45		3/20/14		(12,389	)
Philippines	Barclays Bank PLC		72		1.00	(1)	3/20/15		675
Philippines	Barclays Bank PLC		300		1.70		12/20/14		988
Philippines	Barclays Bank PLC		200		1.84		12/20/14		(598	)
Philippines	Barclays Bank PLC		100		1.85		12/20/14		(433	)
Philippines	Citigroup Global Markets		100		1.84		12/20/14		(299	)
Philippines	JPMorgan Chase Bank		71		1.00	(1)	3/20/15		666
Philippines	JPMorgan Chase Bank		300		1.69		12/20/14		1,127
South Africa	Bank of America		200		1.00	(1)	12/20/19		3,031
South Africa	Barclays Bank PLC		200		1.00	(1)	12/20/19		1,600
South Africa	Citigroup Global Markets		100		1.00	(1)	12/20/19		74
South Africa	Credit Suisse		100		1.00	(1)	3/20/20		850
South Africa	JPMorgan Chase Bank		100		1.00	(1)	12/20/19		(183	)
Thailand	Barclays Bank PLC		200		0.97		9/20/19		4,586
Thailand	Citigroup Global Markets		200		0.86		12/20/14		1,963
Thailand	Citigroup Global Markets		100		0.95		9/20/19		2,454
Thailand	JPMorgan Chase Bank		100		0.87		12/20/14		935
Turkey	Barclays Bank PLC		540		2.12		1/20/13		(8,506	)
Turkey	Citigroup Global Markets		270		2.93		9/20/19		(18,843	)
iTraxx Europe Subordinated Financials 5 Year Index	Bank of America	EUR	300		1.00	(1)	12/20/14		(179	)
iTraxx Europe Subordinated Financials 5 Year Index	Goldman Sachs, Inc.	EUR	300		1.00	(1)	12/20/14		(85	)
								$	757,634

*	If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2010, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $500,000.
**	The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.
***	Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.

(1)  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

13

Total Return Swaps

	Notional		Expiration	Portfolio	Portfolio	Net Unrealized
Counterparty	Amount		Date	Pays	Receives	Appreciation
JPMorgan Chase Bank	$	74,137	8/25/10	1-month USD- LIBOR-BBA+50bp	Total Return on JPMorgan Abu Dhabi Index	$	171
						$	171

Cross-Currency Swaps

	Notional Amount		Notional Amount
	on Fixed Rate		on Floating Rate		Floating	Fixed			Termination	Net Unrealized
Counterparty	(Currency Received)		(Currency Delivered)		Rate	Rate			Date	Depreciation
Bank of America	TRY	500,000	$	333,778	3-month USD- LIBOR-BBA		10.03	%	11/25/13	$	(5,401	)
Citigroup Global Markets	TRY	224,285	$	135,274	3-month USD- LIBOR-BBA		12.10		2/15/12		(40,216	)
Citigroup Global Markets	TRY	99,705	$	61,699	3-month USD- LIBOR-BBA		11.95		2/15/12		(16,144	)
Citigroup Global Markets	TRY	318,742	$	189,727	3-month USD- LIBOR-BBA		12.46		8/14/13		(49,894	)
Citigroup Global Markets	TRY	160,285	$	107,272	3-month USD- LIBOR-BBA		10.05		11/6/13		(2,102	)
Credit Suisse	TRY	166,085	$	95,948	3-month USD- LIBOR-BBA		12.45		2/15/12		(33,961	)
JPMorgan Chase Bank	TRY	60,922	$	40,778	3-month USD- LIBOR-BBA		10.10		11/6/13		(861	)
JPMorgan Chase Bank	TRY	402,826	$	271,996	3-month USD- LIBOR-BBA		11.20		5/21/14		(18,939	)
										$	(167,518	)

TRY - New Turkish Lira

The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.

Written currency call options activity for the fiscal year to date ended January 31, 2010 was as follows:

	Principal Amount
	of Contracts		Premiums
	(000’s omitted)		Received
Outstanding, beginning of period	JPY	1,335,000	$	152,300
Outstanding, end of period	JPY	1,335,000	$	152,300

JPY - Japanese Yen

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objectives, the Portfolio is subject to the following risks:

•   Credit Risk: The Portfolio may enter into credit default swap contracts to manage its credit risk, to gain exposure to a credit in which the Portfolio may otherwise invest, or to enhance return.

•   Equity Risk: The Portfolio may enter into total return swap agreements on a security, basket of securities or an index to enhance return, to change the duration of the overall portfolio, to hedge against fluctuations in securities prices or interest rates or as substitution for the purchase or sale of securities.

•   Foreign Exchange Risk: The Portfolio holds foreign currency denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio may enter into forward foreign currency exchange contracts. The Portfolio may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing. The Portfolio may also purchase or write currency option contracts to enhance return.

14

•   Interest Rate Risk: The Portfolio holds fixed-rate bonds. The value of these bonds may decrease if interest rates rise. To hedge against this risk, the Portfolio may enter into interest rate and cross-currency swap contracts. The Portfolio may also purchase and sell U.S. Treasury and foreign debt futures contracts to hedge against changes in interest rates.

The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2010 was as follows:

		Fair Value
		Asset		Liability
Risk	Derivative	Derivative		Derivative
Credit	Credit Default Swaps	$	827,886	$	(178,784	)
		$	827,886	$	(178,784	)
Equity	Total Return Swaps	$	171	$	—
		$	171	$	—
Foreign Exchange	Forward Foreign Currency
	Exchange Contracts	$	311,850	$	(427,247	)
Foreign Exchange	Purchased Options		1,613		—
Foreign Exchange	Written Options		—		(11,388	)
		$	313,463	$	(438,635	)
Interest Rate	Cross-Currency Swaps	$	—	$	(167,518	)
Interest Rate	Futures Contracts*		53,898		(36,193	)
Interest Rate	Interest Rate Swaps		—		(4,712	)
Total		$	53,898	$	(208,423	)

  *  Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts in the Futures Contracts table above.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	78,489,246
Gross unrealized appreciation	$	2,467,418
Gross unrealized depreciation		(964,925	)
Net unrealized appreciation	$	1,502,493

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

15

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for			Significant Other			Significant
	Identical Assets			Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)			(Level 2)			(Level 3)		Total
Foreign Government Bonds	$	—		$	29,672,173		$	—	$	29,672,173
Foreign Corporate Bonds		—			37,000			—		37,000
Collateralized Mortgage Obligations		—			5,836,375			—		5,836,375
Mortgage Pass-Throughs		—			22,975,873			—		22,975,873
Currency Options Purchased		—			1,613			—		1,613
Short-Term Investments		4,178,455			17,290,250			—		21,468,705
Total Investments	$	4,178,455		$	75,813,284		$	—	$	79,991,739
Forward Foreign Currency Exchange Contracts	$	—		$	311,850		$	—	$	311,850
Swaps Contracts		—			828,057			—		828,057
Futures Contracts		53,898			—			—		53,898
Total	$	4,232,353		$	76,953,191		$	—	$	81,185,544
Liability Description
Currency Options Written	$	—		$	(11,388	)	$	—	$	(11,388	)
Forward Foreign Currency Exchange Contracts		—			(427,247	)		—		(427,247	)
Swaps Contracts		—			(351,014	)		—		(351,014	)
Futures Contracts		(36,193	)		—			—		(36,193	)
Total	$	(36,193	)	$	(789,649	)	$	—	$	(825,842	)

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

16

Eaton Vance Low Duration Fund as of January 31, 2010 (Unaudited)

Eaton Vance Low Duration Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, pursues its investment objective by investing in one or more registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates. The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At January 31, 2010, the Fund owned 90.8% of Investment Portfolio’s outstanding interests, 0.7% of Floating Rate Portfolio’s outstanding interests and 3.2% of Government Obligations Portfolio’s outstanding interests. The Fund’s Schedule of Investments at January 31, 2010 is set forth below.

Investments in Affiliated Portfolios	Value		% of Net Assets
Investment Portfolio (identified cost, $397,011,568)	$	404,141,110		86.1	%
Floating Rate Portfolio (identified cost, $28,390,147)		32,133,302		6.9	%
Government Obligations Portfolio (identified cost, $30,597,775)		31,554,059		6.7	%
Total Investments in Affiliated Portfolios (identified cost $455,999,490)	$	467,828,471		99.7	%
Other Assets, Less Liabilities	$	1,461,085		0.3	%
Net Assets	$	469,289,556		100.0	%

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At January 31, 2010 and October 31, 2009, the Fund’s investments in the Portfolios were valued based on Level 1 inputs.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

The Investment Portfolio’s Portfolio of Investments is set forth below. A copy of the Form N-Q (containing a schedule of investments) for Floating Rate Portfolio and Government Obligations Portfolio at January 31, 2010 is available on the EDGAR database on the Securities and Exchange Commission’s website (www.sec.gov), at the Commission’s public reference room in Washington, DC (call 1-800-732-0330 for information on the operation of the public reference room) or by calling the Fund’s principal underwriter, Eaton Vance Distributors, Inc., at 1-800-262-1122.

Investment Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Mortgage Pass-Throughs — 57.0%

	Principal
	Amount
Security	(000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
2.509%, with various maturities to 2037(1)	$	3,446	$	3,545,624
2.522%, with various maturities to 2022(1)		5,430		5,555,004
2.661%, with maturity at 2035(1)		8,818		9,048,742
2.932%, with maturity at 2035(1)		6,361		6,533,946
3.125%, with maturity at 2034(1)		3,103		3,188,250
3.138%, with maturity at 2020(1)		1,310		1,337,824
3.279%, with maturity at 2023(1)		2,759		2,828,063
3.361%, with maturity at 2032(1)		2,591		2,656,068
3.404%, with maturity at 2029(1)		1,858		1,901,271
3.671%, with maturity at 2022(1)		613		634,772
3.842%, with maturity at 2034(1)		1,395		1,453,761
4.098%, with maturity at 2037(1)		3,352		3,493,473
4.268%, with maturity at 2025(1)		2,422		2,523,764
4.314%, with maturity at 2030(1)		2,465		2,569,345
4.50%, with maturity at 2018		7,371		7,763,828
5.00%, with maturity at 2014		1,437		1,520,793
5.50%, with various maturities to 2017		1,576		1,693,686
5.793%, with maturity at 2032(1)		1,080		1,117,541
6.00%, with various maturities to 2035(2)		20,529		22,189,178
6.50%, with various maturities to 2030		1,156		1,260,402
7.00%, with various maturities to 2035		3,109		3,484,860
7.50%, with various maturities to 2017		2,357		2,541,716
8.00%, with various maturities to 2025		639		719,993
9.25%, with maturity at 2017		8		8,840
			$	89,570,744
Federal National Mortgage Association:
2.509%, with various maturities to 2035(1)	$	7,151	$	7,393,361
2.522%, with maturity at 2032(1)		3,328		3,436,767
2.965%, with maturity at 2031(1)		6,642		6,828,598
2.974%, with maturity at 2037(1)		7,646		7,923,610
3.080%, with maturity at 2018(1)		115		117,468
3.175%, with maturity at 2031(1)		9,337		9,560,800
3.243%, with maturity at 2036(1)		845		868,862
3.295%, with maturity at 2019(1)		3,286		3,374,102
3.344%, with various maturities to 2027(1)		1,157		1,192,109
3.356%, with maturity at 2018(1)		741		757,650
3.376%, with maturity at 2020(1)		1,143		1,172,905
3.387%, with maturity at 2030(1)		2,155		2,245,657
3.503%, with maturity at 2030(1)		1,532		1,583,248
3.600%, with maturity at 2036(1)		3,127		3,210,130
3.645%, with maturity at 2030(1)		5,737		5,979,102
3.847%, with maturity at 2029(1)		695		715,061
3.851%, with maturity at 2040(1)		2,378		2,473,790
3.860%, with maturity at 2034(1)		9,538		9,935,584
3.925%, with maturity at 2036(1)		882		905,208
3.942%, with maturity at 2034(1)		6,170		6,429,871
3.952%, with maturity at 2018(1)		96		98,021
3.977%, with maturity at 2021(1)		1,593		1,660,262
4.005%, with maturity at 2035(1)		4,165		4,340,661
4.104%, with maturity at 2033(1)		2,230		2,324,096
4.326%, with maturity at 2035(1)		2,986		3,112,416
4.334%, with maturity at 2036(1)		5,061		5,274,862
4.477%, with maturity at 2021(1)		2,500		2,593,444

1

	Principal
	Amount
Security	(000’s omitted)		Value
4.50%, with various maturities to 2018	$	25,668	$	26,966,669
4.859%, with maturity at 2034(1)		6,914		7,205,780
5.00%, with various maturities to 2018		2,516		2,675,379
5.009%, with maturity at 2034(1)		2,408		2,509,684
5.50%, with various maturities to 2017		5,827		6,249,091
6.00%, with various maturities to 2031		7,154		7,718,378
6.319%, with maturity at 2032(1)		939		978,854
6.50%, with various maturities to 2019		2,260		2,413,120
7.00%, with various maturities to 2033		7,004		7,773,466
8.00%, with maturity at 2023		234		269,262
9.00%, with maturity at 2011		3		3,148
9.50%, with maturity at 2022		898		1,060,893
9.506%, with maturity at 2018(3)		572		660,756
			$	161,992,125
Government National Mortgage Association:
3.125%, with various maturities to 2027(1)	$	1,280	$	1,318,893
8.25%, with maturity at 2020		417		479,900
9.00%, with maturity at 2017		458		524,649
			$	2,323,442
Total Mortgage Pass-Throughs (identified cost $248,501,150)			$	253,886,311

Collateralized Mortgage Obligations — 5.9%

	Principal
	Amount
Security	(000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 1395, Class F, 2.744%, 10/15/22(4)	$	131	$	127,695
Series 2135, Class JZ, 6.00%, 3/15/29		7,381		7,968,803
			$	8,096,498
Federal National Mortgage Association:
Series G93-17, Class FA, 1.25%, 4/25/23(4)	$	273	$	277,359
Series G93-36, Class ZQ, 6.50%, 12/25/23		1,272		1,390,334
Series G97-4, Class FA, 1.05%, 6/17/27(4)		888		899,328
Series 296, (Interest Only), Class 2, 7.156%, 4/1/24(5)		3,926		938,499
Series 1993-203, Class PL, 6.50%, 10/25/23		1,652		1,812,548
Series 1993-250, Class Z, 7.00%, 12/25/23		485		532,330
Series 1994-14, Class F, 3.694%, 10/25/23(4)		1,621		1,671,121
Series 2001-4, Class GA, 10.018%, 4/17/25(3)		320		369,836
Series 2009-48, Class WA, 5.84%, 7/25/39(3)		3,362		3,629,829
Series 2009-62, Class WA, 5.559%, 8/25/39(3)		4,572		4,910,933
			$	16,432,117
Government National Mortgage Association:
Series 2000-30, Class F, 0.783%, 12/16/22(4)	$	1,599	$	1,613,224
Total Collateralized Mortgage Obligations (identified cost $25,375,312)			$	26,141,839

Commercial Mortgage-Backed Securities — 6.3%

	Principal
	Amount
Security	(000’s omitted)		Value
BSCMS, Series 2004-PWR5, Class A3, 4.565%, 7/11/42	$	3,500	$	3,516,292
COMM, Series 2005-LP5, Class A2, 4.63%, 5/10/43		2,959		2,975,174
CSFB, Series 2001-CK1, Class A3, 6.38%, 12/18/35		3,380		3,461,075

2

	Principal
	Amount
Security	(000’s omitted)		Value
CSFB, Series 2005-C4, Class A2, 5.017%, 8/15/38	$	3,100	$	3,110,330
GECMC, Series 2002-3A, Class A1, 4.229%, 12/10/37		842		851,305
GMACC, Series 2002-C2, Class A2, 5.389%, 10/15/38		558		573,553
JPMCC, Series 2004-CBX, Class A4, 4.529%, 1/12/37		7,000		7,100,036
LB-UBS, Series 2004-C2, Class A2, 3.246%, 3/15/29		1,840		1,844,686
MLMT, Series 2006-C2, Class A1, 5.601%, 8/12/43		331		335,953
SBM7, Series 2000-C3, Class A2, 6.592%, 12/18/33		4,400		4,467,001
Total Commercial Mortgage-Backed Securities (identified cost $28,037,318)			$	28,235,405

U.S. Government Agency Obligations — 18.0%

	Principal
	Amount
Security	(000’s omitted)		Value
Federal Home Loan Mortgage Bank:
5.365%, with maturity at 2024	$	8,000	$	8,972,088
5.375%, with various maturities to 2024		13,635		15,148,431
5.75%, with maturity at 2026		12,000		13,645,836
			$	37,766,355
United States Agency for International Development - Israel:
0.00%, with various maturities to 2021	$	35,890	$	23,549,080
5.50%, with maturity at 2024		17,000		18,801,286
			$	42,350,366
Total U.S. Government Agency Obligations (identified cost $79,088,569)			$	80,116,721

U.S. Treasury Obligations — 6.8%

	Principal
	Amount
Security	(000’s omitted)		Value
U.S. Treasury Notes, 1.375%, 9/15/12	$	30,000	$	30,142,980
Total U.S. Treasury Obligations (identified cost $29,918,911)			$	30,142,980

Short-Term Investments — 9.3%

	Interest
Description	(000’s omitted)		Value
Cash Management Portfolio, 0.00%(6)	$	21,399	$	21,399,200
Eaton Vance Cash Reserves Fund, LLC, 0.11%(6)		19,889		19,889,228
Total Short-Term Investments (identified cost $41,288,428)			$	41,288,428
Total Investments — 103.3% (identified cost $452,209,688)			$	459,811,684
Other Assets, Less Liabilities — (3.3)%			$	(14,778,634	)
Net Assets — 100.0%			$	445,033,050

3

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
BSCMS	-	Bear Stearns Commercial Mortgage Securities, Inc.
COMM	-	Commercial Mortgage Pass-Through Certificate
CSFB	-	CS First Boston Mortgage Securities Corp.
GECMC	-	General Electric Commercial Mortgage Corp.
GMACC	-	GMAC Commercial Mortgage Securities, Inc.
JPMCC	-	JPMorgan Chase Commercial Mortgage Securities Corp.
LB-UBS	-	LB-UBS Commercial Mortgage Trust
MLMT	-	Merrill Lynch Mortgage Trust
SBM7	-	Salomon Brothers Mortgage Securities VII, Inc.
(1)		Adjustable rate mortgage.
(2)		Security (or a portion thereof) has been pledged to cover margin requirements on open financial futures contracts.
(3)		Weighted average fixed-rate coupon that changes/updates monthly.
(4)		Variable rate security. The stated interest rate represents the rate in effect at January 31, 2010.
(5)		Interest only security that entitles the holder to receive only interest payments on the underlying mortgages. Principal amount shown is the notional amount of the underlying mortgages on which coupon interest is calculated. The interest rate shown represents the yield based on the estimated timing and amount of future cash flows at period-end.
(6)		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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $377, respectively.

4

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Futures Contracts

Expiration			Aggregate						Net Unrealized
Date	Contracts	Position	Cost			Value			Appreciation
3/10	590 U.S. 30 Year Treasury Bond	Short	$	(70,374,419	)	$	(70,099,375	)	$	275,044
3/10	150 U.S. 10 Year Treasury Note	Short		(17,751,038	)		(17,723,438	)		27,600
									$	302,644

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to interest rate risk in the normal course of pursuing its investment objectives. Because the Portfolio holds fixed rate bonds, the value of these bonds may decrease if interest rates rise. The Portfolio may purchase and sell U.S. Treasury futures contracts to hedge against changes in interest rates.

At January 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is interest rate risk was $302,644.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	452,726,914
Gross unrealized appreciation	$	7,473,809
Gross unrealized depreciation		(389,039	)
Net unrealized appreciation	$	7,084,770

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Mortgage Pass-Throughs	$	—	$	253,886,311	$	—	$	253,886,311
Collateralized Mortgage Obligations		—		26,141,839		—		26,141,839
Commercial Mortgage-Backed Securities		—		28,235,405		—		28,235,405
U.S. Government Agency Obligations		—		80,116,721		—		80,116,721
U.S. Treasury Obligations		—		30,142,980		—		30,142,980
Short-Term Investments		21,399,200		19,889,228		—		41,288,428
Total Investments	$	21,399,200	$	438,412,484	$	—	$	459,811,684
Futures Contracts	$	302,644	$	—	$	—	$	302,644
Total	$	21,701,844	$	438,412,484	$	—	$	460,114,328

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

5

Eaton Vance Strategic Income Fund as of January 31, 2010 (Unaudited)

Eaton Vance Strategic Income Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, pursues its investment objective by investing in one or more registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates. The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At January 31, 2010, the Fund owned 7.1% of Boston Income Portfolio’s outstanding interests, 84.4% of Emerging Markets Local Income Portfolio’s outstanding interests, 15.8% of Floating Rate Portfolio’s outstanding interests, 33.3% of Global Macro Portfolio’s outstanding interests, 88.8% of Global Opportunities Portfolio’s outstanding interests, 17.6% of High Income Opportunities Portfolio’s outstanding interests, 80.0% of International Income Portfolio’s outstanding interests, and 5.4% of Investment Portfolio’s outstanding interests. The Fund’s Portfolio of Investments at January 31, 2010 is set forth below.

Eaton Vance Strategic Income Fund as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Investments in Affiliated Portfolios — 98.5%

Security	Value
Boston Income Portfolio (identified cost, $151,805,171)	$	181,451,022
Emerging Markets Local Income Portfolio (identified cost, $96,755,154)		100,449,765
Floating Rate Portfolio (identified cost, $705,190,865)		736,770,003
Global Macro Portfolio (identified cost, $735,336,718)		771,615,389
Global Opportunities Portfolio (identified cost, $365,187,019)		371,884,841
High Income Opportunities Portfolio (identified cost, $111,672,449)		137,424,792
International Income Portfolio (identified cost, $56,741,138)		58,930,199
Investment Portfolio (identified cost, $23,481,363)		24,139,255
Total Investments in Affiliated Portfolios (identified cost $2,246,169,877)	$	2,382,665,266

Short-Term Investments — 1.6%

	Principal
Description	Amount		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 2/1/10	$	39,551,398	$	39,551,398
Total Short-Term Investments (identified cost $39,551,398)			$	39,551,398
Total Investments — 100.1% (identified cost $2,285,721,275)			$	2,422,216,664

Securities Sold Short — (0.9)%

	Principal
Security	Amount			Value
U.S. Treasury Obligations — (0.9)%
U. S. Treasury Bond, 4.25%, 5/15/39	$	(18,250,000	)	$	(17,491,494	)
U. S. Treasury Bond, 4.50%, 8/15/39		(4,500,000	)		(4,495,784	)
Total U.S. Treasury Obligations (proceeds $21,774,971)				$	(21,987,278	)
Total Securities Sold Short (proceeds $21,774,971)				$	(21,987,278	)
Other Assets, Less Liabilities — 0.8%				$	20,102,953
Net Assets — 100.0%				$	2,420,332,339

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

1

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Forward Foreign Currency Exchange Contracts

Sales

			Net Unrealized
Settlement			Appreciation
Date	Deliver	In Exchange For	(Depreciation)
2/3/10	Euro 42,900,000	United States Dollar 60,715,512	$	1,234,854
2/25/10	Japanese Yen 1,269,800,000	United States Dollar 14,030,939		(37,566	)
			$	1,197,288

Purchases

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/4/10	Indian Rupee 578,690,000	United States Dollar 12,523,047	$	7,263
2/4/10	Indian Rupee 518,380,000	United States Dollar 11,358,019		(133,595	)
2/4/10	Russian Ruble 359,100,000	United States Dollar 11,806,674		13,880
2/10/10	Mexican Peso 154,212,000	United States Dollar 11,926,221		(145,770	)
2/10/10	Norwegian Krone 68,300,000	Euro 8,314,464		(667	)
2/10/10	Polish Zloty 70,043,000	Euro 17,203,665		115,244
2/11/10	South Korean Won 13,725,000,000	United States Dollar 11,919,236		(107,613	)
2/25/10	Indonesian Rupiah 112,906,000,000	United States Dollar 12,081,969		(75,026	)
3/2/10	Brazilian Real 44,305,250	United States Dollar 23,796,508		(408,406	)
			$	(734,690	)

At January 31, 2010, closed forward foreign currency purchases and sales contracts excluded above amounted to a receivable of $473,537 and a payable of $1,706,605.

At January 31, 2010, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

The Fund is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Fund holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Fund may enter into forward foreign currency exchange contracts. The Fund may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing.

At January 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and in a liability position and whose primary underlying risk exposure is foreign exchange risk was 1,844,778 and 2,615,248, respectively.

The cost and unrealized appreciation (depreciation) of investments in unaffiliated securities of the Fund at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	39,551,398
Gross unrealized appreciation	$	—
Gross unrealized depreciation		—
Net unrealized depreciation	$	—

2

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Investments in Affiliated Portfolios	$	2,382,665,266	$	—		$	—	$	2,382,665,266
Short-Term Investments		—		39,551,398			—		39,551,398
Total Investments	$	2,382,665,266	$	39,551,398		$	—	$	2,422,216,664
Forward Foreign Currency Exchange Contracts	$	—	$	1,844,778		$	—	$	1,844,778
Total	$	2,382,665,266	$	41,396,176		$	—	$	2,424,061,442
Liability Description
Securities Sold Short	$	—	$	(21,987,278	)	$	—	$	(21,987,278	)
Forward Foreign Currency Exchange Contracts		—		(2,615,248	)		—		(2,615,248	)
Total	$	—	$	(24,602,526	)	$	—	$	(24,602,526	)

The Fund held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

A copy of each Portfolio’s Form N-Q (containing a portfolio of investments) is available on the EDGAR database on the Securities and Exchange Commission’s website (www.sec.gov), at the Commission’s public reference room in Washington, DC (call 1-800-732-0330 for information on the operation of the public reference room) or by calling the Fund’s principal underwriter, Eaton Vance Distributors, Inc., at 1-800-262-1122.

3

Eaton Vance Global Macro Absolute Return Fund as of January 31, 2010 (Unaudited)

Eaton Vance Global Macro Absolute Return Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Global Macro Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $1,330,489,944 and the Fund owned 57.5% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Global Macro Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 6.6%

	Principal
Security	Amount		Value
Brazil — 0.3%
Nota Do Tesouro Nacional, 6.00%, 5/15/15(1)	BRL	12,497,876	$	6,448,940
Total Brazil (identified cost $5,729,723)			$	6,448,940
Congo — 0.0%
Republic of Congo, 3.00%, 6/30/29	USD	2,128,000	$	1,133,160
Total Congo (identified cost $840,243)			$	1,133,160
Costa Rica — 0.1%
Titulo Propiedad Ud, 1.00%, 1/12/22(1)	CRC	2,265,350,098	$	1,842,185
Titulo Propiedad Ud, 1.63%, 7/13/16(1)	CRC	265,416,435		213,747
Total Costa Rica (identified cost $2,630,016)			$	2,055,932
Georgia — 0.2%
Republic of Georgia, 7.50%, 4/15/13	USD	4,764,000	$	4,954,560
Total Georgia (identified cost $3,471,589)			$	4,954,560
Ghana — 0.2%
Ghana Government Bond, 13.00%, 8/2/10	GHS	600,000	$	405,369
Ghana Government Bond, 13.50%, 3/30/10	GHS	980,000		678,596
Ghana Government Bond, 13.67%, 6/11/12(2)	GHS	4,300,000		2,657,636
Ghana Government Bond, 13.69%, 3/15/10	GHS	1,900,000		1,319,822
Total Ghana (identified cost $8,304,637)			$	5,061,423
Israel — 0.6%
Israeli Government Bond, 5.00%, 4/30/15(1)	ILS	44,712,247	$	14,052,280
Total Israel (identified cost $14,041,085)			$	14,052,280
Macedonia — 0.4%
Republic of Macedonia, 4.625%, 12/8/15	EUR	6,594,000	$	8,256,888
Total Macedonia (identified cost $5,741,514)			$	8,256,888
Poland — 0.4%
Poland Government Bond, 3.00%, 8/24/16(1)	PLN	30,020,472	$	9,948,235
Total Poland (identified cost $8,560,240)			$	9,948,235
South Africa — 1.5%
Republic of South Africa, 6.50%, 6/2/14	USD	31,131,000	$	34,088,445
Total South Africa (identified cost $34,188,773)			$	34,088,445

1

	Principal
Security	Amount		Value
Turkey — 2.5%
Turkey Government Bond, 9.00%, 5/21/14(1)	TRY	13,115,550	$	10,620,375
Turkey Government Bond, 10.00%, 2/15/12(1)	TRY	21,143,133		16,117,798
Turkey Government Bond, 12.00%, 8/14/13(1)	TRY	36,654,596		31,811,806
Total Turkey (identified cost $44,201,378)			$	58,549,979
Uruguay — 0.4%
Republic of Uruguay, 5.00%, 9/14/18(1)	UYU	171,448,915	$	8,632,425
Total Uruguay (identified cost $7,401,579)			$	8,632,425
Total Foreign Government Bonds (identified cost $135,110,777)			$	153,182,267

Foreign Corporate Bonds & Notes — 0.2%

	Principal
Security	Amount		Value
Chile — 0.1%
JPMorgan Chilean Inflation Linked Note, 3.80%, 11/17/15(1)	USD	3,490,651	$	3,661,722
Total Chile (identified cost $3,000,000)			$	3,661,722
Indonesia — 0.0%
APP Finance VI, 0.00%, 11/18/12(3)	USD	4,000,000	$	20,000
APP Finance VII, 3.50%, 4/30/24(3)	USD	2,000,000		10,000
Total Indonesia (identified cost $3,225,529)			$	30,000
Kazakhstan — 0.1%
Kazkommerts International, 7.875%, 4/7/14(4)	USD	1,670,000	$	1,544,750
Total Kazakhstan (identified cost $1,400,205)			$	1,544,750
Total Foreign Corporate Bonds & Notes (identified cost $7,625,734)			$	5,236,472

Debt Obligations — United States — 56.0%

Corporate Bonds & Notes — 0.1%

	Principal
Security	Amount		Value
Eaton Corp., 8.875%, 6/15/19	$	500,000	$	624,900
Ingersoll-Rand Co., 6.48%, 6/1/25		1,050,000		1,013,132
Total Corporate Bonds & Notes (identified cost $1,528,708)			$	1,638,032

Collateralized Mortgage Obligations — 5.7%

	Principal
Security	Amount		Value
Federal Home Loan Mortgage Corp.:
Series 4, Class D, 8.00%, 12/25/22	$	422,657	$	477,130
Series 1548, Class Z, 7.00%, 7/15/23		538,782		571,701

2

	Principal
Security	Amount		Value
Series 1650, Class K, 6.50%, 1/15/24	$	3,433,317	$	3,738,553
Series 1817, Class Z, 6.50%, 2/15/26		468,828		506,146
Series 1927, Class ZA, 6.50%, 1/15/27		1,777,053		1,875,041
Series 2127, Class PG, 6.25%, 2/15/29		2,177,450		2,347,072
			$	9,515,643
Federal National Mortgage Association:
Series 1992-180, Class F, 1.40%, 10/25/22(5)	$	1,819,734	$	1,855,773
Series 1993-16, Class Z, 7.50%, 2/25/23		1,765,336		1,998,669
Series 1993-79, Class PL, 7.00%, 6/25/23		1,324,345		1,489,454
Series 1993-104, Class ZB, 6.50%, 7/25/23		552,571		610,621
Series 1993-121, Class Z, 7.00%, 7/25/23		8,350,570		9,392,515
Series 1993-141, Class Z, 7.00%, 8/25/23		1,376,382		1,553,955
Series 1994-42, Class ZQ, 7.00%, 4/25/24		8,445,498		9,510,050
Series 1994-79, Class Z, 7.00%, 4/25/24		1,648,592		1,855,915
Series 1994-89, Class ZQ, 8.00%, 7/25/24		1,129,672		1,301,758
Series 1996-35, Class Z, 7.00%, 7/25/26		433,542		488,716
Series 1998-16, Class H, 7.00%, 4/18/28		1,127,645		1,278,550
Series 1998-44, Class ZA, 6.50%, 7/20/28		1,840,070		2,019,201
Series 1999-25, Class Z, 6.00%, 6/25/29		3,656,408		3,977,759
Series 2000-2, Class ZE, 7.50%, 2/25/30		494,690		563,830
Series 2000-49, Class A, 8.00%, 3/18/27		1,418,897		1,645,566
Series 2001-31, Class ZA, 6.00%, 7/25/31		20,103,689		21,737,574
Series 2001-37, Class GA, 8.00%, 7/25/16		162,038		177,683
Series 2009-48, Class WA, 5.84%, 7/25/39(6)		17,721,431		19,134,530
Series G48, Class Z, 7.10%, 12/25/21		1,373,120		1,524,989
Series G92-60, Class Z, 7.00%, 10/25/22		3,683,758		4,081,138
Series G93-1, Class K, 6.675%, 1/25/23		1,982,057		2,200,456
Series G93-31, Class PN, 7.00%, 9/25/23		6,296,662		7,011,431
Series G93-41, Class ZQ, 7.00%, 12/25/23		12,632,203		14,065,545
			$	109,475,678
Government National Mortgage Association:
Series 1996-22, Class Z, 7.00%, 10/16/26	$	1,121,587	$	1,232,092
Series 1999-42, Class Z, 8.00%, 11/16/29		2,892,565		3,233,256
Series 2001-21, Class Z, 9.00%, 3/16/30		4,179,667		5,007,133
Series 2001-35, Class K, 6.45%, 10/26/23		463,045		505,145
Series 2002-48, Class OC, 6.00%, 9/16/30		3,811,298		3,980,753
			$	13,958,379
Total Collateralized Mortgage Obligations (identified cost $127,871,371)			$	132,949,700

Commercial Mortgage-Backed Securities — 1.0%

	Principal
Security	Amount		Value
JPMCC, Series 2005-LDP5, Class AM, 5.221%, 12/15/44(6)	$	9,960,000	$	8,895,639
MLMT, Series 2006-C2, Class A2, 5.756%, 8/12/43(6)		7,000,000		7,187,909
WBCMT, Series 2005-C17, Class A4, 5.083%, 3/15/42(6)		6,000,000		6,089,344
Total Commercial Mortgage-Backed Securities (identified cost $22,656,292)			$	22,172,892

Mortgage Pass-Throughs — 41.0%

	Principal
Security	Amount		Value
Federal Home Loan Mortgage Corp.:
2.932%, with maturity at 2035(7)	$	8,710,351	$	8,946,480
3.404%, with maturity at 2029(7)		1,858,252		1,901,271

3

	Principal
Security	Amount		Value
4.179%, with maturity at 2023(7)	$	711,970	$	742,006
4.314%, with maturity at 2030(7)		2,482,889		2,587,637
4.50%, with maturity at 2018		7,371,172		7,763,828
5.00%, with various maturities to 2019		9,852,209		10,536,403
5.50%, with various maturities to 2013		9,070,053		9,709,417
6.00%, with various maturities to 2035(8)		72,245,136		78,280,249
6.50%, with various maturities to 2033		29,703,460		32,684,292
6.60%, with maturity at 2030		3,663,000		4,038,846
7.00%, with various maturities to 2035		45,950,280		51,395,485
7.31%, with maturity at 2026		422,612		481,075
7.50%, with various maturities to 2035		39,814,880		45,322,735
7.95%, with maturity at 2022		600,900		690,659
8.00%, with various maturities to 2031		8,249,350		9,574,770
8.15%, with maturity at 2021		336,755		391,575
8.30%, with maturity at 2021		159,008		177,681
8.47%, with maturity at 2018		267,370		303,829
8.50%, with various maturities to 2028		1,732,746		2,022,190
9.00%, with various maturities to 2027		3,333,513		3,918,330
9.50%, with various maturities to 2027		323,888		379,634
9.75%, with various maturities to 2020		7,872		9,092
10.00%, with various maturities to 2020		1,160,729		1,333,189
10.50%, with maturity at 2021		558,197		656,446
11.00%, with maturity at 2016		820,067		940,670
13.25%, with maturity at 2013		800		848
			$	274,788,637
Federal National Mortgage Association:
2.509%, with various maturities to 2035(7)	$	33,107,341	$	34,205,387
2.522%, with various maturities to 2033(7)		29,179,113		30,055,696
2.659%, with maturity at 2025(7)		1,927,791		1,992,021
2.756%, with maturity at 2028(7)		331,544		341,589
2.83%, with maturity at 2035(7)		7,349,053		7,570,120
2.859%, with maturity at 2024(7)		1,662,126		1,726,430
3.344%, with maturity at 2022(7)		3,455,134		3,542,041
3.763%, with maturity at 2023(7)		182,161		189,846
3.86%, with maturity at 2034(7)		5,282,583		5,502,919
4.005%, with maturity at 2035(7)		19,205,048		20,015,270
4.326%, with maturity at 2035(7)		14,369,059		14,975,261
4.50%, with various maturities to 2018		9,216,395		9,713,823
5.00%, with various maturities to 2018(8)		26,131,564		27,956,375
5.50%, with various maturities to 2018		4,094,982		4,411,837
6.00%, with various maturities to 2033		14,730,579		15,943,468
6.319%, with maturity at 2032(7)		6,125,411		6,383,829
6.50%, with various maturities to 2040		142,509,354		155,214,772
6.864%, with maturity at 2025(7)		696,004		737,656
7.00%, with various maturities to 2035(8)		111,989,478		124,883,570
7.50%, with various maturities to 2034		28,686,834		32,255,515
8.00%, with various maturities to 2030		10,388,173		11,985,813
8.50%, with various maturities to 2037		17,048,786		20,117,014
9.00%, with various maturities to 2032		3,046,281		3,514,543
9.036%, with maturity at 2028(6)		963,473		1,117,639
9.50%, with various maturities to 2031		4,989,339		5,935,161
10.50%, with maturity at 2029		526,671		635,159
11.00%, with maturity at 2016		55,638		61,797
11.017%, with maturity at 2027(6)		980,140		1,142,610
11.50%, with maturity at 2031		730,669		916,668
			$	543,043,829
Government National Mortgage Association:
3.125%, with maturity at 2024(7)	$	808,278	$	835,490
6.50%, with various maturities to 2032		6,353,882		6,988,555

4

	Principal
Security	Amount		Value
7.00%, with various maturities to 2035	$	63,050,819	$	70,671,695
7.50%, with various maturities to 2031		10,685,151		12,158,014
7.75%, with maturity at 2019		39,917		45,606
8.00%, with various maturities to 2034		30,782,405		35,260,742
8.30%, with various maturities to 2020		201,753		228,192
8.50%, with various maturities to 2021		1,927,857		2,188,802
9.00%, with various maturities to 2025		631,442		738,124
9.50%, with various maturities to 2026		2,121,432		2,579,717
			$	131,694,937
Total Mortgage Pass-Throughs (identified cost $922,270,019)			$	949,527,403

U.S. Government Agency Obligations — 3.4%

	Principal
Security	Amount		Value
Federal Home Loan Mortgage Bank:
5.365%, with maturity at 2024	$	6,700,000	$	7,514,124
5.375%, with various maturities to 2024		22,000,000		24,437,422
5.75%, with maturity at 2026		14,850,000		16,886,722
			$	48,838,268
United States Agency for International Development - Israel,
5.50%, with various maturities to 2024	$	27,500,000	$	30,403,250
			$	30,403,250
Total U.S. Government Agency Obligations (identified cost $78,632,809)			$	79,241,518

U.S. Treasury Obligations — 4.8%

	Principal
Security	Amount		Value
United States Treasury Bond, 7.88%, 2/15/21(8)	$	1,500,000	$	2,052,188
United States Treasury Notes, 4.63%, 7/31/12		50,000,000		54,359,400
United States Treasury Notes, 4.88%, 2/15/12		50,000,000		54,078,150
Total U.S. Treasury Obligations (identified cost $110,015,530)			$	110,489,738
Total Debt Obligations — United States (identified cost $1,262,974,729)			$	1,296,019,283

Common Stocks — 0.0%

Security	Shares		Value
China — 0.0%
APP China		8,155	$	326,200
Total China (identified cost $1,522,635)			$	326,200
Total Common Stocks (identified cost $1,522,635)			$	326,200

5

Currency Options Purchased — 0.1%

	Principal
	Amount of
	Contracts		Strike		Expiration
Description	(000’s omitted)		Price		Date	Value
Euro Put Option	EUR	18,447	EUR	1.41	4/29/10	$	822,284
Japanese Yen Put Option	JPY	2,857,000	JPY	106.91	4/8/10		6,014
Total Currency Options Purchased (identified cost $987,347)						$	828,298

Short-Term Investments — 44.6%

Foreign Government Securities — 17.3%

	Principal
	Amount
Security	(000’s omitted)		Value
Chile — 0.6%
Chilean Government Bond, 6.00%, 7/1/10	CLP	7,215,000	$	14,063,750
Total Chile (identified cost $14,982,559)			$	14,063,750
Egypt — 5.9%
Egypt Treasury Bill, 0.00%, 2/2/10	EGP	87,525	$	16,011,470
Egypt Treasury Bill, 0.00%, 2/9/10	EGP	84,450		15,421,435
Egypt Treasury Bill, 0.00%, 2/16/10	EGP	70,175		12,791,753
Egypt Treasury Bill, 0.00%, 2/23/10	EGP	53,500		9,734,602
Egypt Treasury Bill, 0.00%, 3/2/10	EGP	116,475		21,155,078
Egypt Treasury Bill, 0.00%, 3/23/10	EGP	20,950		3,784,475
Egypt Treasury Bill, 0.00%, 3/30/10	EGP	56,925		10,264,416
Egypt Treasury Bill, 0.00%, 6/29/10	EGP	16,825		2,956,736
Egypt Treasury Bill, 0.00%, 7/13/10	EGP	74,000		12,949,865
Egypt Treasury Bill, 0.00%, 8/3/10	EGP	18,950		3,294,959
Egypt Treasury Bill, 0.00%, 9/28/10	EGP	16,700		2,852,812
Egypt Treasury Bill, 0.00%, 10/5/10	EGP	87,500		14,913,266
Egypt Treasury Bill, 0.00%, 10/26/10	EGP	14,250		2,411,953
Egypt Treasury Bill, 0.00%, 10/26/10	EGP	19,400		3,283,641
Egypt Treasury Bill, 0.00%, 1/11/11	EGP	25,000		4,134,446
Total Egypt (identified cost $136,030,395)			$	135,960,907
Iceland — 0.5%
Iceland Treasury Bill, 0.00%, 2/15/10	ISK	180,870	$	1,196,576
Iceland Treasury Bill, 0.00%, 3/15/10	ISK	700,700		4,609,333
Iceland Treasury Note, 7.00%, 3/17/10	ISK	743,684		4,923,282
Total Iceland (identified cost $10,641,159)			$	10,729,191
Kazakhstan — 2.3%
Kazakhstan National Bank, 0.00%, 2/19/10	KZT	2,220,750	$	14,992,875
Kazakhstan National Bank, 0.00%, 3/5/10	KZT	826,467		5,576,739
Kazakhstan National Bank, 0.00%, 3/12/10	KZT	3,937		26,560
Kazakhstan National Bank, 0.00%, 4/23/10	KZT	2,658,019		17,889,150
Kazakhstan National Bank, 0.00%, 5/28/10	KZT	2,145,212		14,401,020
Total Kazakhstan (identified cost $52,679,188)			$	52,886,344
Lebanon — 5.0%
Lebanon Treasury Bill, 0.00%, 2/4/10	LBP	4,480,000	$	2,983,970
Lebanon Treasury Bill, 0.00%, 2/18/10	LBP	3,379,000		2,247,435

6

	Principal
	Amount
Security	(000’s omitted)		Value
Lebanon Treasury Bill, 0.00%, 3/4/10	LBP	2,878,000	$	1,911,238
Lebanon Treasury Bill, 0.00%, 3/11/10	LBP	7,500,000		4,972,293
Lebanon Treasury Bill, 0.00%, 3/18/10	LBP	15,127,980		10,029,533
Lebanon Treasury Bill, 0.00%, 4/1/10	LBP	7,675,000		5,079,157
Lebanon Treasury Bill, 0.00%, 4/15/10	LBP	10,544,000		6,964,380
Lebanon Treasury Bill, 0.00%, 4/29/10	LBP	18,810,000		12,388,525
Lebanon Treasury Bill, 0.00%, 6/10/10	LBP	19,520,000		12,779,648
Lebanon Treasury Bill, 0.00%, 6/24/10	LBP	11,433,000		7,469,814
Lebanon Treasury Bill, 0.00%, 7/8/10	LBP	12,690,060		8,264,058
Lebanon Treasury Bill, 0.00%, 7/22/10	LBP	24,880,900		16,188,089
Lebanon Treasury Bill, 0.00%, 9/23/10	LBP	2,682,000		1,724,720
Lebanon Treasury Bill, 0.00%, 10/21/10	LBP	6,760,200		4,329,501
Lebanon Treasury Bill, 0.00%, 11/4/10	LBP	3,897,910		2,493,909
Lebanon Treasury Bill, 0.00%, 11/18/10	LBP	2,439,470		1,557,115
Lebanon Treasury Bill, 0.00%, 12/2/10	LBP	2,500,000		1,591,953
Lebanon Treasury Bill, 0.00%, 12/16/10	LBP	2,350,000		1,492,818
Lebanon Treasury Bill, 0.00%, 12/30/10	LBP	3,487,360		2,209,924
Lebanon Treasury Bill, 0.00%, 1/13/11	LBP	3,150,000		1,991,207
Lebanon Treasury Note, 8.40%, 7/15/10	LBP	4,000,000		2,704,124
Lebanon Treasury Note, 8.46%, 6/24/10	LBP	2,161,210		1,459,225
Lebanon Treasury Note, 11.30%, 3/25/10	LBP	1,991,410		1,338,873
Lebanon Treasury Note, 11.30%, 4/8/10	LBP	2,200,000		1,482,552
Total Lebanon (identified cost $115,450,199)			$	115,654,061
South Korea — 0.6%
Korea Monetary Stabilization Bond, 0.00%, 3/2/10	KRW	5,534,260	$	4,755,264
Korea Monetary Stabilization Bond, 0.00%, 4/13/10	KRW	7,990,140		6,844,663
Korea Monetary Stabilization Bond, 0.00%, 4/20/10	KRW	3,575,030		3,060,817
Total South Korea (identified cost $15,005,918)			$	14,660,744
Sri Lanka — 2.4%
Sri Lanka Government Bond, 7.60%, 4/1/10	LKR	189,310	$	1,649,756
Sri Lanka Government Bond, 15.50%, 5/15/10	LKR	766,310		6,818,044
Sri Lanka Treasury Bill, 0.00%, 2/5/10	LKR	980,450		8,539,450
Sri Lanka Treasury Bill, 0.00%, 4/9/10	LKR	590,820		5,077,136
Sri Lanka Treasury Bill, 0.00%, 4/30/10	LKR	59,560		509,416
Sri Lanka Treasury Bill, 0.00%, 5/7/10	LKR	1,083,150		9,249,430
Sri Lanka Treasury Bill, 0.00%, 5/14/10	LKR	58,810		501,391
Sri Lanka Treasury Bill, 0.00%, 7/9/10	LKR	1,170,980		9,851,552
Sri Lanka Treasury Bill, 0.00%, 7/16/10	LKR	1,621,010		13,613,373
Total Sri Lanka (identified cost $55,772,441)			$	55,809,548
Zambia — 0.0%
Zambia Treasury Bill, 0.00%, 1/31/11	ZMK	3,398,000	$	677,663
Total Zambia (identified cost $675,310)			$	677,663
Total Foreign Government Securities (identified cost $401,237,169)			$	400,442,208

7

Repurchase Agreements⁽⁹⁾ — 11.3%

	Principal
	Amount
Description	(000’s omitted)		Value
Barclays Bank PLC:
Dated 8/20/09, with an interest rate of 0.70%, collateralized by Philippines Government Bond with an interest rate of 9.375%, a maturity date of 1/18/17 and a market value of $3,132,812.	$	2,972	$	2,972,156
Dated 9/16/09, with an interest rate of 0.85%, collateralized by Costa Rica Government Bond with an interest rate of 9.995%, a maturity date of 8/1/20 and a market value of $5,438,789.		5,147		5,147,152
Dated 12/14/09, with an interest rate of 0.65%, collateralized by El Salvador Government Bond with an interest rate of 7.65%, a maturity date of 6/15/35 and a market value of $5,147,182.		4,872		4,871,641
Dated 1/21/10, with an interest rate of 0.50%, collateralized by Venezuela Government Bond with an interest rate of 8.50%, a maturity date of 10/8/14 and a market value of $8,514,444.		8,431		8,430,586
Dated 1/29/10, with an interest rate of 0.45%, collateralized by Brazil Government Bond with an interest rate of 7.125%, a maturity date of 1/20/37 and a market value of $22,189,583.		21,901		21,900,550
Citibank:
Dated 1/15/10 with an interest rate of 0.38%, collateralized by Venezuela Government Bond with an interest rate of 8.25%, a maturity date of 10/13/24 and a market value of $8,801,271.		9,311		9,310,600
Dated 1/20/10 with an interest rate of 0.38%, collateralized by Turkey Government Bond with an interest rate of 7.50%, a maturity date of 7/14/17 and a market value of $5,723,958.		5,798		5,797,500
Dated 1/22/10 with an interest rate of 0.38%, collateralized by Serbia Government Bond with an interest rate of 0.75%, a maturity date of 11/1/24 and a market value of $38,386,053.		37,575		37,575,310
Dated 1/22/10, with an interest rate of 0.38%, collateralized by Turkey Government Bond with an interest rate of 11.00%, a maturity date of 1/14/13 and a market value of $24,976,449.		24,717		24,716,958
Dated 1/22/10, with an interest rate of 0.38%, collateralized by Turkey Government Bond with an interest rate of 7.50%, a maturity date of 7/14/17 and a market value of $5,723,958.		5,827		5,827,000
Dated 1/22/10, with an interest rate of 0.38%, collateralized by Ukraine Government Bond with an interest rate of 6.75%, a maturity date of 11/14/17 and a market value of $10,318,200.		10,242		10,242,000
Dated 1/22/10, with an interest rate of 0.55%, collateralized by Dominican Republic Government Bond with an interest rate of 9.50%, a maturity date of 9/27/11 and a market value of $10,456,271.		10,402		10,401,601
Dated 1/28/10, with an interest rate of 0.55%, collateralized by Dominican Republic Government Bond with an interest rate of 9.50%, a maturity date of 9/27/11 and a market value of $5,228,137.		5,072		5,072,054
JPMorgan Chase:
Dated 11/12/09, with an interest rate of 0.45%, collateralized by Brazil Government Bond with an interest rate of 10.125%, a maturity date of 5/15/27 and a market value of $5,834,375.		5,960		5,960,000
Dated 12/15/09, with an interest rate of 0.45%, collateralized by South Africa Government Bond with an interest rate of 5.875%, a maturity date of 5/30/22 and a market value of $6,252,104.		6,210		6,210,000
Dated 12/18/09, with an interest rate of 0.45%, collateralized by Colombia Government Bond with an interest rate of 8.125%, a maturity date of 5/21/24 and a market value of $7,143,438.		7,176		7,176,000
Dated 1/7/10, with an interest rate of 0.45%, collateralized by Turkey Government Bond with an interest rate of 7.25%, a maturity date of 3/15/15 and a market value of $5,773,438.		5,725		5,725,000
Dated 1/14/10, with an interest rate of 0.45%, collateralized by Venezuela Government Bond with an interest rate of 1.25%, a maturity date of 4/20/11 and a market value of $9,203,122.		9,130		9,130,000
Dated 1/21/10, with an interest rate of 0.40%, collateralized by Philippines Government Bond with an interest rate of 8.00%, a maturity date of 1/15/16 and a market value of $5,054,167.		5,835		5,835,000
Dated 1/22/10, with an interest rate of 0.45%, collateralized by Indonesia Government Bond with an interest rate of 8.50%, a maturity date of 10/12/35 and a market value of $4,072,000.		4,828		4,828,000
Dated 1/22/10, with an interest rate of 0.45%, collateralized by Philippines Government Bond with an interest rate of 9.50%, a maturity date of 2/2/30 and a market value of $8,704,333.		8,040		8,040,000

8

	Principal
	Amount
Description	(000’s omitted)		Value
Dated 1/22/10, with an interest rate of 0.45%, collateralized by Venezuela Government Bond with an interest rate of 7.75%, a maturity date of 10/13/19 and a market value of $7,080,347.	$	7,050	$	7,050,000
Dated 1/25/10, with an interest rate of 0.40%, collateralized by Philippines Government Bond with an interest rate of 9.50%, a maturity date of 2/2/30 and a market value of $6,730,180.		6,730		6,730,000
Dated 1/26/10, with an interest rate of 0.40%, collateralized by Uruguay Government Bond with an interest rate of 8.00%, a maturity date of 11/18/22 and a market value of $9,328,000.		9,260		9,260,000
Dated 1/29/10, with an interest rate of 0.40%, collateralized by Turkey Government Bond with an interest rate of 7.25%, a maturity date of 3/15/15 and a market value of $8,082,812.		8,015		8,015,000
Dated 1/29/10, with an interest rate of 0.40%, collateralized by Venezuela Government Bond with an interest rate of 8.25%, a maturity date of 10/13/24 and a market value of $3,308,541.		3,388		3,387,500
Dated 1/29/10, with an interest rate of 0.45%, collateralized by Peru Government Bond with an interest rate of 7.35%, a maturity date of 7/21/25 and a market value of $24,421,555.		21,518		21,517,500
Dated 1/29/10, with an interest rate of 0.45%, collateralized by Uruguay Government Bond with an interest rate of 7.875%, a maturity date of 1/15/33 and a market value of $1,099,281.		1,096		1,096,000
Total Repurchase Agreements (identified cost $262,225,108)			$	262,225,108

Other Securities — 16.0%

	Interest
Description	(000’s omitted)		Value
Cash Management Portfolio, 0.00%(10)	$	199,160	$	199,160,072
Eaton Vance Cash Reserves Fund, LLC, 0.11%(10)		171,623		171,623,165
Total Other Securities (identified cost $370,783,237)			$	370,783,237
Total Short-Term Investments (identified cost $1,034,245,514)			$	1,033,450,553
Total Investments — 107.5% (identified cost $2,442,466,736)			$	2,489,043,073

Securities Sold Short — (3.6)%

	Principal
Security	Amount			Value
U.S. Treasury Obligations — (3.6)%
United States Treasury Bond, 3.50%, 2/15/39	$	(23,000,000	)	$	(19,276,898	)
United States Treasury Bond, 4.25%, 5/15/39		(29,590,000	)		(28,360,180	)
United States Treasury Bond, 4.50%, 8/15/39		(14,500,000	)		(14,486,414	)
United States Treasury Bond, 5.00%, 5/15/37		(18,100,000	)		(19,675,279	)
Total Securities Sold Short (proceeds $81,083,444)				$	(81,798,771	)

9

Currency Options Written — 0.0%

	Principal
	Amount of
	Contracts		Strike		Expiration
Description	(000’s omitted)		Price		Date	Value
Japanese Yen Call Option	JPY	4,078,000	JPY	76.3	4/8/10	$	(37,046	)
Total Currency Options Written (premiums received $522,711)						$	(37,046	)
Other Assets, Less Liabilities — (3.9)%						$	(92,972,436	)
Net Assets — 100.0%						$	2,314,234,820

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
BRL	-	Brazilian Real
CLP	-	Chilean Peso
CRC	-	Costa Rican Colon
EGP	-	Egyptian Pound
EUR	-	Euro
GHS	-	Ghanaian Cedi
ILS	-	Israeli Shekel
ISK	-	Icelandic Krona
JPY	-	Japanese Yen
KRW	-	South Korean Won
KZT	-	Kazak Tenge
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
PLN	-	Polish Zloty
TRY	-	New Turkish Lira
USD	-	United States Dollar
UYU	-	Uruguayan Peso
ZMK	-	Zambian Kwacha
(1)		Inflation-linked security whose principal is adjusted for inflation based on changes in a designated inflation index or inflation rate for the applicable country. Interest is calculated based on the inflation-adjusted principal.
(2)		Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.

10

(3)	Currently the issuer is in default with respect to interest payments.
(4)	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.
(5)	Floating-rate security.
(6)	Weighted average fixed-rate coupon that changes/updates monthly.
(7)	Adjustable rate mortgage security. Rate shown is the rate at January 31, 2010.
(8)	Security (or a portion thereof) has been pledged to cover collateral requirements on open financial contracts.
(9)	Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.
(10)	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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $2,444, respectively.

11

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Forward Foreign Currency Exchange Contracts

Sales

			Net Unrealized
Settlement			Appreciation
Date	Deliver	In Exchange For	(Depreciation)
2/5/10	Sri Lankan Rupee 980,450,000	United States Dollar 8,354,921	$	(192,564	)
2/8/10	South African Rand 143,271,407	United States Dollar 19,587,046		816,036
2/8/10	South African Rand 141,185,094	United States Dollar 19,274,942		777,275
2/8/10	South African Rand 23,000,000	United States Dollar 3,091,813		78,419
2/19/10	Euro 28,120,000	United States Dollar 40,757,128		1,770,481
2/25/10	Euro 19,754,414	United States Dollar 27,888,886		501,032
2/25/10	Japanese Yen 1,934,000,000	United States Dollar 21,445,997		18,616
2/25/10	Japanese Yen 1,943,427,148	United States Dollar 21,489,815		(42,012	)
3/2/10	Chilean Peso 5,713,000,000	United States Dollar 11,158,203		251,368
4/1/10	Sri Lankan Rupee 196,503,780	United States Dollar 1,685,570		(15,183	)
4/9/10	Sri Lankan Rupee 590,820,000	United States Dollar 5,071,416		(37,396	)
4/30/10	Sri Lankan Rupee 59,560,000	United States Dollar 511,245		(2,302	)
5/7/10	Sri Lankan Rupee 119,880,000	United States Dollar 1,022,867		(9,840	)
5/7/10	Sri Lankan Rupee 441,860,000	United States Dollar 3,770,137		(36,270	)
5/7/10	Sri Lankan Rupee 521,410,000	United States Dollar 4,446,994		(44,697	)
5/14/10	Sri Lankan Rupee 58,810,000	United States Dollar 503,295		(2,880	)
5/17/10	Sri Lankan Rupee 825,699,025	United States Dollar 7,054,242		(49,838	)
7/6/10	Chilean Peso 4,345,000,000	United States Dollar 8,871,873		549,205
7/6/10	Chilean Peso 2,111,500,000	United States Dollar 4,301,722		257,230
7/6/10	Chilean Peso 967,100,000	United States Dollar 1,982,372		129,931
7/9/10	Sri Lankan Rupee 1,170,980,000	United States Dollar 9,999,829		(8,500	)
7/16/10	Sri Lankan Rupee 1,621,010,000	United States Dollar 13,795,830		(46,833	)
7/20/10	Kazak Tenge 724,740,200	United States Dollar 4,446,259		(481,649	)
7/20/10	Ukrainian Hryvnia 44,684,900	United States Dollar 4,776,579		(337,229	)
7/21/10	Kazak Tenge 719,872,000	United States Dollar 4,443,654		(451,309	)
7/21/10	Ukrainian Hryvnia 43,991,900	United States Dollar 4,688,718		(343,397	)

12

			Net Unrealized
Settlement			Appreciation
Date	Deliver	In Exchange For	(Depreciation)
7/23/10	Kazak Tenge 722,665,700	United States Dollar 4,454,026	$	(460,247	)
7/23/10	Ukrainian Hryvnia 44,107,800	United States Dollar 4,657,635		(382,964	)
			$	2,204,483

Purchases

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/1/10	Zambian Kwacha 11,959,337,900	United States Dollar 2,627,387	$	(4,725	)
2/3/10	Russian Ruble 253,100,000	United States Dollar 8,551,831		(219,333	)
2/3/10	Russian Ruble 338,866,000	United States Dollar 11,455,142		(299,075	)
2/4/10	Indian Rupee 306,080,000	United States Dollar 6,613,656		13,860
2/4/10	Malaysian Ringgit 20,300,000	United States Dollar 5,912,162		37,988
2/5/10	Zambian Kwacha 8,863,039,524	United States Dollar 1,932,545		10,338
2/8/10	Indian Rupee 514,260,000	United States Dollar 11,131,169		(2,323	)
2/8/10	New Turkish Lira 49,587,374	United States Dollar 33,409,607		(318,818	)
2/8/10	Polish Zloty 78,973,953	Euro 19,276,985		300,590
2/8/10	Polish Zloty 30,670,000	Euro 7,472,104		136,460
2/8/10	Polish Zloty 27,354,591	Euro 6,671,737		111,500
2/8/10	Polish Zloty 9,000,000	Euro 2,212,335		12,768
2/8/10	Polish Zloty 10,450,000	Euro 2,595,757		(22,597	)
2/9/10	Indian Rupee 502,052,000	United States Dollar 10,750,578		112,527
2/9/10	Indian Rupee 502,052,000	United States Dollar 10,755,184		107,921
2/11/10	Mexican Peso 193,476,000	United States Dollar 15,112,951		(334,766	)
2/11/10	Russian Ruble 581,400,000	United States Dollar 19,087,328		32,021
2/16/10	Australian Dollar 10,876,300	United States Dollar 10,030,124		(422,514	)
2/16/10	Indian Rupee 202,200,000	United States Dollar 4,428,384		(57,673	)
2/16/10	Indian Rupee 551,810,000	United States Dollar 12,154,405		(226,602	)
2/16/10	Indonesian Rupiah 18,838,000,000	United States Dollar 2,042,060		(34,279	)
2/16/10	Indonesian Rupiah 55,064,550,000	United States Dollar 6,021,932		(153,075	)
2/16/10	Israeli Shekel 25,500,000	United States Dollar 6,829,138		2,790
2/16/10	South Korean Won 1,835,000,000	United States Dollar 1,627,206		(48,202	)

13

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
2/16/10	South Korean Won 12,138,100,000	United States Dollar 10,790,381	$	(345,636	)
2/18/10	Colombian Peso 13,574,303,631	United States Dollar 6,773,605		58,001
2/19/10	Indian Rupee 233,600,000	United States Dollar 5,114,955		(67,672	)
2/19/10	Norwegian Krone 87,400,000	Euro 10,629,371		7,582
2/22/10	Australian Dollar 5,954,800	United States Dollar 5,480,977		(224,090	)
2/22/10	Indian Rupee 193,900,000	United States Dollar 4,140,508		47,203
2/22/10	Indonesian Rupiah 29,492,000,000	United States Dollar 3,176,306		(37,667	)
2/22/10	Malaysian Ringgit 19,030,000	United States Dollar 5,699,311		(131,379	)
2/22/10	South Korean Won 3,593,000,000	United States Dollar 3,185,001		(93,679	)
2/25/10	Indian Rupee 194,300,000	United States Dollar 4,221,160		(26,606	)
2/25/10	Indian Rupee 295,000,000	United States Dollar 6,401,910		(33,441	)
2/25/10	Indonesian Rupiah 141,535,000,000	United States Dollar 15,018,570		32,913
2/25/10	Indonesian Rupiah 20,561,000,000	United States Dollar 2,200,214		(13,663	)
2/25/10	Norwegian Krone 141,661,300	Euro 17,379,835		(203,727	)
2/26/10	Indian Rupee 500,400,000	United States Dollar 10,798,446		2,664
2/26/10	South Korean Won 14,764,000,000	United States Dollar 12,726,709		(25,323	)
3/2/10	Brazilian Real 36,856,009	United States Dollar 19,642,919		(187,164	)
3/2/10	Brazilian Real 20,640,000	United States Dollar 11,138,694		(243,136	)
3/11/10	Indonesian Rupiah 44,665,000,000	United States Dollar 4,821,872		(82,377	)
3/31/10	Indonesian Rupiah 113,973,000,000	United States Dollar 12,055,532		12,765
4/13/10	Ghanaian Cedi 6,220,000	United States Dollar 3,918,110		293,546
4/13/10	Ghanaian Cedi 66,150	United States Dollar 41,809		2,982
5/26/10	Zambian Kwacha 13,174,300,000	United States Dollar 2,226,893		616,697
5/27/10	Zambian Kwacha 12,099,250,000	United States Dollar 2,041,723		569,352
6/11/10	Zambian Kwacha 11,856,500,000	United States Dollar 2,449,690		102,072
7/20/10	Ukrainian Hryvnia 44,684,900	United States Dollar 4,446,259		667,549
7/21/10	Ukrainian Hryvnia 43,991,900	United States Dollar 4,443,626		588,490
7/23/10	Ukrainian Hryvnia 44,107,800	United States Dollar 4,455,333		585,266
8/19/10	Zambian Kwacha 6,867,100,000	United States Dollar 1,390,946		65,771
8/23/10	Zambian Kwacha 6,867,100,000	United States Dollar 1,400,020		54,946

14

			Net Unrealized
Settlement			Appreciation
Date	In Exchange For	Deliver	(Depreciation)
9/3/10	Ukrainian Hryvnia 29,770,000	United States Dollar 2,658,036	$	664,588
9/28/10	Zambian Kwacha 9,769,300,000	United States Dollar 1,855,518		192,211
6/15/11	Yuan Renminbi 77,900,000	United States Dollar 11,785,174		147,169
6/15/11	Yuan Renminbi 36,900,000	United States Dollar 5,586,677		65,486
1/17/12	Yuan Renminbi 50,000,000	United States Dollar 7,908,890		(52,694	)
1/19/12	Yuan Renminbi 48,750,000	United States Dollar 7,701,422		(39,802	)
			$	1,703,978

At January 31, 2010, closed forward foreign currency purchases and sales contracts excluded above amounted to a receivable of $294,881 and a payable of $1,463,553.

Futures Contracts

									Net Unrealized
Expiration			Aggregate						Appreciation
Date	Contracts	Position	Cost			Value			(Depreciation)
2/10	25 Hang Seng H-shares	Short	$	(1,853,213	)	$	(1,859,073	)	$	(5,860	)
3/10	69 Euro-Bobl	Short		(11,142,285	)		(11,218,081	)		(75,796	)
3/10	43 Euro-Bund	Short		(7,346,727	)		(7,355,849	)		(9,122	)
3/10	32 Japan 10 Year Bond	Short		(49,460,322	)		(49,457,929	)		2,393
3/10	309 U.S. 5 Year Treasury Note	Short		(35,998,934	)		(35,986,430	)		12,504
									$	(75,881	)

Euro Bobl: Medium-term debt securities issued by the Federal Republic of Germany with a term to maturity of 4.5 to 5 years.

Euro Bund: Long-term debt securities issued by the Federal Republic of Germany with a term to maturity of 8.5 to 10.5 years.

Hang Seng H-shares: Hang Seng China Enterprises Index comprised of H-shares listed on the Hong Kong Stock Exchange.

Japan 10 Year Bond: Japanese Government Bonds (JGB) having a maturity of 7 years or more but less than 11 years.

Interest Rate Swaps

	Notional		Portfolio
	Amount		Pays/Receives	Floating	Annual			Termination	Net Unrealized
Counterparty	(000’s omitted)		Floating Rate	Rate Index	Fixed Rate			Date	Depreciation
Bank of America	ILS	15,220	Receive	3-Month ILS TELBOR		4.20	%	11/19/14	$	(18,072	)
Bank of America	ILS	29,000	Receive	3-Month ILS TELBOR		4.54		1/6/15		(101,821	)
JPMorgan Chase Bank	BRL	86,633	Pay	Brazil Interbank Deposit Rate		9.67		1/3/11		(92,420	)
									$	(212,313	)

BRL	-	Brazilian Real
ILS	-	Israeli Shekel

15

Credit Default Swaps — Sell Protection

		Notional		Contract				Current
		Amount*		Annual			Termination	Market Annual			Net Unrealized
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	Fixed Rate***			Depreciation
Iceland	Barclays Bank PLC	$	5,000		1.70	%	3/20/18		6.31	%	$	(1,109,394	)
Iceland	Credit Suisse First Boston		5,000		1.70		3/20/18		6.31			(1,109,394	)
Iceland	JPMorgan Chase Bank		6,600		1.75		3/20/18		6.31			(1,447,990	)
Iceland	JPMorgan Chase Bank		5,000		2.10		3/20/23		5.78			(1,122,708	)
Iceland	JPMorgan Chase Bank		5,000		2.45		3/20/23		5.78			(1,013,008	)
											$	(5,802,494	)

Credit Default Swaps — Buy Protection

		Notional		Contract				Net Unrealized
		Amount		Annual			Termination	Appreciation
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	(Depreciation)
Austria	Barclays Bank PLC	$	8,800		0.44	%	12/20/13	$	113,742
Austria	Barclays Bank PLC		3,700		1.42		3/20/14		(94,226	)
Brazil	Barclays Bank PLC		9,000		1.65		9/20/19		(38,499	)
China	Barclays Bank PLC		8,700		1.00	(1)	3/20/15		(14,031	)
China	Barclays Bank PLC		8,700		1.00	(1)	3/20/20		(55,642	)
China	Citigroup Global Markets		4,300		1.00	(1)	3/20/20		(20,530	)
China	JPMorgan Chase Bank		4,300		1.00	(1)	3/20/15		(8,998	)
Greece	Credit Suisse First Boston		20,000		0.20		6/20/20		4,535,800
Greece	Goldman Sachs, Inc.		35,000		0.29		6/20/15		5,527,066
Greece	JPMorgan Chase Bank		20,000		0.13		9/20/17		4,017,042
Italy	Credit Suisse First Boston		18,200		0.20		12/20/16		1,055,183
Lebanon	Barclays Bank PLC		4,200		1.00	(1)	12/20/14		(54,380	)
Lebanon	Barclays Bank PLC		4,900		1.00	(1)	3/20/15		(88,866	)
Lebanon	Citigroup Global Markets		4,600		3.30		9/20/14		(228,169	)
Lebanon	Citigroup Global Markets		4,300		1.00	(1)	12/20/14		(55,675	)
Lebanon	Citigroup Global Markets		4,500		1.00	(1)	12/20/14		(51,466	)
Lebanon	Citigroup Global Markets		5,500		1.00	(1)	12/20/14		(77,452	)
Lebanon	Citigroup Global Markets		2,800		1.00	(1)	3/20/15		4,706
Lebanon	Deutsche Bank		6,100		1.00	(1)	3/20/15		(6,180	)
Malaysia	Bank of America		3,900		0.83		12/20/14		34,874
Malaysia	Barclays Bank PLC		7,400		2.40		3/20/14		(443,301	)
Malaysia	Barclays Bank PLC		7,800		0.82		12/20/14		73,428
Malaysia	Citigroup Global Markets		7,300		2.45		3/20/14		(452,202	)
Philippines	Barclays Bank PLC		8,200		1.70		12/20/14		26,994
Philippines	Barclays Bank PLC		8,700		1.85		12/20/14		(37,647	)
Philippines	Barclays Bank PLC		9,131		1.00	(1)	3/20/15		85,628
Philippines	Citigroup Global Markets		5,000		1.88		6/20/11		(60,671	)
Philippines	Credit Suisse First Boston		5,000		1.88		6/20/11		(60,671	)
Philippines	JPMorgan Chase Bank		5,000		1.88		6/20/11		(60,671	)
Philippines	JPMorgan Chase Bank		8,200		1.69		12/20/14		30,794
Philippines	JPMorgan Chase Bank		9,131		1.00	(1)	3/20/15		85,628
Philippines	Barclays Bank PLC		8,000		1.84		12/20/14		(23,930	)
Philippines	Citigroup Global Markets		8,700		1.86		12/20/14		(41,710	)
Philippines	Citigroup Global Markets		3,800		1.84		12/20/14		(11,367	)
Serbia	HSBC Bank USA		7,000		1.30		5/20/11		58,710
South Africa	Bank of America		6,300		1.00	(1)	12/20/19		95,463
South Africa	Barclays Bank PLC		6,300		1.00	(1)	12/20/19		50,413
South Africa	Barclays Bank PLC		5,000		1.00	(1)	3/20/20		82,042
South Africa	Citigroup Global Markets		3,910		1.00	(1)	12/20/19		2,910
South Africa	Credit Suisse First Boston		4,600		1.00	(1)	3/20/20		39,117
South Africa	JPMorgan Chase Bank		5,200		1.00	(1)	12/20/19		(9,531	)
South Africa	JPMorgan Chase Bank		4,590		1.00	(1)	12/20/19		(66,134	)
Thailand	Barclays Bank PLC		7,500		0.97		9/20/19		171,980
Thailand	Citigroup Global Markets		7,700		0.86		12/20/14		75,588
Thailand	Citigroup Global Markets		3,700		0.95		9/20/19		90,798
Thailand	JPMorgan Chase Bank		3,900		0.87		12/20/14		36,448
Turkey	Barclays Bank PLC		4,170		2.12		1/20/13		(65,683	)
Turkey	Citigroup Global Markets		9,400		2.93		9/20/19		(656,029	)

16

		Notional		Contract				Net Unrealized
		Amount		Annual			Termination	Appreciation
Reference Entity	Counterparty	(000’s omitted)		Fixed Rate**			Date	(Depreciation)
Turkey	Credit Suisse First Boston	$	5,000		2.87	%	7/20/11	$	(129,121	)
Turkey	Credit Suisse First Boston		4,120		2.11		1/20/13		(63,696	)
Turkey	JPMorgan Chase Bank		10,000		3.16		4/20/10		(145,192	)
Turkey	JPMorgan Chase Bank		12,610		2.12		1/20/13		(198,624	)
Turkey	Morgan Stanley		5,000		4.05		4/06/14		(506,498	)
iTraxx Europe Subordinated Financials 5 Year Index	Bank of America	EUR	16,100		1.00	(1)	12/20/14		(9,583	)
iTraxx Europe Subordinated Financials 5 Year Index	Goldman Sachs, Inc.	EUR	16,100		1.00	(1)	12/20/14		(4,569	)
								$	12,453,410

*	If the Portfolio is the seller of credit protection, the notional amount is the maximum potential amount of future payments the Portfolio could be required to make if a credit event, as defined in the credit default swap agreement, were to occur. At January 31, 2010, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $26,600,000.
**	The contract annual fixed rate represents the fixed rate of interest received by the Portfolio (as a seller of protection) or paid by the Portfolio (as a buyer of protection) annually on the notional amount of the credit default swap contract.
***	Current market annual fixed rates, utilized in determining the net unrealized appreciation or depreciation as of period end, serve as an indicator of the market’s perception of the current status of the payment/performance risk associated with the credit derivative. The current market annual fixed rate of a particular reference entity reflects the cost, as quoted by the pricing vendor, of selling protection against default of that entity as of period end and may include upfront payments required to be made to enter into the agreement. The higher the fixed rate, the greater the market perceived risk of a credit event involving the reference entity. A rate identified as “Defaulted” indicates a credit event has occurred for the reference entity.

(1)  Upfront payment is exchanged with the counterparty as a result of the standardized trading coupon.

Total Return Swaps

	Notional		Expiration	Portfolio	Portfolio	Net Unrealized
Counterparty	Amount		Date	Pays	Receives	Depreciation
JPMorgan Chase Bank	$	1,943,978	8/25/10	1-Month USD LIBOR-BBA+ 50 bp	Total Return on JPMorgan Abu Dhabi Index	$	(3,424	)
						$	(3,424	)

17

Cross-Currency Swaps

	Notional Amount		Notional Amount
	on Fixed Rate		on Floating Rate
	(Currency Received)		(Currency Delivered)		Floating	Fixed			Termination	Net Unrealized
Counterparty	(000’s omitted)		(000’s omitted)		Rate	Rate			Date	Depreciation
Bank of America	TRY	19,000	$	12,684	3 Month USD- LIBOR-BBA		10.03	%	11/25/13	$	(205,241	)
Citigroup Global Markets	TRY	4,000	$	2,475	3 Month USD- LIBOR-BBA		11.95	%	2/15/12		(648,850	)
Citigroup Global Markets	TRY	8,441	$	5,091	3 Month USD- LIBOR-BBA		12.10	%	2/15/12		(1,515,981	)
Citigroup Global Markets	TRY	12,367	$	7,361	3 Month USD- LIBOR-BBA		12.46	%	8/14/13		(1,936,113	)
Citigroup Global Markets	TRY	6,159	$	4,122	3 Month USD- LIBOR-BBA		10.05	%	11/06/13		(80,789	)
Credit Suisse First Boston	TRY	6,790	$	3,922	3 Month USD- LIBOR-BBA		12.45	%	2/15/12		(1,388,415	)
JPMorgan Chase Bank	TRY	7,159	$	4,792	3 Month USD- LIBOR-BBA		10.10	%	11/06/13		(101,203	)
JPMorgan Chase Bank	TRY	13,609	$	9,189	3 Month USD- LIBOR-BBA		11.20	%	5/21/14		(637,747	)
										$	(6,514,339	)

TRY - New Turkish Lira

The Portfolio pays interest on the currency received and receives interest on the currency delivered. At the termination date, the notional amount of the currency received will be exchanged for the notional amount of the currency delivered.

Written currency call options activity for the fiscal year to date ended January 31, 2010 was as follows:

	Principal Amount
	of Contracts		Premiums
	(000’s omitted)		Received
Outstanding, beginning of period	JPY	4,078,000	$	522,711
Outstanding, end of period	JPY	4,078,000	$	522,711

JPY - Japanese Yen

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objectives, the Portfolio is subject to the following risks:

Credit Risk: The Portfolio may enter into credit default swap contracts to manage its credit risk, to gain exposure to a credit in which the Portfolio may otherwise invest, or to enhance return.

Equity Risk: The Portfolio may enter into total return swap agreements on a security, basket of securities or an index to enhance return, to change the duration of the overall portfolio, to hedge against fluctuations in securities prices or interest rates or as substitution for the purchase or sale of securities. The Portfolio may also enter into equity index futures contracts to enhance return.

Foreign Exchange Risk: The Portfolio holds foreign currency denominated investments. The value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio may enter into forward foreign currency exchange contracts. The Portfolio may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing. The Portfolio may also purchase or write currency option contracts to enhance return.

Interest Rate Risk: The Portfolio holds fixed-rate bonds. The value of these bonds may decrease if interest rates rise. To hedge against this risk, the Portfolio may enter into interest rate and cross-currency swap contracts. The Portfolio may also purchase and sell U.S. Treasury and foreign debt futures contracts to hedge against changes in interest rates.

18

The fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at January 31, 2010 was as follows:

		Fair Value
		Asset			Liability
Risk	Derivative	Derivative			Derivative
Credit	Credit Default Swaps	$	16,294,354		$	(9,643,438	)
		$	16,294,354		$	(9,643,438	)
Equity	Total Return Swaps	$	—		$	(3,424	)
Equity	Futures Contracts		—			(5,860	)*
		$	—		$	(9,284	)
Foreign Exchange	Currency Options Purchased	$	828,298		$	—
Foreign Exchange	Currency Options Written		—			(37,046	)
Foreign Exchange	Forward Foreign Currency Exchange Contracts		11,100,490			(8,360,701	)
		$	11,928,788		$	(8,397,747	)
Interest Rate	Cross-Currency Swaps	$	—		$	(6,514,339	)
Interest Rate	Futures Contracts		14,897	*		(84,918	)*
Interest Rate	Interest Rate Swaps		—			(212,313	)
		$	14,897		$	(6,811,570	)

* Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts in the Futures Contracts table above.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	2,448,055,314
Gross unrealized appreciation	$	56,799,054
Gross unrealized depreciation		(15,811,295	)
Net unrealized appreciation	$	40,987,759

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

19

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for			Significant Other			Significant
	Identical Assets			Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)			(Level 2)			(Level 3)		Total
Foreign Government Bonds	$	—		$	150,524,631		$	2,657,636	$	153,182,267
Foreign Corporate Bonds & Notes		—			5,236,472			—		5,236,472
Corporate Bonds & Notes		—			1,638,032			—		1,638,032
Collateralized Mortgage Obligations		—			132,949,700			—		132,949,700
Commercial Mortgage-Backed Securities		—			22,172,892			—		22,172,892
Mortgage Pass-Throughs		—			949,527,403			—		949,527,403
U.S. Government Agency Obligations		—			79,241,518			—		79,241,518
U.S. Treasury Obligations		—			110,489,738			—		110,489,738
Common Stocks		—			326,200			—		326,200
Currency Options Purchased		—			828,298			—		828,298
Short-Term Investments		199,160,072			834,290,481			—		1,033,450,553
Total Investments	$	199,160,072		$	2,287,225,365		$	2,657,636	$	2,489,043,073
Forward Foreign Currency Exchange Contracts	$	—		$	11,100,490		$	—	$	11,100,490
Swaps Contracts		—			16,294,354			—		16,294,354
Futures Contracts		14,897			—			—		14,897
Total	$	199,174,969		$	2,314,620,209		$	2,657,636	$	2,516,452,814
Liability Description
Currency Options Written	$	—		$	(37,046	)	$	—	$	(37,046	)
Forward Foreign Currency Exchange Contracts		—			(8,360,701	)		—		(8,360,701	)
Swaps Contracts		—			(16,373,514	)		—		(16,373,514	)
Futures Contracts		(90,778	)		—			—		(90,778	)
Securities Sold Short		—			(81,798,771	)		—		(81,798,771	)
Total	$	(90,778	)	$	(106,570,032	)	$	—	$	(106,660,810	)

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in
	Foreign
	Government Bonds		Total
Balance as of October 31, 2009	$	2,353,740	$	2,353,740
Realized gains (losses)		—		—
Change in net unrealized		303,896		303,896
appreciation (depreciation)
Net purchases (sales)		—		—
Accrued discount (premium)		—		—
Net transfers to (from) Level 3		—		—
Balance as of January 31, 2010	$	2,657,636	$	2,657,636
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2010	$	303,896	$	303,896

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

20

Eaton Vance Tax-Managed Dividend Income Fund as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 79.6%

Security	Shares		Value
Aerospace & Defense — 1.1%
General Dynamics Corp.		206,458	$	13,801,717
			$	13,801,717
Beverages — 1.1%
Diageo PLC ADR		200,000	$	13,438,000
			$	13,438,000
Capital Markets — 1.0%
Goldman Sachs Group, Inc.		80,000	$	11,897,600
			$	11,897,600
Chemicals — 2.2%
Mosaic Co.		500,000	$	26,755,000
			$	26,755,000
Commercial Banks — 2.5%
Banco Santander Brasil SA ADR		300,000	$	3,612,000
HSBC Holdings PLC ADR		225,000		12,039,750
U.S. Bancorp		623,421		15,635,399
			$	31,287,149
Commercial Services & Supplies — 0.9%
Waste Management, Inc.		350,000	$	11,217,500
			$	11,217,500
Computers & Peripherals — 2.0%
International Business Machines Corp.		200,000	$	24,478,000
			$	24,478,000
Diversified Financial Services — 1.0%
Bank of America Corp.		800,000	$	12,144,000
			$	12,144,000
Diversified Telecommunication Services — 6.6%
CenturyTel, Inc.		300,000	$	10,203,000
Koninklijke KPN NV		1,000,000		16,558,491
Telstra Corp., Ltd.		8,400,000		24,780,465
Verizon Communications, Inc.		585,000		17,210,700
Windstream Corp.		1,250,000		12,887,500
			$	81,640,156
Electric Utilities — 2.2%
Fortum Oyj		450,000	$	11,419,474
Iberdrola SA		1,900,000		16,176,371
			$	27,595,845
Energy Equipment & Services — 2.9%
Diamond Offshore Drilling, Inc.		210,000	$	19,221,300
Schlumberger, Ltd.		250,000		15,865,000
			$	35,086,300
Food & Staples Retailing — 1.3%
Wal-Mart Stores, Inc.		298,769	$	15,963,228
			$	15,963,228
Food Products — 2.6%
Nestle SA		668,000	$	31,664,354
			$	31,664,354

1

Security	Shares		Value
Hotels, Restaurants & Leisure — 3.0%
McDonald’s Corp.		590,000	$	36,833,700
			$	36,833,700
Household Durables — 0.6%
Whirlpool Corp.		100,000	$	7,518,000
			$	7,518,000
Industrial Conglomerates — 0.5%
Siemens AG		65,000	$	5,795,884
			$	5,795,884
Insurance — 2.8%
MetLife, Inc.		575,000	$	20,309,000
Prudential Financial, Inc.		275,000		13,747,250
			$	34,056,250
Metals & Mining — 3.1%
BHP Billiton, Ltd. ADR		325,000	$	22,545,250
Southern Copper Corp.		600,000		15,978,000
			$	38,523,250
Multi-Utilities — 3.8%
CMS Energy Corp.		875,000	$	13,273,750
DTE Energy Co.		235,714		9,909,417
GDF Suez		298,790		11,297,602
PG&E Corp.		300,000		12,672,000
			$	47,152,769
Oil, Gas & Consumable Fuels — 13.3%
BP PLC ADR		580,000	$	32,549,600
Chevron Corp.		327,000		23,583,240
Exxon Mobil Corp.		500,000		32,215,000
Marathon Oil Corp.		400,000		11,924,000
Royal Dutch Shell PLC, Class A		965,000		26,672,298
Total SA		250,000		14,448,327
Total SA ADR		400,000		23,036,000
			$	164,428,465
Personal Products — 0.6%
Avon Products, Inc.		240,000	$	7,233,600
			$	7,233,600
Pharmaceuticals — 9.6%
Abbott Laboratories		235,000	$	12,440,900
AstraZeneca PLC		617,000		28,638,941
Merck & Co., Inc.		712,440		27,200,959
Novartis AG		465,000		24,884,425
Pfizer, Inc.		525,000		9,796,500
Sanofi-Aventis SA		200,000		14,788,865
			$	117,750,590
Real Estate Investment Trusts (REITs) — 1.1%
Annaly Capital Management, Inc.		800,000	$	13,904,000
			$	13,904,000
Road & Rail — 3.4%
Canadian National Railway Co.		570,000	$	28,460,100
Union Pacific Corp.		230,000		13,915,000
			$	42,375,100
Semiconductors & Semiconductor Equipment — 1.9%
Analog Devices, Inc.		875,000	$	23,590,000
			$	23,590,000

2

Security	Shares		Value
Specialty Retail — 1.9%
Home Depot, Inc.		843,696	$	23,631,925
			$	23,631,925
Textiles, Apparel & Luxury Goods — 0.7%
VF Corp.		125,000	$	9,003,750
			$	9,003,750
Tobacco — 3.9%
British American Tobacco PLC		425,000	$	14,048,319
Imperial Tobacco Group PLC		425,000		13,705,329
Philip Morris International, Inc.		450,000		20,479,500
			$	48,233,148
Wireless Telecommunication Services — 2.0%
Vodafone Group PLC		11,200,000	$	23,927,789
			$	23,927,789
Total Common Stocks (identified cost $855,031,415)			$	980,927,069

Preferred Stocks — 16.8%

Security	Shares		Value
Capital Markets — 0.7%
Morgan Stanley, 4.00%(1)		440,000	$	9,064,000
			$	9,064,000
Commercial Banks — 7.5%
Abbey National Capital Trust I, 8.963%(1)		1,750	$	1,872,203
ABN AMRO North America Capital Funding Trust, 6.968%(1)(2)		4,000		2,430,000
Barclays PLC, 7.434%(1)(2)		5,500		5,317,923
BBVA International SA Unipersonal, 5.919%(1)		6,250		5,284,775
Credit Agricole SA/London, 6.637%(1)(2)		10,400		9,112,314
DB Capital Funding VIII, 6.375%		62,176		1,433,157
DB Contingent Capital Trust II, 6.55%		178,923		3,932,728
HSBC Capital Funding LP, 10.176%(1)(2)		3,250		3,968,032
JPMorgan Chase & Co., 7.90%(1)		16,000		16,761,680
Landsbanki Islands HF, 7.431%(1)(2)(3)		14,750		38,350
Lloyds Banking Group PLC, 6.657%(1)(2)(5)		114		6,971,272
PNC Financial Services Group, Inc., Series L, 9.875%(1)		270,000		7,627,500
Royal Bank of Scotland Group PLC, 7.64%(1)(5)		115		6,972,599
Santander Finance Unipersonal, 10.50%		112,694		3,177,971
Standard Chartered PLC, 6.409%(1)(2)		103		9,381,703
Wells Fargo & Co., 7.98%(1)		3,400		3,553,683
Wells Fargo & Co., Class A, 7.50%		5,350		5,042,910
			$	92,878,800
Diversified Financial Services — 3.3%
Auction Pass-Through Trust 2006-5B - USB H, 0.00%(1)(2)		35	$	77,438
Auction Pass-Through Trust 2006-6B - USB H, 0.00%(1)(2)		40		88,500
Bank of America Corp., 6.25%		92,900		1,788,325
Bank of America Corp., 6.70%		387,350		7,944,548
CoBank, ACB, 11.00%(2)		300,000		16,003,140
Preferred Pass-Through Trust, 2006-A GS, Class A, 5.994%(1)(2)		70		14,183,078
			$	40,085,029
Electric Utilities — 0.2%
Entergy Arkansas, Inc., 6.45%		51,500	$	1,136,219
Southern California Edison Co., 6.00%		15,000		1,328,250
			$	2,464,469

3

Security	Shares		Value
Food Products — 0.1%
Ocean Spray Cranberries, Inc., 6.25%(2)		13,250	$	931,227
			$	931,227
Insurance — 3.8%
Aegon NV, 6.375%		205,000	$	3,772,000
Arch Capital Group, Ltd., Series A, 8.00%		185,500		4,628,225
Arch Capital Group, Ltd., Series B, 7.875%		26,500		655,610
AXA SA, 6.463%(1)(2)		5,000		4,022,090
Endurance Specialty Holdings, Ltd., 7.75%		181,550		4,246,454
ING Capital Funding Trust III, 8.439%(1)		11,750		10,835,697
MetLife, Inc., 6.50%		350,000		8,358,000
PartnerRe, Ltd., 6.50%		52,000		1,175,200
PartnerRe, Ltd., 6.75%		139,700		3,340,227
RAM Holdings, Ltd., Series A, 7.50%(1)(5)		5,000		359,688
RenaissanceRe Holdings, Ltd., 6.08%		82,000		1,622,780
RenaissanceRe Holdings, Ltd., 6.60%		175,000		3,787,000
			$	46,802,971
Oil, Gas & Consumable Fuels — 0.6%
Kinder Morgan GP, Inc., 8.33%(1)(2)		7,000	$	6,851,688
			$	6,851,688
Real Estate Investment Trusts (REITs) — 0.6%
AMB Property Corp., 6.75%		29,900	$	639,860
Duke Realty Corp., 6.95%		120,000		2,536,800
Health Care Property, Inc., 7.10%		150,000		3,274,500
ProLogis Trust, 6.75%		29,300		611,784
PS Business Parks, Inc., 7.95%		26,000		639,990
			$	7,702,934
Total Preferred Stocks (identified cost $237,673,020)			$	206,781,118

Corporate Bonds & Notes — 2.1%

	Principal
	Amount
Security	(000’s Omitted)		Value
Commercial Banks — 0.6%
Capital One Capital V, 10.25%, 8/15/39	$	6,000	$	6,886,452
			$	6,886,452
Diversified Financial Services — 0.4%
American Express Co., 6.80%, 9/1/66(1)	$	2,406	$	2,249,610
General Electric Capital Corp., 6.375%, 11/15/67(1)		3,500		3,097,500
			$	5,347,110
Retail-Food and Drug — 1.1%
CVS Caremark Corp., 6.302%, 6/1/37(1)	$	15,000	$	13,957,365
			$	13,957,365
Total Corporate Bonds & Notes (identified cost $23,633,375)			$	26,190,927

4

Convertible Preferred Stocks — 0.8%

Security	Shares		Value
Diversified Financial Services — 0.8%
Bank of America Corp., 10.00%		669,860	$	10,114,886
Total Convertible Preferred Stocks (identified cost $10,047,900)			$	10,114,886

Short-Term Investments — 1.2%

	Interest
Description	(000’s Omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(4)	$	14,824	$	14,823,926
Total Short-Term Investments (identified cost $14,823,926)			$	14,823,926
Total Investments — 100.5% (identified cost $1,141,209,636)			$	1,238,837,926
Other Assets, Less Liabilities — (0.5)%			$	(5,994,428	)
Net Assets — 100.0%			$	1,232,843,498

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
ADR	-	American Depositary Receipt
(1)		Variable rate security. The stated interest rate represents the rate in effect at January 31, 2010.
(2)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $79,376,755 or 6.4% of the Fund’s net assets.
(3)		Defaulted security.
(4)		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 January 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $768.
(5)		Non-income producing security.

5

Country Concentration

	Percentage
Country	of Net Assets			Value
United States		76.7	%	$	945,207,066
United Kingdom		8.7			106,992,676
Switzerland		4.6			56,548,779
France		3.3			40,534,794
Australia		2.0			24,780,465
Netherlands		1.3			16,558,491
Spain		1.3			16,176,371
Finland		0.9			11,419,474
Germany		0.5			5,795,884
Long-Term Investments		99.3	%	$	1,224,014,000
Short-Term Investments					14,823,926
Total Investments				$	1,238,837,926

The Fund did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,156,675,048
Gross unrealized appreciation	$	134,006,262
Gross unrealized depreciation		(51,843,384	)
Net unrealized appreciation	$	82,162,878

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

6

At January 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Consumer Discretionary	$	76,987,375	$	—		$	—	$	76,987,375
Consumer Staples		57,114,328		59,418,002			—		116,532,330
Energy		158,394,140		41,120,625			—		199,514,765
Financials		103,288,999		—			—		103,288,999
Health Care		49,438,359		68,312,231			—		117,750,590
Industrials		67,394,317		5,795,884			—		73,190,201
Information Technology		48,068,000		—			—		48,068,000
Materials		65,278,250		—			—		65,278,250
Telecommunication Services		40,301,200		65,266,745			—		105,567,945
Utilities		35,855,167		38,893,447			—		74,748,614
Total Common Stocks	$	702,120,135	$	278,806,934	*	$	—	$	980,927,069
Preferred Stocks
Consumer Staples	$	—	$	931,227		$	—	$	931,227
Energy		—		6,851,688			—		6,851,688
Financials		79,299,570		117,234,164			—		196,533,734
Utilities		1,328,250		1,136,219			—		2,464,469
Total Preferred Stocks	$	80,627,820	$	126,153,298		$	—	$	206,781,118
Corporate Bonds & Notes	$	—	$	26,190,927		$	—	$	26,190,927
Convertible Preferred Stocks		10,114,886		—			—		10,114,886
Short-Term Investments		—		14,823,926			—		14,823,926
Total Investments	$	792,862,841	$	445,975,085		$	—	$	1,238,837,926

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

The Fund held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

7

Eaton Vance Tax-Managed International Equity Fund as of January 31, 2010 (Unaudited)

Eaton Vance Tax-Managed International Equity Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed International Equity Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $104,397,598 and the Fund owned 56.4% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed International Equity Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 99.0%

Security	Shares		Value
Automobiles — 3.9%
Fiat SpA(1)		62,000	$	776,980
Honda Motor Co., Ltd.		73,000		2,473,905
Nissan Motor Co., Ltd.(1)		241,000		1,959,045
Toyota Motor Corp.		50,500		1,942,407
			$	7,152,337
Beverages — 2.6%
Central European Distribution Corp.(1)		83,800	$	2,685,790
Fomento Economico Mexicano SA de CV ADR		51,800		2,183,888
			$	4,869,678
Building Products — 1.5%
Wienerberger AG(1)		142,800	$	2,670,590
			$	2,670,590
Capital Markets — 0.4%
3i Group PLC		195,000	$	817,900
			$	817,900
Chemicals — 1.1%
Agrium, Inc.		37,500	$	2,113,125
			$	2,113,125
Commercial Banks — 18.6%
Banco Santander Central Hispano SA		485,000	$	6,926,256
Barclays PLC		757,000		3,235,426
BOC Hong Kong Holdings, Ltd.		1,829,000		3,796,602
Credit Agricole SA		55,500		870,009
DBS Group Holdings, Ltd.		543,000		5,470,853
Intesa Sanpaolo SpA(1)		917,000		3,490,683
KBC Groep NV(1)		73,900		3,181,467
Mitsubishi UFJ Financial Group, Inc.		294,000		1,512,945
National Bank of Greece SA(1)		147,000		3,213,283
Societe Generale		29,300		1,695,215
Turkiye Is Bankasi		234,000		1,027,920
			$	34,420,659
Computers & Peripherals — 0.7%
Toshiba Corp.(1)		240,000	$	1,311,319
			$	1,311,319
Construction & Engineering — 0.8%
Vinci SA		29,000	$	1,548,800
			$	1,548,800
Consumer Finance — 1.1%
ORIX Corp.		28,000	$	2,096,106
			$	2,096,106
Diversified Telecommunication Services — 3.0%
Koninklijke KPN NV		111,500	$	1,846,272
Telefonica SA		157,100		3,763,413
			$	5,609,685
Electric Utilities — 1.0%
E.ON AG		48,520	$	1,784,925
			$	1,784,925

1

Security	Shares		Value
Electrical Equipment — 1.3%
ABB, Ltd. ADR(1)		130,900	$	2,360,127
			$	2,360,127
Electronic Equipment, Instruments & Components — 3.5%
FUJIFILM Holdings Corp.		135,000	$	4,323,866
Hon Hai Precision Industry Co., Ltd.		529,000		2,204,340
			$	6,528,206
Energy Equipment & Services — 2.6%
OAO TMK GDR(1)		147,719	$	2,800,897
Tenaris SA ADR		47,400		2,085,600
			$	4,886,497
Food Products — 6.3%
Cosan, Ltd., Class A(1)		257,600	$	2,009,280
Nestle SA		118,800		5,631,325
Unilever PLC		133,000		4,044,402
			$	11,685,007
Health Care Equipment & Supplies — 0.6%
Mindray Medical International, Ltd. ADR		30,400	$	1,060,048
			$	1,060,048
Hotels, Restaurants & Leisure — 0.7%
Carnival PLC(1)		33,200	$	1,193,600
			$	1,193,600
Household Durables — 2.0%
Desarrolladora Homex SA de CV ADR(1)		57,200	$	1,753,180
Fisher & Paykel Appliances Holdings, Ltd.(1)		2,100,000		882,053
LG Electronics, Inc.		11,000		1,026,129
			$	3,661,362
Household Products — 0.5%
Henkel AG & Co. KGaA		21,900	$	956,609
			$	956,609
Industrial Conglomerates — 3.6%
Cookson Group PLC(1)		382,000	$	2,589,536
Keppel Corp., Ltd.		684,700		4,045,576
			$	6,635,112
Insurance — 2.6%
AXA SA		68,400	$	1,408,411
Swiss Reinsurance Co., Ltd.		38,000		1,642,733
Zurich Financial Services AG		8,000		1,700,897
			$	4,752,041
Media — 1.1%
Central European Media Enterprises, Ltd., Class A(1)		72,900	$	2,078,379
			$	2,078,379
Metals & Mining — 7.1%
Anglo American PLC ADR(1)		117,400	$	2,130,810
ArcelorMittal		51,200		1,980,416
Rio Tinto PLC ADR		12,000		2,328,240
Sterlite Industries India, Ltd. ADR		108,400		1,728,980
Thompson Creek Metals Co., Inc.(1)		167,000		1,937,200
Vale SA ADR		130,900		2,955,722
			$	13,061,368

2

Security	Shares		Value
Multi-Utilities — 2.9%
National Grid PLC		184,000	$	1,848,049
RWE AG		40,000		3,548,796
			$	5,396,845
Office Electronics — 1.1%
Canon, Inc.		52,000	$	2,032,579
			$	2,032,579
Oil, Gas & Consumable Fuels — 8.8%
KazMunaiGas Exploration Production GDR		47,300	$	1,194,352
LUKOIL OAO ADR		54,500		3,030,200
OMV AG		23,800		937,396
Petroleo Brasileiro SA ADR		105,300		3,799,224
Soco International PLC(1)		81,900		1,879,754
Statoil ASA		45,000		1,009,867
Total SA		77,000		4,450,085
			$	16,300,878
Pharmaceuticals — 7.7%
AstraZeneca PLC ADR		31,400	$	1,459,786
GlaxoSmithKline PLC ADR		84,700		3,304,147
Novartis AG		138,200		7,395,758
Sanofi-Aventis		28,100		2,077,836
			$	14,237,527
Real Estate Management & Development — 0.5%
Raven Russia, Ltd.		1,244,000	$	991,442
			$	991,442
Road & Rail — 0.7%
All America Latina Logistica SA (Units)		165,000	$	1,321,751
			$	1,321,751
Semiconductors & Semiconductor Equipment — 0.6%
United Microelectronics Corp. ADR(1)		287,000	$	1,007,370
			$	1,007,370
Specialty Retail — 0.5%
Kingfisher PLC		270,000	$	909,485
			$	909,485
Tobacco — 3.2%
British American Tobacco PLC		176,000	$	5,817,657
			$	5,817,657
Trading Companies & Distributors — 3.5%
Mitsubishi Corp.		50,000	$	1,209,061
Mitsui & Co., Ltd.		355,000		5,221,498
			$	6,430,559
Wireless Telecommunication Services — 2.9%
MTN Group, Ltd.		82,000	$	1,170,601
Turkcell Iletisim Hizmetleri AS ADR		231,000		4,201,890
			$	5,372,491
Total Common Stocks (identified cost $154,958,073)			$	183,072,064

3

Short-Term Investments — 0.4%

	Interest
Description	(000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(2)	$	749	$	749,338
Total Short-Term Investments (identified cost $749,338)			$	749,338
Total Investments — 99.4% (identified cost $155,707,411)			$	183,821,402
Other Assets, Less Liabilities — 0.6%			$	1,191,948
Net Assets — 100.0%			$	185,013,350

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
(1)		Non-income producing security.
(2)		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 January 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $39.

4

Country Concentration of Portfolio

	Percentage
Country	of Net Assets			Value
United Kingdom		17.1	%	$	31,558,792
Japan		13.0			24,082,731
Switzerland		10.1			18,730,840
France		6.5			12,050,356
Spain		5.8			10,689,669
Brazil		5.5			10,085,977
Singapore		5.1			9,516,429
Russia		3.7			6,822,539
Italy		3.4			6,353,263
Germany		3.4			6,290,330
Turkey		2.8			5,229,810
Canada		2.2			4,050,325
Mexico		2.1			3,937,068
Netherlands		2.1			3,826,688
Hong Kong		2.1			3,796,602
Austria		2.0			3,607,986
Greece		1.7			3,213,283
Taiwan		1.7			3,211,710
Belgium		1.7			3,181,467
Poland		1.5			2,685,790
Czech Republic		1.1			2,078,379
India		0.9			1,728,980
Kazakhstan		0.6			1,194,352
South Africa		0.6			1,170,601
China		0.6			1,060,048
South Korea		0.6			1,026,129
Norway		0.6			1,009,867
New Zealand		0.5			882,053
United States		0.4			749,338
Total Investments		99.4	%	$	183,821,402

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	156,141,955
Gross unrealized appreciation	$	35,206,156
Gross unrealized depreciation		(7,526,709	)
Net unrealized appreciation	$	27,679,447

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

5

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Consumer Discretionary	$	3,831,559	$	11,163,604		$	—	$	14,995,163
Consumer Staples		6,878,958		16,449,993			—		23,328,951
Energy		8,915,024		12,272,351			—		21,187,375
Financials		6,926,256		36,151,892			—		43,078,148
Health Care		5,823,981		9,473,594			—		15,297,575
Industrials		3,681,878		17,285,060			—		20,966,938
Information Technology		1,007,370		9,872,104			—		10,879,474
Materials		15,174,493		—			—		15,174,493
Telecommunication Services		4,201,890		6,780,286			—		10,982,176
Utilities		—		7,181,771			—		7,181,771
Total Common Stocks	$	56,441,409	$	126,630,655	*	$	—	$	183,072,064
Short-Term Investments	$	—	$	749,338		$	—	$	749,338
Total Investments	$	56,441,409	$	127,379,993		$	—	$	183,821,402

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

6

Eaton Vance Tax-Managed Mid-Cap Core Fund as of January 31, 2010 (Unaudited)

Eaton Vance Tax-Managed Mid-Cap Core Fund (the Fund), a series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Mid-Cap Core Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $36,898,797 and the Fund owned 51.0% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Mid-Cap Core Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.8%

Security	Shares		Value
Auto Components — 1.4%
BorgWarner, Inc.(1)		30,000	$	1,052,700
			$	1,052,700
Capital Markets — 5.8%
Affiliated Managers Group, Inc.(1)		31,400	$	1,901,898
Greenhill & Co., Inc.		10,000		778,000
Jefferies Group, Inc.(1)		28,000		715,120
SEI Investments Co.		45,000		796,950
			$	4,191,968
Chemicals — 1.0%
RPM International, Inc.		37,000	$	691,900
			$	691,900
Commercial Banks — 3.7%
City National Corp.		32,000	$	1,580,480
TCF Financial Corp.		75,000		1,098,000
			$	2,678,480
Communications Equipment — 1.7%
F5 Networks, Inc.(1)		25,000	$	1,235,750
			$	1,235,750
Computers & Peripherals — 1.0%
Diebold, Inc.		28,000	$	743,960
			$	743,960
Construction & Engineering — 1.9%
Jacobs Engineering Group, Inc.(1)		37,000	$	1,398,230
			$	1,398,230
Construction Materials — 1.1%
Martin Marietta Materials, Inc.		10,000	$	791,800
			$	791,800
Containers & Packaging — 2.4%
Rock-Tenn Co., Class A		10,000	$	426,900
Sonoco Products Co.		46,200		1,282,512
			$	1,709,412
Diversified Consumer Services — 1.9%
Matthews International Corp., Class A		40,000	$	1,354,000
			$	1,354,000
Diversified Financial Services — 1.2%
Leucadia National Corp.(1)		40,000	$	893,200
			$	893,200
Electric Utilities — 1.4%
DPL, Inc.		38,300	$	1,027,972
			$	1,027,972
Electrical Equipment — 2.3%
AMETEK, Inc.		45,000	$	1,639,800
			$	1,639,800
Electronic Equipment, Instruments & Components — 4.2%
Amphenol Corp., Class A		25,600	$	1,019,904
FLIR Systems, Inc.(1)		37,000		1,094,460

1

Security	Shares		Value
National Instruments Corp.		32,000	$	940,480
			$	3,054,844
Energy Equipment & Services — 4.0%
FMC Technologies, Inc.(1)		27,000	$	1,435,590
Oceaneering International, Inc.(1)		27,000		1,476,900
			$	2,912,490
Food & Staples Retailing — 1.1%
Ruddick Corp.		29,000	$	822,150
			$	822,150
Gas Utilities — 3.2%
AGL Resources, Inc.		23,600	$	832,844
National Fuel Gas Co.		32,000		1,501,440
			$	2,334,284
Health Care Equipment & Supplies — 5.3%
Bard (C.R.), Inc.		8,800	$	729,432
Beckman Coulter, Inc.		8,900		581,793
DENTSPLY International, Inc.		44,800		1,502,144
Varian Medical Systems, Inc.(1)		20,000		1,005,800
			$	3,819,169
Health Care Providers & Services — 2.6%
Henry Schein, Inc.(1)		21,000	$	1,135,050
Universal Health Services, Inc., Class B		25,000		729,000
			$	1,864,050
Hotels, Restaurants & Leisure — 1.0%
Sonic Corp.(1)		87,400	$	736,782
			$	736,782
Household Durables — 1.0%
Mohawk Industries, Inc.(1)		16,700	$	691,547
			$	691,547
Household Products — 1.2%
Church & Dwight Co., Inc.		14,000	$	844,060
			$	844,060
Insurance — 2.8%
HCC Insurance Holdings, Inc.		34,000	$	921,400
Markel Corp.(1)		3,500		1,137,535
			$	2,058,935
IT Services — 1.1%
Fiserv, Inc.(1)		17,800	$	801,712
			$	801,712
Life Sciences Tools & Services — 4.0%
Bio-Rad Laboratories, Inc., Class A(1)		14,000	$	1,304,520
Mettler-Toledo International, Inc.(1)		16,000		1,559,520
			$	2,864,040
Machinery — 6.8%
Donaldson Co., Inc.		40,000	$	1,529,600
Graco, Inc.		37,000		987,530
IDEX Corp.		60,000		1,693,200
Valmont Industries, Inc.		10,000		694,600
			$	4,904,930

2

Security	Shares		Value
Media — 3.0%
John Wiley & Sons, Inc., Class A		30,000	$	1,252,500
Morningstar, Inc.(1)		20,000		945,200
			$	2,197,700
Metals & Mining — 2.2%
Cliffs Natural Resources, Inc.		16,000	$	639,200
Commercial Metals Co.		70,000		961,800
			$	1,601,000
Multi-Utilities — 1.9%
OGE Energy Corp.		38,300	$	1,387,226
			$	1,387,226
Multiline Retail — 1.2%
Dollar Tree, Inc.(1)		18,000	$	891,360
			$	891,360
Oil, Gas & Consumable Fuels — 4.2%
Arch Coal, Inc.		30,000	$	632,100
Denbury Resources, Inc.(1)		70,000		948,500
Newfield Exploration Co.(1)		30,000		1,468,200
			$	3,048,800
Personal Products — 1.2%
Alberto-Culver Co.		30,000	$	851,700
			$	851,700
Professional Services — 1.3%
FTI Consulting, Inc.(1)		22,000	$	911,900
			$	911,900
Real Estate Investment Trusts (REITs) — 4.2%
Health Care REIT, Inc.		37,000	$	1,591,000
Rayonier, Inc.		34,000		1,425,960
			$	3,016,960
Road & Rail — 1.9%
Landstar System, Inc.		37,000	$	1,342,730
			$	1,342,730
Semiconductors & Semiconductor Equipment — 1.6%
Microchip Technology, Inc.		46,050	$	1,188,551
			$	1,188,551
Software — 5.3%
ANSYS, Inc.(1)		41,200	$	1,724,632
Fair Isaac Corp.		42,200		925,446
Jack Henry & Associates, Inc.		55,200		1,212,192
			$	3,862,270
Specialty Retail — 3.3%
GameStop Corp., Class A(1)		25,000	$	494,250
O’Reilly Automotive, Inc.(1)		25,000		945,000
Ross Stores, Inc.		20,000		918,600
			$	2,357,850
Textiles, Apparel & Luxury Goods — 1.5%
Columbia Sportswear Co.		27,000	$	1,117,260
			$	1,117,260

3

Security	Shares		Value
Tobacco — 0.9%
Universal Corp., VA		14,000	$	635,460
			$	635,460
Total Common Stocks (identified cost $59,649,941)			$	71,528,932
Total Investments — 98.8% (identified cost $59,649,941)			$	71,528,932
Other Assets, Less Liabilities — 1.2%			$	835,777
Net Assets — 100.0%			$	72,364,709

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)	Non-income producing security.

4

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	59,753,623
Gross unrealized appreciation	$	13,293,649
Gross unrealized depreciation		(1,518,340	)
Net unrealized appreciation	$	11,775,309

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks	$	71,528,932	$	—	$	—	$	71,528,932
Total Investments	$	71,528,932	$	—	$	—	$	71,528,932

The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

5

Eaton Vance Tax-Managed Multi-Cap Growth Fund as of January 31, 2010 (Unaudited)

Eaton Vance Tax-Managed Multi-Cap Growth Fund (the Fund), a series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Multi-Cap Growth Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $77,309,068 and the Fund owned 58.6% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Multi-Cap Growth Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 87.0%

Security	Shares		Value
Auto Components — 2.1%
Lear Corp.(1)		41,226	$	2,836,349
			$	2,836,349
Automobiles — 0.0%
Harley-Davidson, Inc.		100	$	2,274
			$	2,274
Beverages — 0.0%
Central European Distribution Corp.(1)		100	$	3,205
Heckmann Corp.(1)		63		307
			$	3,512
Biotechnology — 2.6%
Amylin Pharmaceuticals, Inc.(1)		71,000	$	1,276,580
Cephalon, Inc.(1)		23,000		1,468,320
Gilead Sciences, Inc.(1)		15,500		748,185
			$	3,493,085
Building Products — 2.2%
Lennox International, Inc.		15,000	$	573,300
Owens Corning, Inc.(1)		88,316		2,272,371
USG Corp.(1)		500		6,005
			$	2,851,676
Capital Markets — 1.4%
State Street Corp.		30,000	$	1,286,400
TD Ameritrade Holding Corp.(1)		35,000		621,600
			$	1,908,000
Chemicals — 0.8%
Celanese Corp., Class A		37,000	$	1,076,700
Potash Corp. of Saskatchewan, Inc.		3		298
			$	1,076,998
Commercial Banks — 3.5%
National Bank of Greece SA ADR		251,000	$	1,119,460
Wells Fargo & Co.		122,000		3,468,460
			$	4,587,920
Commercial Services & Supplies — 0.8%
Copart, Inc.(1)		32,000	$	1,080,320
			$	1,080,320
Communications Equipment — 2.0%
Brocade Communications Systems, Inc.(1)		90,800	$	623,796
Research In Motion, Ltd.(1)		31,232		1,966,367
Riverbed Technology, Inc.(1)		100		2,242
			$	2,592,405
Computers & Peripherals — 2.9%
3PAR, Inc.(1)		61,000	$	589,870
Apple, Inc.(1)		17,010		3,267,961
			$	3,857,831
Consumer Finance — 1.4%
American Express Co.		48,500	$	1,826,510
			$	1,826,510

1

Security	Shares		Value
Diversified Consumer Services — 1.8%
Apollo Group, Inc., Class A(1)		500	$	30,295
Capella Education Co.(1)		100		7,338
Corinthian Colleges, Inc.(1)		100		1,400
H&R Block, Inc.		107,000		2,302,640
			$	2,341,673
Diversified Financial Services — 0.6%
IntercontinentalExchange, Inc.(1)		100	$	9,548
Moody’s Corp.		27,000		744,930
			$	754,478
Diversified Telecommunication Services — 0.0%
Maxcom Telecomunicaciones SAB de CV ADR(1)		39	$	198
			$	198
Electrical Equipment — 1.1%
GrafTech International, Ltd.(1)		500	$	6,280
Harbin Electric, Inc.(1)		38,000		645,240
Vestas Wind Systems A/S(1)		15,433		811,752
			$	1,463,272
Electronic Equipment, Instruments & Components — 0.1%
Itron, Inc.(1)		3,200	$	196,928
			$	196,928
Energy Equipment & Services — 0.8%
Nabors Industries, Ltd.(1)		46,000	$	1,025,800
			$	1,025,800
Food & Staples Retailing — 2.0%
Shoppers Drug Mart Corp.		65,564	$	2,609,070
			$	2,609,070
Food Products — 2.6%
H.J. Heinz Co.		62,000	$	2,705,060
Lancaster Colony Corp.		12,180		666,564
			$	3,371,624
Health Care Equipment & Supplies — 1.3%
Masimo Corp.(1)		47,500	$	1,318,600
NuVasive, Inc.(1)		14,000		386,400
Thoratec Corp.(1)		25		709
			$	1,705,709
Health Care Providers & Services — 3.2%
CIGNA Corp.		54,600	$	1,843,842
Concord Medical Services Holdings, Ltd. ADR(1)		80,682		799,558
Henry Schein, Inc.(1)		1,000		54,050
Laboratory Corp. of America Holdings(1)		10,000		711,000
Quest Diagnostics, Inc.		14,000		779,380
			$	4,187,830
Hotels, Restaurants & Leisure — 1.0%
Bally Technologies, Inc.(1)		32,000	$	1,269,440
McDonald’s Corp.		100		6,243
Starbucks Corp.(1)		500		10,895
			$	1,286,578
Household Durables — 3.5%
Tempur-Pedic International, Inc.(1)		101,372	$	2,523,149
Whirlpool Corp.		28,300		2,127,594
			$	4,650,743

2

Security	Shares		Value
Household Products — 1.1%
Church & Dwight Co., Inc.		23,500	$	1,416,815
			$	1,416,815
Insurance — 0.5%
Admiral Group PLC		1,000	$	18,005
Allied World Assurance Holdings, Ltd.		7,982		357,274
Fairfax Financial Holdings, Ltd.		969		328,491
Progressive Corp.		400		6,632
			$	710,402
Internet & Catalog Retail — 1.0%
Priceline.com, Inc.(1)		6,468	$	1,263,524
			$	1,263,524
Internet Software & Services — 1.0%
AOL, Inc.(1)		54,500	$	1,306,365
DealerTrack Holdings, Inc.(1)		1,000		17,970
Move, Inc.(1)		1,013		1,773
			$	1,326,108
IT Services — 6.5%
Accenture PLC, Class A		39,000	$	1,598,610
Alliance Data Systems Corp.(1)		44,500		2,645,970
MasterCard, Inc., Class A		12,400		3,098,760
Western Union Co.		67,000		1,242,180
			$	8,585,520
Machinery — 0.2%
PACCAR, Inc.		7,200	$	259,416
			$	259,416
Media — 4.1%
DIRECTV, Class A(1)		86,019	$	2,610,677
McGraw-Hill Cos., Inc. (The)		78,500		2,782,825
			$	5,393,502
Metals & Mining — 0.8%
Jaguar Mining, Inc.(1)		108,000	$	1,060,560
Silver Wheaton Corp.(1)		1,000		13,760
			$	1,074,320
Multiline Retail — 1.1%
Big Lots, Inc.(1)		52,100	$	1,480,161
			$	1,480,161
Oil, Gas & Consumable Fuels — 2.8%
Apache Corp.		21,000	$	2,074,170
Brigham Exploration Co.(1)		31,083		405,322
Centennial Coal Co., Ltd.		2,000		6,421
Continental Resources, Inc.(1)		1,000		37,970
Heritage Oil PLC(1)		55,000		434,444
Newfield Exploration Co.(1)		15,300		748,782
Patriot Coal Corp.(1)		500		7,745
Petroleo Brasileiro SA ADR		1,000		40,570
			$	3,755,424
Paper & Forest Products — 2.5%
Schweitzer-Mauduit International, Inc.		43,211	$	3,251,196
			$	3,251,196

3

Security	Shares		Value
Personal Products — 0.8%
Avon Products, Inc.		34,500	$	1,039,830
Herbalife, Ltd.		86		3,341
			$	1,043,171
Pharmaceuticals — 6.3%
Abbott Laboratories		100	$	5,294
Biovail Corp.		85,000		1,234,200
King Pharmaceuticals, Inc.(1)		242,000		2,906,420
Perrigo Co.		15,000		664,200
Pfizer, Inc.		107,000		1,996,620
Warner Chilcott PLC(1)		53,000		1,448,490
			$	8,255,224
Professional Services — 0.0%
Verisk Analytics, Inc., Class A(1)		500	$	14,060
			$	14,060
Real Estate Investment Trusts (REITs) — 0.4%
Chimera Investment Corp.		144,552	$	566,644
			$	566,644
Semiconductors & Semiconductor Equipment — 3.4%
Atheros Communications, Inc.(1)		49,500	$	1,587,465
Cirrus Logic, Inc.(1)		65,000		443,300
Tessera Technologies, Inc.(1)		140,000		2,403,800
Varian Semiconductor Equipment Associates, Inc.(1)		50		1,466
			$	4,436,031
Software — 1.8%
Ariba, Inc.(1)		1,000	$	12,590
Check Point Software Technologies, Ltd.(1)		75,500		2,414,490
Concur Technologies, Inc.(1)		100		3,965
			$	2,431,045
Specialty Retail — 2.1%
Advance Auto Parts, Inc.		35,896	$	1,416,097
Limited Brands, Inc.		38,000		722,760
RadioShack Corp.		36,000		702,720
			$	2,841,577
Textiles, Apparel & Luxury Goods — 4.8%
Gildan Activewear, Inc.(1)		163,226	$	3,499,565
Hanesbrands, Inc.(1)		125,500		2,882,735
			$	6,382,300
Wireless Telecommunication Services — 8.1%
Crown Castle International Corp.(1)		113,000	$	4,174,220
NII Holdings, Inc.(1)		115,762		3,790,048
Rogers Communications, Inc., Class B		87,500		2,735,250
			$	10,699,518
Total Common Stocks (identified cost $93,873,431)			$	114,896,741

4

Investment Funds — 0.5%

Security	Shares		Value
Capital Markets — 0.5%
iShares Russell Midcap Growth Index Fund		500	$	21,765
MidCap SPDR Trust, Series 1		5,201		663,127
Total Investment Funds (identified cost $675,594)			$	684,892

Short-Term Investments — 10.9%

	Interest
Description	(000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(2)	$	14,328	$	14,327,903
Total Short-Term Investments (identified cost $14,327,903)			$	14,327,903
Total Investments — 98.4% (identified cost $108,876,928)			$	129,909,536
Other Assets, Less Liabilities — 1.6%			$	2,077,162
Net Assets — 100.0%			$	131,986,698

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
ADR	-	American Depositary Receipt
(1)		Non-income producing security.
(2)		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 January 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $77.

5

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	109,510,735
Gross unrealized appreciation	$	22,850,897
Gross unrealized depreciation		(2,452,096	)
Net unrealized appreciation	$	20,398,801

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Consumer Discretionary	$	28,478,681	$	—		$	—	$	28,478,681
Consumer Staples		8,444,192		—			—		8,444,192
Energy		4,340,359		440,865			—		4,781,224
Financials		10,335,949		18,005			—		10,353,954
Health Care		17,641,848		—			—		17,641,848
Industrials		4,856,992		811,752			—		5,668,744
Information Technology		23,425,868		—			—		23,425,868
Materials		5,402,514		—			—		5,402,514
Telecommunication Services		10,699,716		—			—		10,699,716
Total Common Stocks	$	113,626,119	$	1,270,622	*	$	—	$	114,896,741
Investment Funds	$	684,892	$	—		$	—	$	684,892
Short-Term Investments		—		14,327,903			—		14,327,903
Total Investments	$	114,311,011	$	15,598,525		$	—	$	129,909,536

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

6

Eaton Vance Tax-Managed Small-Cap Fund as of January 31, 2010 (Unaudited)

Eaton Vance Tax-Managed Small-Cap Fund (the Fund), a series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Small-Cap Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $123,666,219 and the Fund owned 72.1% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Small-Cap Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 95.3%

Security	Shares		Value
Aerospace & Defense — 2.2%
Aerovironment, Inc.(1)		39,780	$	1,355,304
DigitalGlobe, Inc.(1)		100,788		2,371,542
			$	3,726,846
Air Freight & Logistics — 0.8%
HUB Group, Inc., Class A(1)		54,450	$	1,312,790
			$	1,312,790
Auto Components — 1.5%
Dana Holding Corp.(1)		251,820	$	2,596,264
			$	2,596,264
Beverages — 1.5%
Central European Distribution Corp.(1)		80,470	$	2,579,064
			$	2,579,064
Biotechnology — 1.8%
Martek Biosciences Corp.(1)		147,860	$	3,184,904
			$	3,184,904
Building Products — 1.6%
Armstrong World Industries, Inc.(1)		77,440	$	2,821,139
			$	2,821,139
Capital Markets — 3.3%
Affiliated Managers Group, Inc.(1)		42,590	$	2,579,676
Artio Global Investors, Inc.(1)		74,210		1,819,629
Duff & Phelps Corp., Class A		80,570		1,308,457
			$	5,707,762
Chemicals — 1.5%
Calgon Carbon Corp.(1)		192,530	$	2,577,977
			$	2,577,977
Commercial Banks — 1.9%
Iberiabank Corp.		15,610	$	834,198
SVB Financial Group(1)		19,680		853,915
TCF Financial Corp.		59,200		866,688
Wilmington Trust Corp.		56,640		743,117
			$	3,297,918
Commercial Services & Supplies — 2.2%
Bowne & Co., Inc.		181,389	$	1,191,726
Clean Harbors, Inc.(1)		45,010		2,577,272
			$	3,768,998
Communications Equipment — 1.4%
Brocade Communications Systems, Inc.(1)		358,330	$	2,461,727
			$	2,461,727
Computers & Peripherals — 1.7%
Stratasys, Inc.(1)		124,905	$	2,872,815
			$	2,872,815
Construction & Engineering — 4.5%
Shaw Group, Inc. (The)(1)		92,970	$	3,002,001
Sterling Construction Co., Inc.(1)		91,870		1,747,367

1

Security	Shares		Value
Tutor Perini Corp.(1)		152,840	$	2,913,131
			$	7,662,499
Distributors — 1.6%
LKQ Corp.(1)		144,860	$	2,716,125
			$	2,716,125
Electronic Equipment, Instruments & Components — 5.3%
FLIR Systems, Inc.(1)		111,180	$	3,288,704
National Instruments Corp.		102,830		3,022,174
Trimble Navigation, Ltd.(1)		120,680		2,762,365
			$	9,073,243
Energy Equipment & Services — 5.0%
CARBO Ceramics, Inc.		59,400	$	3,915,648
Dril-Quip, Inc.(1)		61,870		3,247,556
Superior Well Services, Inc.(1)		86,370		1,367,237
			$	8,530,441
Food Products — 3.3%
Corn Products International, Inc.		93,780	$	2,665,228
Ralcorp Holdings, Inc.(1)		47,440		2,931,792
			$	5,597,020
Health Care Equipment & Supplies — 2.7%
IDEXX Laboratories, Inc.(1)		12,370	$	649,301
West Pharmaceutical Services, Inc.		36,280		1,318,052
Wright Medical Group, Inc.(1)		150,330		2,687,901
			$	4,655,254
Health Care Providers & Services — 2.1%
Hanger Orthopedic Group, Inc.(1)		52,770	$	858,040
VCA Antech, Inc.(1)		107,700		2,734,503
			$	3,592,543
Hotels, Restaurants & Leisure — 1.5%
Bally Technologies, Inc.(1)		67,420	$	2,674,551
			$	2,674,551
Household Durables — 1.6%
Tempur-Pedic International, Inc.(1)		107,630	$	2,678,911
			$	2,678,911
Household Products — 2.0%
Church & Dwight Co., Inc.		57,440	$	3,463,058
			$	3,463,058
Insurance — 1.5%
HCC Insurance Holdings, Inc.		93,440	$	2,532,224
			$	2,532,224
Internet Software & Services — 0.8%
Akamai Technologies, Inc.(1)		52,930	$	1,307,371
			$	1,307,371
IT Services — 3.2%
Euronet Worldwide, Inc.(1)		138,860	$	2,835,521
ManTech International Corp., Class A(1)		55,940		2,680,086
			$	5,515,607
Life Sciences Tools & Services — 1.1%
Bruker Corp.(1)		155,670	$	1,910,071
			$	1,910,071

2

Security	Shares		Value
Machinery — 0.2%
RBC Bearings, Inc.(1)		17,837	$	414,532
			$	414,532
Metals & Mining — 2.4%
Compass Minerals International, Inc.		40,940	$	2,580,858
IAMGOLD Corp.		116,730		1,542,003
			$	4,122,861
Multi-Utilities — 1.5%
CMS Energy Corp.		174,570	$	2,648,227
			$	2,648,227
Multiline Retail — 1.8%
Big Lots, Inc.(1)		106,540	$	3,026,801
			$	3,026,801
Oil, Gas & Consumable Fuels — 5.4%
Brigham Exploration Co.(1)		190,760	$	2,487,510
Petrohawk Energy Corp.(1)		54,230		1,210,956
Range Resources Corp.		34,425		1,583,550
Rosetta Resources, Inc.(1)		96,010		1,973,966
SandRidge Energy, Inc.(1)		236,150		1,997,829
			$	9,253,811
Paper & Forest Products — 2.8%
Clearwater Paper Corp.(1)		27,250	$	1,333,343
Schweitzer-Mauduit International, Inc.		46,580		3,504,679
			$	4,838,022
Personal Products — 2.1%
Mead Johnson Nutrition Co., Class A		79,590	$	3,599,856
			$	3,599,856
Pharmaceuticals — 3.8%
King Pharmaceuticals, Inc.(1)		215,180	$	2,584,312
Perrigo Co.		90,610		4,012,211
			$	6,596,523
Professional Services — 2.5%
FTI Consulting, Inc.(1)		63,610	$	2,636,634
Robert Half International, Inc.		63,690		1,714,535
			$	4,351,169
Road & Rail — 2.7%
Genesee & Wyoming, Inc., Class A(1)		42,430	$	1,250,412
Kansas City Southern(1)		113,790		3,379,563
			$	4,629,975
Semiconductors & Semiconductor Equipment — 3.9%
Cirrus Logic, Inc.(1)		240,280	$	1,638,710
Cypress Semiconductor Corp.(1)		39,770		399,689
Teradyne, Inc.(1)		267,598		2,499,365
Tessera Technologies, Inc.(1)		59,120		1,015,090
Varian Semiconductor Equipment Associates, Inc.(1)		39,600		1,161,468
			$	6,714,322
Software — 3.4%
Sybase, Inc.(1)		83,229	$	3,384,924
Synopsys, Inc.(1)		115,200		2,450,304
			$	5,835,228

3

Security	Shares		Value
Specialty Retail — 2.3%
Jo-Ann Stores, Inc.(1)		61,820	$	2,164,936
RadioShack Corp.		89,700		1,750,944
			$	3,915,880
Textiles, Apparel & Luxury Goods — 2.1%
Hanesbrands, Inc.(1)		154,163	$	3,541,124
			$	3,541,124
Thrifts & Mortgage Finance — 0.8%
NewAlliance Bancshares, Inc.		112,710	$	1,311,944
			$	1,311,944
Total Common Stocks (identified cost $137,546,097)			$	163,617,397

Private Placements — 0.0%

Security	Shares		Value
Metals & Mining — 0.0%
Nevada Pacific Mining Co.(1)(2)(3)		80,000	$	0
Total Private Placements (identified cost $80,000)			$	0

Special Warrants — 0.1%

Security	Shares		Value
Metals & Mining — 0.1%
Western Exploration and Development, Ltd.(1)(2)(3)		600,000	$	90,000
Total Special Warrants (identified cost $480,000)			$	90,000

Short-Term Investments — 6.2%

	Interest
Description	(000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.11%(4)	$	10,640	$	10,639,796
Total Short-Term Investments (identified cost $10,639,796)			$	10,639,796
Total Investments — 101.6% (identified cost $148,745,893)			$	174,347,193
Other Assets, Less Liabilities — (1.6)%			$	(2,789,752	)
Net Assets — 100.0%			$	171,557,441

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)	Non-income producing security.
(2)	Restricted security.
(3)	Security valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio.
(4)	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 January 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $154.

The Portfolio did not have any open financial instruments at January 31, 2010.

4

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	149,014,517
Gross unrealized appreciation	$	29,468,956
Gross unrealized depreciation		(4,136,280	)
Net unrealized appreciation	$	25,332,676

Restricted Securities

At January 31, 2010, the Portfolio owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

	Date of
Description	Acquisition		Shares		Cost		Value
Private Placements
Nevada Pacific Mining Co.		12/21/98		80,000	$	80,000	$	0
					$	80,000	$	0
Special Warrants
Western Exploration and Development, Ltd.		12/21/98		600,000	$	480,000	$	90,000
					$	480,000	$	90,000
Total Restricted Securities							$	90,000

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks	$	163,617,397	$	—	$	—	$	163,617,397
Private Placements		—		—		0		0
Special Warrants		—		—		90,000		90,000
Short-Term Investments		—		10,639,796		—		10,639,796
Total Investments	$	163,617,397	$	10,639,796	$	90,000	$	174,347,193

The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

5

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in		Investments in
	Private Placements		Special Warrants		Total
Balance as of October 31, 2009	$	0	$	90,000	$	90,000
Realized gains (losses)		—		—		—
Change in net unrealized appreciation (depreciation)		—		—		—
Net purchases (sales)		—		—		—
Accrued discount (premium)		—		—		—
Net transfers to (from) Level 3		—		—		—
Balance as of January 31, 2010	$	0	$	90,000	$	90,000
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2010	$	—	$	—	$	—

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

6

Eaton Vance Tax-Managed Small-Cap Value Fund as of January 31, 2010 (Unaudited)

Eaton Vance Tax-Managed Small-Cap Value Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Small-Cap Value Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $33,067,820 and the Fund owned 45.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Small-Cap Value Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 94.7%

Security	Shares		Value
Auto Components — 1.5%
BorgWarner, Inc.(1)		31,500	$	1,105,335
			$	1,105,335
Chemicals — 2.1%
RPM International, Inc.		81,200	$	1,518,440
			$	1,518,440
Commercial Banks — 9.3%
First Midwest Bancorp, Inc.		72,600	$	956,142
Glacier Bancorp, Inc.		91,200		1,307,808
National Penn Bancshares, Inc.		137,100		822,600
Prosperity Bancshares, Inc.		43,900		1,770,048
Trustmark Corp.		81,200		1,851,360
			$	6,707,958
Commercial Services & Supplies — 1.8%
Brink’s Co. (The)		55,100	$	1,288,238
			$	1,288,238
Communications Equipment — 2.3%
Brocade Communications Systems, Inc.(1)		239,600	$	1,646,052
			$	1,646,052
Construction & Engineering — 3.6%
Chicago Bridge & Iron Co. NV(1)		78,200	$	1,586,678
Tutor Perini Corp.(1)		53,800		1,025,428
			$	2,612,106
Containers & Packaging — 2.2%
AptarGroup, Inc.		44,200	$	1,568,216
			$	1,568,216
Electric Utilities — 5.8%
Cleco Corp.		69,200	$	1,793,664
Portland General Electric Co.		55,600		1,084,200
Westar Energy, Inc.		60,600		1,292,598
			$	4,170,462
Electrical Equipment — 3.4%
A.O. Smith Corp.		33,900	$	1,443,462
General Cable Corp.(1)		35,200		1,024,320
			$	2,467,782
Energy Equipment & Services — 5.2%
Bristow Group, Inc.(1)		35,300	$	1,260,210
Exterran Holdings, Inc.(1)		60,100		1,218,828
Oil States International, Inc.(1)		35,100		1,293,084
			$	3,772,122
Food & Staples Retailing — 1.2%
BJ’s Wholesale Club, Inc.(1)		25,800	$	871,782
			$	871,782
Food Products — 1.5%
TreeHouse Foods, Inc.(1)		27,100	$	1,049,854
			$	1,049,854

1

Security	Shares		Value
Health Care Equipment & Supplies — 3.9%
Teleflex, Inc.		31,800	$	1,817,688
West Pharmaceutical Services, Inc.		26,800		973,644
			$	2,791,332
Health Care Providers & Services — 2.0%
Owens & Minor, Inc.		35,500	$	1,423,195
			$	1,423,195
Hotels, Restaurants & Leisure — 1.9%
Jack in the Box, Inc.(1)		70,300	$	1,371,553
			$	1,371,553
Household Durables — 1.8%
Tupperware Brands Corp.		29,600	$	1,256,816
			$	1,256,816
Insurance — 4.3%
Argo Group International Holding, Ltd.(1)		23,600	$	631,064
Aspen Insurance Holdings, Ltd.		53,100		1,414,053
Protective Life Corp.		62,400		1,051,440
			$	3,096,557
IT Services — 2.4%
MAXIMUS, Inc.		36,700	$	1,756,462
			$	1,756,462
Machinery — 11.4%
Barnes Group, Inc.		82,100	$	1,316,884
Crane Co.		45,000		1,373,400
Gardner Denver, Inc.		36,800		1,466,480
Lincoln Electric Holdings, Inc.		23,700		1,157,271
Nordson Corp.		27,500		1,554,850
Wabtec Corp.		34,600		1,326,218
			$	8,195,103
Metals & Mining — 1.4%
Walter Energy, Inc.		15,000	$	973,800
			$	973,800
Oil, Gas & Consumable Fuels — 2.0%
Comstock Resources, Inc.(1)		36,100	$	1,407,539
			$	1,407,539
Personal Products — 2.5%
Chattem, Inc.(1)		18,850	$	1,761,721
			$	1,761,721
Professional Services — 1.8%
Towers Watson & Co., Class A		29,700	$	1,295,811
			$	1,295,811
Road & Rail — 2.5%
Arkansas Best Corp.		19,600	$	441,784
Genesee & Wyoming, Inc., Class A(1)		34,700		1,022,609
Old Dominion Freight Line, Inc.(1)		12,900		354,750
			$	1,819,143
Software — 3.1%
JDA Software Group, Inc.(1)		48,300	$	1,265,943
NetScout Systems, Inc.(1)		71,000		996,840
			$	2,262,783

2

Security	Shares		Value
Specialty Retail — 4.0%
Buckle, Inc. (The)		11,600	$	351,944
Children’s Place Retail Stores, Inc. (The)(1)		33,400		1,062,120
Dick’s Sporting Goods, Inc.(1)		65,700		1,469,709
			$	2,883,773
Textiles, Apparel & Luxury Goods — 3.6%
Carter’s, Inc.(1)		64,600	$	1,670,556
Hanesbrands, Inc.(1)		41,400		950,958
			$	2,621,514
Thrifts & Mortgage Finance — 6.2%
Astoria Financial Corp.		66,300	$	875,160
First Niagara Financial Group, Inc.		119,200		1,636,616
Washington Federal, Inc.		105,000		1,958,250
			$	4,470,026
Total Common Stocks (identified cost $56,069,999)			$	68,165,475
Total Investments — 94.7% (identified cost $56,069,999)			$	68,165,475
Other Assets, Less Liabilities — 5.3%			$	3,841,567
Net Assets — 100.0%			$	72,007,042

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
(1)	Non-income producing security.

3

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	56,302,394
Gross unrealized appreciation	$	13,148,632
Gross unrealized depreciation		(1,285,551	)
Net unrealized appreciation	$	11,863,081

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Common Stocks	$	68,165,475	$	—	$	—	$	68,165,475
Total Investments	$	68,165,475	$	—	$	—	$	68,165,475

The level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

4

Eaton Vance Tax-Managed Value Fund as of January 31, 2010 (Unaudited)

Eaton Vance Tax-Managed Value Fund (the Fund), a series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Tax-Managed Value Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $1,635,917,553 and the Fund owned 93.4% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Value Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.0%

Security	Shares		Value
Aerospace & Defense — 3.6%
General Dynamics Corp.		375,000	$	25,068,750
United Technologies Corp.		557,655		37,630,560
			$	62,699,310
Beverages — 1.1%
PepsiCo, Inc.		325,000	$	19,376,500
			$	19,376,500
Biotechnology — 0.7%
Amgen, Inc.(1)		225,000	$	13,158,000
			$	13,158,000
Capital Markets — 2.5%
Goldman Sachs Group, Inc.		225,000	$	33,462,000
Northern Trust Corp.		200,000		10,104,000
			$	43,566,000
Chemicals — 0.9%
Air Products and Chemicals, Inc.		200,000	$	15,192,000
			$	15,192,000
Commercial Banks — 6.9%
Fifth Third Bancorp		925,000	$	11,507,000
PNC Financial Services Group, Inc.		650,000		36,029,500
U.S. Bancorp		1,000,000		25,080,000
Wells Fargo & Co.		1,675,000		47,620,250
			$	120,236,750
Commercial Services & Supplies — 1.4%
Waste Management, Inc.		780,628	$	25,019,127
			$	25,019,127
Communications Equipment — 1.2%
Cisco Systems, Inc.(1)		575,000	$	12,920,250
Telefonaktiebolaget LM Ericsson, Class B		800,000		7,752,725
			$	20,672,975
Computers & Peripherals — 3.5%
Hewlett-Packard Co.		777,525	$	36,598,102
International Business Machines Corp.		200,000		24,478,000
			$	61,076,102
Consumer Finance — 1.0%
American Express Co.		450,000	$	16,947,000
			$	16,947,000
Diversified Financial Services — 5.1%
Bank of America Corp.		2,975,000	$	45,160,500
JPMorgan Chase & Co.		1,125,000		43,807,500
			$	88,968,000
Diversified Telecommunication Services — 2.5%
AT&T, Inc.		975,400	$	24,736,144
Verizon Communications, Inc.		675,000		19,858,500
			$	44,594,644
Electric Utilities — 2.1%
Entergy Corp.		175,000	$	13,354,250
Exelon Corp.		300,000		13,686,000

1

Security	Shares		Value
FPL Group, Inc.		200,000	$	9,752,000
			$	36,792,250
Electrical Equipment — 0.5%
Emerson Electric Co.		225,000	$	9,346,500
			$	9,346,500
Electronic Equipment, Instruments & Components — 0.5%
Corning, Inc.		500,000	$	9,040,000
			$	9,040,000
Energy Equipment & Services — 2.9%
Halliburton Co.		1,100,000	$	32,131,000
Transocean, Ltd.(1)		225,000		19,066,500
			$	51,197,500
Food & Staples Retailing — 1.1%
Wal-Mart Stores, Inc.		350,000	$	18,700,500
			$	18,700,500
Food Products — 2.7%
Kellogg Co.		275,000	$	14,965,500
Nestle SA		700,000		33,181,209
			$	48,146,709
Health Care Equipment & Supplies — 1.3%
Boston Scientific Corp.(1)		1,250,000	$	10,787,500
Covidien PLC		250,000		12,640,000
			$	23,427,500
Health Care Providers & Services — 0.6%
UnitedHealth Group, Inc.		345,000	$	11,385,000
			$	11,385,000
Hotels, Restaurants & Leisure — 3.2%
Carnival Corp.(1)		365,000	$	12,165,450
McDonald’s Corp.		700,000		43,701,000
			$	55,866,450
Industrial Conglomerates — 2.3%
General Electric Co.		1,750,000	$	28,140,000
Tyco International, Ltd.(1)		336,756		11,931,265
			$	40,071,265
Insurance — 5.5%
ACE, Ltd.(1)		225,000	$	11,085,750
Lincoln National Corp.		500,000		12,290,000
MetLife, Inc.		800,000		28,256,000
Prudential Financial, Inc.		700,000		34,993,000
Travelers Companies, Inc. (The)		195,000		9,880,650
			$	96,505,400
IT Services — 1.7%
MasterCard, Inc., Class A		80,000	$	19,992,000
Western Union Co.		500,000		9,270,000
			$	29,262,000
Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc.(1)		250,000	$	11,537,500
			$	11,537,500
Machinery — 1.8%
Caterpillar, Inc.		225,000	$	11,754,000
Deere & Co.		175,000		8,741,250

2

Security	Shares		Value
PACCAR, Inc.		312,378	$	11,254,979
			$	31,750,229
Media — 0.6%
Walt Disney Co. (The)		365,000	$	10,785,750
			$	10,785,750
Metals & Mining — 3.2%
BHP Billiton, Ltd. ADR		300,000	$	20,811,000
Freeport-McMoRan Copper & Gold, Inc.		300,000		20,007,000
United States Steel Corp.		325,000		14,439,750
			$	55,257,750
Multi-Utilities — 1.9%
Dominion Resources, Inc.		300,000	$	11,238,000
PG&E Corp.		250,000		10,560,000
Public Service Enterprise Group, Inc.		400,000		12,236,000
			$	34,034,000
Multiline Retail — 1.1%
Target Corp.		380,000	$	19,482,600
			$	19,482,600
Oil, Gas & Consumable Fuels — 15.8%
Anadarko Petroleum Corp.		650,000	$	41,457,000
Apache Corp.		375,000		37,038,750
Chevron Corp.		575,000		41,469,000
ConocoPhillips		200,000		9,600,000
Exxon Mobil Corp.		600,000		38,658,000
Hess Corp.		625,000		36,118,750
Occidental Petroleum Corp.		550,000		43,087,000
Peabody Energy Corp.		275,000		11,583,000
Total SA ADR		300,000		17,277,000
			$	276,288,500
Pharmaceuticals — 6.1%
Abbott Laboratories		525,000	$	27,793,500
Bristol-Myers Squibb Co.		500,000		12,180,000
Merck & Co., Inc.		650,000		24,817,000
Pfizer, Inc.		2,250,000		41,985,000
			$	106,775,500
Real Estate Investment Trusts (REITs) — 2.2%
AvalonBay Communities, Inc.		200,000	$	15,322,000
Boston Properties, Inc.		150,000		9,730,500
Vornado Realty Trust		200,000		12,936,000
			$	37,988,500
Road & Rail — 1.2%
Union Pacific Corp.		334,454	$	20,234,467
			$	20,234,467
Semiconductors & Semiconductor Equipment — 0.8%
Intel Corp.		725,000	$	14,065,000
			$	14,065,000
Software — 1.6%
Microsoft Corp.		700,000	$	19,726,000
Oracle Corp.		400,000		9,224,000
			$	28,950,000
Specialty Retail — 4.0%
Best Buy Co., Inc.		850,000	$	31,152,500
Staples, Inc.		925,000		21,700,500

3

Security	Shares		Value
TJX Companies, Inc. (The)		443,200	$	16,846,032
			$	69,699,032
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B		330,000	$	21,037,500
			$	21,037,500
Wireless Telecommunication Services — 1.0%
Rogers Communications, Inc., Class B		199,600	$	6,239,496
Vodafone Group PLC ADR		550,000		11,803,000
			$	18,042,496
Total Common Stocks (identified cost $1,304,170,000)			$	1,717,176,306

Short-Term Investments — 1.9%

	Interest
Description	(000’s omitted)		Value
Cash Management Portfolio, 0.00%(2)	$	8,558	$	8,557,585
Eaton Vance Cash Reserves Fund, LLC, 0.11%(2)		24,964		24,963,556
Total Short-Term Investments (identified cost $33,521,141)			$	33,521,141
Total Investments — 99.9% (identified cost $1,337,691,141)			$	1,750,697,447
Other Assets, Less Liabilities — 0.1%			$	1,069,717
Net Assets — 100.0%			$	1,751,767,164

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
ADR	-	American Depositary Receipt
(1)		Non-income producing security.
(2)		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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $345, respectively.

4

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,341,599,735
Gross unrealized appreciation	$	414,966,227
Gross unrealized depreciation		(5,868,515	)
Net unrealized appreciation	$	409,097,712

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Consumer Discretionary	$	176,871,332	$	—		$	—	$	176,871,332
Consumer Staples		53,042,500		33,181,209			—		86,223,709
Energy		327,486,000		—			—		327,486,000
Financials		404,211,650		—			—		404,211,650
Health Care		166,283,500		—			—		166,283,500
Industrials		189,120,898		—			—		189,120,898
Information Technology		155,313,352		7,752,725			—		163,066,077
Materials		70,449,750		—			—		70,449,750
Telecommunication Services		62,637,140		—			—		62,637,140
Utilities		70,826,250		—			—		70,826,250
Total Common Stocks	$	1,676,242,372	$	40,933,934	*	$	—	$	1,717,176,306
Short-Term Investments	$	8,557,585	$	24,963,556		$	—	$	33,521,141
Total Investments	$	1,684,799,957	$	65,897,490		$	—	$	1,750,697,447

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

The Portfolio held no investments or other financial instruments as of October 31, 2009 whose fair value was determined using Level 3 inputs.

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

5

Eaton Vance Floating-Rate Advantage Fund as of January 31, 2010 (Unaudited)

Eaton Vance Floating-Rate Advantage Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Senior Debt Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $1,299,361,974 and the Fund owned 99.99% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Senior Debt Portfolio as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior Floating-Rate Interests — 124.6%⁽¹⁾

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
Aerospace and Defense — 2.4%
		AWAS Capital, Inc.
	5,452	Term Loan, 2.00%, Maturing March 22, 2013	$	5,098,073
		Booz Allen Hamilton, Inc.
	1,150	Term Loan, 6.00%, Maturing July 31, 2015		1,160,542
		DAE Aviation Holdings, Inc.
	1,544	Term Loan, 4.00%, Maturing July 31, 2014		1,456,486
	1,582	Term Loan, 4.00%, Maturing July 31, 2014		1,492,587
		Evergreen International Aviation
	4,712	Term Loan, 10.50%, Maturing October 31, 2011(2)		3,805,164
		Hawker Beechcraft Acquisition
	4,464	Term Loan, 2.24%, Maturing March 26, 2014		3,392,569
	242	Term Loan, 2.25%, Maturing March 26, 2014		183,767
		Hexcel Corp.
	1,149	Term Loan, 6.50%, Maturing May 21, 2014		1,160,598
		IAP Worldwide Services, Inc.
	587	Term Loan, 9.25%, Maturing December 30, 2012(2)		511,779
		Spirit AeroSystems, Inc.
	2,648	Term Loan, 2.00%, Maturing December 31, 2011		2,603,850
		TransDigm, Inc.
	4,000	Term Loan, 2.25%, Maturing June 23, 2013		3,915,000
		Vought Aircraft Industries, Inc.
	1,481	Revolving Loan, 0.50%, Maturing December 22, 2010(3)		1,437,037
	667	Term Loan, 7.50%, Maturing December 17, 2011		668,333
	1,086	Term Loan, 7.50%, Maturing December 17, 2011		1,090,235
	431	Term Loan, 7.50%, Maturing December 22, 2011		430,669
		Wesco Aircraft Hardware Corp.
	1,995	Term Loan, 2.49%, Maturing September 29, 2013		1,930,026
	1,000	Term Loan - Second Lien, 5.99%, Maturing September 29, 2014		953,750
			$	31,290,465
Air Transport — 0.3%
		Delta Air Lines, Inc.
	4,882	Term Loan - Second Lien, 3.50%, Maturing April 30, 2014	$	4,250,711
			$	4,250,711
Automotive — 5.0%
		Accuride Corp.
	1,125	DIP Loan, 1.00%, Maturing September 30, 2013(3)	$	1,145,362
	5,855	Term Loan, 10.00%, Maturing January 31, 2012		5,875,910
		Adesa, Inc.
	6,017	Term Loan, 2.99%, Maturing October 18, 2013		5,864,466
		Allison Transmission, Inc.
	857	Term Loan, 3.00%, Maturing September 30, 2014		788,385
		Cooper Standard Automotive, Inc.
	284	Revolving Loan, 7.00%, Maturing December 23, 2011		282,052
	1,731	Term Loan, 7.00%, Maturing December 23, 2010		1,721,181
	58	Term Loan, 2.75%, Maturing December 23, 2011		57,681
		Dayco Products, LLC
	500	Term Loan, 10.00%, Maturing November 12, 2012		490,000
	1,000	Term Loan, 10.00%, Maturing November 12, 2012		990,000
	1,084	Term Loan, 10.50%, Maturing November 13, 2014		1,018,795
	156	Term Loan, 12.50%, Maturing November 13, 2014(2)		146,249

1

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Federal-Mogul Corp.
	8,487	Term Loan, 2.17%, Maturing December 27, 2014	$	7,214,025
	5,262	Term Loan, 2.17%, Maturing December 27, 2015		4,472,764
		Financiere Truck (Investissement)
EUR	563	Term Loan, 3.22%, Maturing February 15, 2012		532,286
		Ford Motor Co.
	6,335	Term Loan, 3.26%, Maturing December 15, 2013		5,940,262
	2,500	Term Loan, 3.26%, Maturing December 15, 2013		2,310,625
		Fraikin, Ltd.
GBP	691	Term Loan, 0.79%, Maturing February 15, 2012(3)		753,717
GBP	307	Term Loan, 3.00%, Maturing February 15, 2012		334,856
		Goodyear Tire & Rubber Co.
	13,299	Term Loan - Second Lien, 2.34%, Maturing April 30, 2010		12,423,761
		HLI Operating Co., Inc.
EUR	109	Term Loan, 0.00%, Maturing May 30, 2014(4)		13,613
EUR	1,853	Term Loan, 0.00%, Maturing May 30, 2014(4)		231,238
		Keystone Automotive Operations, Inc.
	4,438	Term Loan, 3.75%, Maturing January 12, 2012		3,054,752
		Locafroid Services S.A.S.
EUR	132	Term Loan, 3.22%, Maturing February 15, 2012		125,296
		Tenneco Automotive, Inc.
	3,125	Term Loan, 5.73%, Maturing March 17, 2014		3,123,047
		TriMas Corp.
	375	Term Loan, 6.00%, Maturing August 2, 2011		363,750
	1,572	Term Loan, 6.00%, Maturing December 15, 2015		1,501,439
		TRW Automotive, Inc.
	1,300	Term Loan, 5.00%, Maturing May 30, 2016		1,302,844
		United Components, Inc.
	2,779	Term Loan, 2.25%, Maturing June 30, 2010		2,584,746
			$	64,663,102
Beverage and Tobacco — 0.3%
		Culligan International Co.
EUR	3,000	Term Loan - Second Lien, 5.21%, Maturing May 31, 2013	$	1,740,055
		Van Houtte, Inc.
	234	Term Loan, 2.75%, Maturing July 11, 2014		221,445
	1,712	Term Loan, 2.75%, Maturing July 11, 2014		1,623,925
			$	3,585,425
Building and Development — 3.2%
		401 North Wabash Venture, LLC
	2,021	Term Loan, 0.00%, Maturing May 7, 2009(3)(5)	$	1,515,718
		AIMCO Properties, L.P.
	1,237	Term Loan, 1.74%, Maturing March 23, 2011		1,215,844
		Beacon Sales Acquisition, Inc.
	1,895	Term Loan, 2.25%, Maturing September 30, 2013		1,802,814
		Brickman Group Holdings, Inc.
	2,415	Term Loan, 2.25%, Maturing January 23, 2014		2,297,938
		Epco/Fantome, LLC
	4,284	Term Loan, 2.86%, Maturing November 23, 2010		3,941,280
		Forestar USA Real Estate Group, Inc.
	666	Revolving Loan, 0.39%, Maturing December 1, 2010(3)		606,195
	6,106	Term Loan, 5.08%, Maturing December 1, 2010		5,922,947
		Lafarge Roofing
	1,094	Term Loan, 3.25%, Maturing July 16, 2014(2)		856,204
EUR	358	Term Loan, 5.00%, Maturing April 16, 2015(2)		324,904
		Materis
EUR	819	Term Loan, 3.04%, Maturing April 27, 2014		882,439
EUR	872	Term Loan, 3.18%, Maturing April 27, 2015		939,611
		Mueller Water Products, Inc.
	1,825	Term Loan, 5.25%, Maturing May 24, 2014		1,812,417

2

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		NCI Building Systems, Inc.
	1,117	Term Loan, 8.00%, Maturing June 18, 2010	$	1,088,284
		Panolam Industries Holdings, Inc.
	1,805	Term Loan, 8.25%, Maturing December 31, 2013		1,642,847
		Re/Max International, Inc.
	1,880	Term Loan, 5.75%, Maturing December 17, 2012		1,885,182
	3,046	Term Loan, 9.75%, Maturing December 17, 2012		3,087,628
		Realogy Corp.
	415	Term Loan, 3.23%, Maturing September 1, 2014		370,185
	2,562	Term Loan, 3.25%, Maturing September 1, 2014		2,286,876
		Sanitec Europe OY
EUR	2,325	Term Loan, 2.50%, Maturing June 25, 2016		2,449,703
		South Edge, LLC
	4,475	Term Loan, 0.00%, Maturing October 31, 2009(5)		1,790,000
		WCI Communities, Inc.
	1,248	Term Loan, 10.00%, Maturing September 3, 2014(2)		1,154,368
	3,596	Term Loan, 10.07%, Maturing September 3, 2014		3,596,415
			$	41,469,799
Business Equipment and Services — 9.8%
		Activant Solutions, Inc.
	2,008	Term Loan, 2.29%, Maturing May 1, 2013	$	1,919,802
		Affiliated Computer Services
	1,910	Term Loan, 2.23%, Maturing March 20, 2013		1,905,304
	6,321	Term Loan, 2.23%, Maturing March 20, 2013		6,304,556
		Affinion Group, Inc.
	6,699	Term Loan, 2.73%, Maturing October 17, 2012		6,523,025
		Allied Barton Security Service
	1,433	Term Loan, 6.75%, Maturing February 21, 2015		1,454,747
		Education Management, LLC
	5,631	Term Loan, 2.06%, Maturing June 1, 2013		5,418,507
		Info USA, Inc.
	802	Term Loan, 2.01%, Maturing February 14, 2012		778,676
		Intergraph Corp.
	837	Term Loan, 2.26%, Maturing May 29, 2014		822,203
	2,000	Term Loan - Second Lien, 6.26%, Maturing November 29, 2014		1,928,750
		iPayment, Inc.
	3,500	Term Loan, 2.24%, Maturing May 10, 2013		3,307,584
		Kronos, Inc.
	2,481	Term Loan, 2.25%, Maturing June 11, 2014		2,362,316
		Language Line, Inc.
	4,725	Term Loan, 5.50%, Maturing October 30, 2015		4,748,625
		Mitchell International, Inc.
	1,000	Term Loan - Second Lien, 5.56%, Maturing March 28, 2015		830,000
		N.E.W. Holdings I, LLC
	4,409	Term Loan, 2.73%, Maturing May 22, 2014		4,226,106
		Protection One, Inc.
	435	Term Loan, 2.48%, Maturing March 31, 2012		417,378
	2,464	Term Loan, 4.48%, Maturing March 31, 2014		2,370,583
		Quantum Corp.
	665	Term Loan, 4.18%, Maturing July 12, 2014		621,342
		Quintiles Transnational Corp.
	4,584	Term Loan, 2.25%, Maturing March 31, 2013		4,448,559
		RiskMetrics Group Holdings, LLC
	3,485	Term Loan, 2.25%, Maturing January 11, 2014		3,471,707
		Sabre, Inc.
	12,884	Term Loan, 2.49%, Maturing September 30, 2014		11,549,296
		Serena Software, Inc.
	2,725	Term Loan, 2.26%, Maturing March 10, 2013		2,527,305

3

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Sitel (Client Logic)
	5,441	Term Loan, 5.74%, Maturing January 29, 2014	$	5,033,110
		Solera Holdings, LLC
	2,575	Term Loan, 2.06%, Maturing May 15, 2014		2,521,933
		SunGard Data Systems, Inc.
	612	Term Loan, 1.98%, Maturing February 11, 2013		593,416
	1,679	Term Loan, 6.75%, Maturing February 28, 2014		1,698,056
	17,295	Term Loan, 3.90%, Maturing February 28, 2016		17,050,120
		Ticketmaster
	1,943	Term Loan, 7.00%, Maturing July 22, 2014		1,933,143
		Transaction Network Services, Inc.
	954	Term Loan, 2.00%, Maturing March 28, 2014		962,192
		Travelport, LLC
	3,900	Term Loan, 2.74%, Maturing August 23, 2013		3,748,875
	7,073	Term Loan, 2.74%, Maturing August 23, 2013		6,781,401
	2,741	Term Loan, 2.75%, Maturing August 23, 2013		2,627,989
EUR	1,053	Term Loan, 2.89%, Maturing August 23, 2013		1,409,980
		Valassis Communications, Inc.
	1,319	Term Loan, 2.01%, Maturing March 2, 2014		1,285,754
		VWR International, Inc.
	5,378	Term Loan, 2.73%, Maturing June 28, 2013		5,021,696
		West Corp.
	3,649	Term Loan, 2.61%, Maturing October 24, 2013		3,520,302
	5,301	Term Loan, 4.11%, Maturing July 15, 2016		5,258,413
			$	127,382,751
Cable and Satellite Television — 9.9%
		Atlantic Broadband Finance, LLC
	5,166	Term Loan, 6.75%, Maturing June 8, 2013	$	5,176,815
	192	Term Loan, 2.51%, Maturing September 1, 2013		189,007
		Bresnan Broadband Holdings, LLC
	1,436	Term Loan, 2.25%, Maturing March 29, 2014		1,401,440
	2,978	Term Loan, 2.27%, Maturing March 29, 2014		2,905,543
		Cequel Communications, LLC
	12,914	Term Loan, 2.25%, Maturing November 5, 2013		12,329,572
	3,000	Term Loan - Second Lien, 4.73%, Maturing May 5, 2014		2,944,821
		Charter Communications Operating, Inc.
	18,484	Term Loan, 2.26%, Maturing April 28, 2013		17,243,095
		CSC Holdings, Inc.
	9,240	Term Loan, 2.00%, Maturing March 29, 2013		9,027,018
		DirectTV Holdings, LLC
	1,681	Term Loan, 1.73%, Maturing April 13, 2013		1,672,188
		Foxco Acquisition Sub., LLC
	1,337	Term Loan, 7.50%, Maturing July 2, 2015		1,274,893
		Insight Midwest Holdings, LLC
	7,838	Term Loan, 2.25%, Maturing April 6, 2014		7,580,940
		MCC Iowa, LLC
	1,906	Term Loan, 1.96%, Maturing January 31, 2015		1,806,120
		Mediacom Illinois, LLC
	2,340	Term Loan, 1.46%, Maturing September 30, 2012		2,240,550
	5,846	Term Loan, 1.96%, Maturing January 31, 2015		5,534,999
		NTL Investment Holdings, Ltd.
GBP	1,501	Term Loan, 4.18%, Maturing September 3, 2012		2,375,355
		ProSiebenSat.1 Media AG
EUR	188	Term Loan, Maturing June 26, 2014(6)		226,584
EUR	1,406	Term Loan, Maturing July 2, 2014(6)		1,697,531
EUR	1,072	Term Loan, 3.34%, Maturing March 2, 2015		1,098,365
EUR	263	Term Loan, 2.59%, Maturing June 26, 2015		324,193
EUR	6,272	Term Loan, 2.59%, Maturing June 26, 2015		7,732,049
EUR	1,072	Term Loan, 3.59%, Maturing March 2, 2016		1,098,365

4

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		San Juan Cable, LLC
	960	Term Loan, 2.01%, Maturing October 31, 2012	$	909,635
		UPC Broadband Holding B.V.
	1,593	Term Loan, 2.18%, Maturing December 31, 2014		1,532,721
	1,864	Term Loan, 3.93%, Maturing December 31, 2016		1,836,627
EUR	9,221	Term Loan, 4.21%, Maturing December 31, 2016		12,093,213
EUR	5,930	Term Loan, 4.99%, Maturing December 31, 2017		7,804,450
		Virgin Media Investment Holding
GBP	3,000	Term Loan, Maturing March 2, 2012(6)		4,779,022
	2,616	Term Loan, 3.75%, Maturing March 30, 2012		2,615,630
GBP	1,188	Term Loan, 4.40%, Maturing March 30, 2012		1,878,869
GBP	1,388	Term Loan, 4.40%, Maturing March 30, 2012		2,196,100
GBP	763	Term Loan, 4.43%, Maturing March 30, 2012		1,207,807
		YPSO Holding SA
EUR	957	Term Loan, 4.43%, Maturing July 28, 2014(2)		1,155,815
EUR	1,562	Term Loan, 4.43%, Maturing July 28, 2014(2)		1,885,804
EUR	2,481	Term Loan, 4.43%, Maturing July 28, 2014(2)		2,994,983
			$	128,770,119
Chemicals and Plastics — 7.4%
		Arizona Chemical, Inc.
	843	Term Loan, 2.24%, Maturing February 28, 2013	$	811,468
		Ashland, Inc.
	1,436	Term Loan, 7.65%, Maturing November 20, 2014		1,455,951
		Brenntag Holding GmbH and Co. KG
	2,858	Term Loan, 1.99%, Maturing December 23, 2013		2,800,559
	864	Term Loan, 2.01%, Maturing December 23, 2013		846,277
EUR	2,071	Term Loan, 2.59%, Maturing December 23, 2013		2,832,893
	679	Term Loan, 2.00%, Maturing January 20, 2014		665,470
EUR	377	Term Loan, 2.92%, Maturing December 23, 2014		515,673
EUR	486	Term Loan, 2.99%, Maturing December 23, 2014		664,701
	1,000	Term Loan - Second Lien, 4.25%, Maturing December 23, 2015		977,857
		British Vita UK, Ltd.
EUR	1,219	Term Loan, 5.78%, Maturing June 30, 2014(2)		1,309,453
		Celanese Holdings, LLC
	2,500	Term Loan, 1.98%, Maturing April 2, 2014		2,415,625
	9,111	Term Loan, 2.00%, Maturing April 2, 2014		8,796,481
		Cognis GmbH
EUR	615	Term Loan, 2.71%, Maturing September 15, 2013		829,449
EUR	2,510	Term Loan, 2.71%, Maturing September 15, 2013		3,386,916
		Columbian Chemicals Acquisition
	429	Term Loan, 6.31%, Maturing March 16, 2013		400,788
		Ferro Corp.
	4,442	Term Loan, 6.25%, Maturing June 6, 2012		4,364,394
		Hexion Specialty Chemicals, Inc.
EUR	735	Term Loan, 2.95%, Maturing May 5, 2012		924,555
	1,369	Term Loan, Maturing May 5, 2013(6)		1,303,923
	6,303	Term Loan, Maturing May 5, 2013(6)		6,002,542
	3,900	Term Loan, 2.56%, Maturing June 15, 2014		3,636,750
		Huntsman International, LLC
	5,660	Term Loan, 2.00%, Maturing August 16, 2012		5,424,117
		INEOS Group
EUR	412	Term Loan, 5.52%, Maturing December 14, 2011		535,027
EUR	2,542	Term Loan, 5.52%, Maturing December 14, 2011		3,300,277
EUR	306	Term Loan, 8.02%, Maturing December 14, 2011		396,845
EUR	2,648	Term Loan, 10.25%, Maturing December 14, 2011		3,438,459
	1,425	Term Loan, 9.00%, Maturing December 14, 2012		1,356,938
	2,525	Term Loan, 9.50%, Maturing December 14, 2013		2,355,603
	2,459	Term Loan, 10.00%, Maturing December 14, 2014		2,293,364
EUR	1,000	Term Loan - Second Lien, 7.02%, Maturing December 14, 2012		1,235,139

5

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		ISP Chemco, Inc.
	6,618	Term Loan, 2.00%, Maturing June 4, 2014	$	6,313,734
		Kranton Polymers, LLC
	3,751	Term Loan, 2.25%, Maturing May 12, 2013		3,601,016
		MacDermid, Inc.
EUR	1,077	Term Loan, 2.64%, Maturing April 12, 2014		1,205,880
		Millenium Inorganic Chemicals
	3,917	Term Loan, 2.50%, Maturing April 30, 2014		3,701,601
		Momentive Performance Material
	4,702	Term Loan, 2.50%, Maturing December 4, 2013		4,372,057
		Nalco Co.
	1,000	Term Loan, 1.98%, Maturing May 6, 2016		991,250
	1,318	Term Loan, 6.50%, Maturing May 6, 2016		1,340,128
		Rockwood Specialties Group, Inc.
	7,717	Term Loan, 6.00%, Maturing May 15, 2014		7,793,794
		Schoeller Arca Systems Holding
EUR	824	Term Loan, 5.07%, Maturing November 16, 2015		742,717
EUR	887	Term Loan, 5.07%, Maturing November 16, 2015		799,236
EUR	289	Term Loan, 6.17%, Maturing November 16, 2015		260,495
			$	96,399,402
Clothing/Textiles — 0.3%
		Hanesbrands, Inc.
	2,550	Term Loan, 5.25%, Maturing December 10, 2015	$	2,587,186
		St. John Knits International, Inc.
	1,748	Term Loan, 9.25%, Maturing March 23, 2012		1,617,043
			$	4,204,229
Conglomerates — 3.1%
		Amsted Industries, Inc.
	4,888	Term Loan, 2.25%, Maturing October 15, 2010	$	4,686,241
	472	Term Loan, 2.26%, Maturing April 5, 2013		452,153
		Doncasters (Dunde HoldCo 4 Ltd.)
	1,307	Term Loan, 4.24%, Maturing July 13, 2015		1,151,744
GBP	581	Term Loan, 4.55%, Maturing July 13, 2015		825,535
	1,307	Term Loan, 4.74%, Maturing July 13, 2015		1,151,744
GBP	581	Term Loan, 5.05%, Maturing July 13, 2015		825,535
		Gentek Holding, LLC
	825	Term Loan, 7.00%, Maturing October 29, 2014		834,900
		Jarden Corp.
	645	Term Loan, 2.00%, Maturing January 24, 2012		637,912
	2,731	Term Loan, 2.00%, Maturing January 24, 2012		2,714,819
	989	Term Loan, 2.75%, Maturing January 24, 2012		985,248
		Johnson Diversey, Inc.
	1,950	Term Loan, 5.50%, Maturing November 24, 2015		1,979,250
		Manitowoc Company, Inc. (The)
	5,042	Term Loan, 7.50%, Maturing August 21, 2014		5,030,836
		Polymer Group, Inc.
	5,374	Term Loan, 7.00%, Maturing November 22, 2014		5,434,839
		RBS Global, Inc.
	1,065	Term Loan, 2.50%, Maturing July 19, 2013		991,414
	4,878	Term Loan, 2.79%, Maturing July 19, 2013		4,615,683
		RGIS Holdings, LLC
	5,373	Term Loan, 2.74%, Maturing April 30, 2014		4,997,089
	269	Term Loan, 2.75%, Maturing April 30, 2014		249,854
		US Investigations Services, Inc.
	1,955	Term Loan, 3.25%, Maturing February 21, 2015		1,794,831
		Vertrue, Inc.
	1,000	Term Loan, 3.26%, Maturing August 16, 2014		800,000
			$	40,159,627

6

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
Containers and Glass Products — 4.0%
		Berry Plastics Corp.
	6,073	Term Loan, 2.25%, Maturing April 3, 2015	$	5,507,287
		Consolidated Container Co.
	885	Term Loan, 2.50%, Maturing March 28, 2014		815,539
	1,500	Term Loan - Second Lien, 5.75%, Maturing September 28, 2014		1,282,500
		Crown Americas, Inc.
	1,320	Term Loan, 1.98%, Maturing November 15, 2012		1,309,001
EUR	960	Term Loan, 2.19%, Maturing November 15, 2012		1,274,470
		Graham Packaging Holdings Co.
	1,780	Term Loan, 2.50%, Maturing October 7, 2011		1,769,590
	7,883	Term Loan, 6.75%, Maturing April 5, 2014		7,965,995
		Graphic Packaging International, Inc.
	5,474	Term Loan, 2.25%, Maturing May 16, 2014		5,329,186
	1,754	Term Loan, 3.00%, Maturing May 16, 2014		1,728,270
		JSG Acquisitions
EUR	1,528	Term Loan, 3.97%, Maturing December 31, 2014		2,107,458
EUR	1,511	Term Loan, 4.11%, Maturing December 31, 2014		2,083,363
		OI European Group B.V.
EUR	3,790	Term Loan, 1.95%, Maturing June 14, 2013		5,079,672
		Owens-Brockway Glass Container
	4,738	Term Loan, 1.73%, Maturing June 14, 2013		4,638,311
		Reynolds Group Holdings, Inc.
	2,300	Term Loan, 6.25%, Maturing November 5, 2015		2,334,213
		Smurfit-Stone Container Corp.
	3,575	Revolving Loan, 2.84%, Maturing July 28, 2010		3,574,903
	1,187	Revolving Loan, 3.06%, Maturing July 28, 2010		1,186,554
	466	Term Loan, 2.50%, Maturing November 1, 2011		462,922
	817	Term Loan, 2.50%, Maturing November 1, 2011		811,735
	1,540	Term Loan, 2.50%, Maturing November 1, 2011		1,531,113
	718	Term Loan, 4.50%, Maturing November 1, 2011		713,283
			$	51,505,365
Cosmetics/Toiletries — 0.4%
		American Safety Razor Co.
	1,000	Term Loan - Second Lien, 6.51%, Maturing July 31, 2014	$	547,500
		Bausch & Lomb, Inc.
	216	Term Loan, 3.50%, Maturing April 30, 2015		208,874
	888	Term Loan, 3.50%, Maturing April 30, 2015		860,125
		Prestige Brands, Inc.
	3,463	Term Loan, 4.50%, Maturing April 7, 2011		3,428,399
			$	5,044,898
Drugs — 1.0%
		Chattem, Inc.
	1,089	Term Loan, 1.98%, Maturing January 2, 2013	$	1,086,652
		Graceway Pharmaceuticals, LLC
	5,667	Term Loan, 2.98%, Maturing May 3, 2012		4,722,889
	1,000	Term Loan - Second Lien, 6.73%, Maturing May 3, 2013		532,500
		Pharmaceutical Holdings Corp.
	1,055	Term Loan, 3.51%, Maturing January 30, 2012		1,001,910
		Warner Chilcott Corp.
	1,747	Term Loan, 5.50%, Maturing October 30, 2014		1,754,742
	874	Term Loan, 5.75%, Maturing April 30, 2015		876,987
	1,922	Term Loan, 5.75%, Maturing April 30, 2015		1,929,370
	1,300	Term Loan, Maturing April 30, 2015(6)		1,305,233
			$	13,210,283
Ecological Services and Equipment — 1.5%
		Blue Waste B.V. (AVR Acquisition)
EUR	4,000	Term Loan, 2.68%, Maturing April 1, 2015	$	5,235,421

7

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Environmental Systems Products Holdings, Inc.
	203	Term Loan - Second Lien, 13.50%, Maturing December 12, 2010	$	185,505
		Kemble Water Structure, Ltd.
GBP	8,500	Term Loan - Second Lien, 4.74%, Maturing October 13, 2013		11,073,617
		Sensus Metering Systems, Inc.
	2,989	Term Loan, 6.99%, Maturing June 3, 2013		3,000,393
			$	19,494,936
Electronics/Electrical — 4.0%
		Aspect Software, Inc.
	3,525	Term Loan, 3.25%, Maturing July 11, 2011	$	3,383,603
		FCI International S.A.S.
	497	Term Loan, 3.62%, Maturing November 1, 2013		465,112
	497	Term Loan, 3.62%, Maturing November 1, 2013		465,113
	516	Term Loan, 3.62%, Maturing November 1, 2013		483,122
	516	Term Loan, 3.62%, Maturing November 1, 2013		483,122
		Freescale Semiconductor, Inc.
	6,523	Term Loan, 1.98%, Maturing December 1, 2013		5,871,799
		Infor Enterprise Solutions Holdings
EUR	1,940	Term Loan, 3.39%, Maturing July 28, 2012		2,454,450
	4,097	Term Loan, 3.99%, Maturing July 28, 2012		3,840,629
	7,852	Term Loan, 3.99%, Maturing July 28, 2012		7,361,207
	500	Term Loan, 5.73%, Maturing March 2, 2014		415,000
		Network Solutions, LLC
	1,915	Term Loan, 2.51%, Maturing March 7, 2014		1,735,138
		Open Solutions, Inc.
	5,423	Term Loan, 2.38%, Maturing January 23, 2014		4,830,689
		Sensata Technologies Finance Co.
	6,578	Term Loan, 2.00%, Maturing April 27, 2013		5,992,417
		Spectrum Brands, Inc.
	440	Term Loan, 8.00%, Maturing March 30, 2013		439,648
	8,517	Term Loan, 8.00%, Maturing March 30, 2013		8,517,022
		VeriFone, Inc.
	225	Term Loan, 2.99%, Maturing October 31, 2013		221,625
		Vertafore, Inc.
	4,791	Term Loan, 5.50%, Maturing July 31, 2014		4,611,713
			$	51,571,409
Equipment Leasing — 0.4%
		Hertz Corp.
	785	Term Loan, 2.00%, Maturing December 21, 2012	$	766,352
	4,267	Term Loan, 2.01%, Maturing December 21, 2012		4,164,581
			$	4,930,933
Farming/Agriculture — 0.4%
		BF Bolthouse HoldCo, LLC
	1,658	Term Loan, 5.50%, Maturing December 16, 2012	$	1,643,180
	1,000	Term Loan - Second Lien, 9.00%, Maturing December 16, 2013		979,583
		Central Garden & Pet Co.
	3,352	Term Loan, 1.74%, Maturing February 28, 2014		3,184,489
			$	5,807,252
Financial Intermediaries — 2.2%
		Citco III, Ltd.
	4,425	Term Loan, 4.43%, Maturing June 30, 2014	$	4,292,684
		E.A. Viner International Co.
	130	Term Loan, 4.76%, Maturing July 31, 2013		124,163
		First Data Corp.
	997	Term Loan, 2.98%, Maturing September 24, 2014		864,802
	3,995	Term Loan, 3.00%, Maturing September 24, 2014		3,452,814
	997	Term Loan, 3.00%, Maturing September 24, 2014		864,802

8

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Grosvenor Capital Management
	1,402	Term Loan, 2.25%, Maturing December 5, 2013	$	1,275,735
		Jupiter Asset Management Group
GBP	1,321	Term Loan, 2.74%, Maturing June 30, 2015		1,994,283
		LPL Holdings, Inc.
	11,578	Term Loan, 2.00%, Maturing December 18, 2014		11,080,713
		Nuveen Investments, Inc.
	3,262	Term Loan, 3.29%, Maturing November 2, 2014		2,887,757
		Oxford Acquisition III, Ltd.
	1,262	Term Loan, 2.25%, Maturing May 24, 2014		1,190,350
		RJO Holdings Corp. (RJ O’Brien)
	1,452	Term Loan, 5.24%, Maturing July 31, 2014(2)		965,725
			$	28,993,828
Food Products — 3.4%
		Advantage Sales & Marketing, Inc.
	7,021	Term Loan, 2.26%, Maturing March 29, 2013	$	6,710,936
		American Seafoods Group, LLC
	329	Term Loan, 4.00%, Maturing September 30, 2012		320,424
		B&G Foods, Inc.
	1,130	Term Loan, 2.26%, Maturing February 23, 2013		1,113,950
		BL Marketing, Ltd.
GBP	1,500	Term Loan, 2.52%, Maturing December 31, 2013		2,338,664
		Dean Foods Co.
	8,976	Term Loan, 1.64%, Maturing April 2, 2014		8,732,425
		Dole Food Company, Inc.
	312	Term Loan, 7.89%, Maturing April 12, 2013		315,869
	543	Term Loan, 8.00%, Maturing April 12, 2013		549,313
	1,762	Term Loan, 8.00%, Maturing April 12, 2013		1,782,263
		Pinnacle Foods Finance, LLC
	3,000	Revolving Loan, 0.79%, Maturing April 2, 2013(3)		2,790,000
	10,440	Term Loan, 2.98%, Maturing April 2, 2014		9,912,977
	2,425	Term Loan, 7.50%, Maturing April 2, 2014		2,449,250
		Reddy Ice Group, Inc.
	7,975	Term Loan, 2.00%, Maturing August 9, 2012		7,503,143
			$	44,519,214
Food Service — 3.6%
		AFC Enterprises, Inc.
	772	Term Loan, 7.00%, Maturing May 11, 2011	$	777,950
		Aramark Corp.
	18,926	Term Loan, 2.13%, Maturing January 26, 2014		18,168,638
	1,236	Term Loan, 2.14%, Maturing January 26, 2014		1,186,970
		Buffets, Inc.
	1,275	Term Loan, 18.00%, Maturing April 30, 2012		1,300,621
	319	Term Loan, 7.50%, Maturing November 1, 2013(2)		283,579
	1,632	Term Loan - Second Lien, 17.75%, Maturing November 1, 2013(2)		1,452,073
		CBRL Group, Inc.
	3,592	Term Loan, 1.79%, Maturing April 27, 2013		3,473,764
	2,171	Term Loan, 2.79%, Maturing April 27, 2016		2,111,992
		JRD Holdings, Inc.
	2,002	Term Loan, 2.50%, Maturing June 26, 2014		1,942,122
		Maine Beverage Co., LLC
	1,212	Term Loan, 2.00%, Maturing June 30, 2010		1,145,391
		NPC International, Inc.
	1,843	Term Loan, 2.00%, Maturing May 3, 2013		1,771,817
		OSI Restaurant Partners, LLC
	433	Term Loan, 3.08%, Maturing May 9, 2013		390,766
	4,931	Term Loan, 2.56%, Maturing May 9, 2014		4,451,871
		QCE Finance, LLC
	4,157	Term Loan, 2.56%, Maturing May 5, 2013		3,580,021

9

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Sagittarius Restaurants, LLC
	1,117	Term Loan, 9.75%, Maturing March 29, 2013	$	1,089,276
		Selecta
GBP	2,500	Term Loan, 3.22%, Maturing June 28, 2015		3,177,021
			$	46,303,872
Food/Drug Retailers — 3.2%
		General Nutrition Centers, Inc.
	7,138	Term Loan, 2.51%, Maturing September 16, 2013	$	6,878,924
		Pantry, Inc. (The)
	735	Term Loan, 1.74%, Maturing May 15, 2014		699,455
	2,554	Term Loan, 1.74%, Maturing May 15, 2014		2,429,403
		Rite Aid Corp.
	17,061	Term Loan, 1.99%, Maturing June 1, 2014		15,326,323
	2,444	Term Loan, 6.00%, Maturing June 4, 2014		2,321,351
	2,500	Term Loan, 9.50%, Maturing June 4, 2014		2,621,875
		Roundy’s Supermarkets, Inc.
	10,741	Term Loan, 6.25%, Maturing November 3, 2013		10,714,136
			$	40,991,467
Forest Products — 1.9%
		Appleton Papers, Inc.
	4,178	Term Loan, 6.70%, Maturing June 5, 2014	$	4,146,229
		Georgia-Pacific Corp.
	10,954	Term Loan, 2.23%, Maturing December 20, 2012		10,758,638
	6,859	Term Loan, 2.26%, Maturing December 20, 2012		6,736,779
	3,195	Term Loan, 3.50%, Maturing December 23, 2014		3,197,323
			$	24,838,969
Health Care — 11.9%
		Alliance Healthcare Services
	3,825	Term Loan, 5.50%, Maturing June 1, 2016	$	3,812,649
		American Medical Systems
	1,486	Term Loan, 2.50%, Maturing July 20, 2012		1,444,974
		AMR HoldCo, Inc.
	1,604	Term Loan, 2.23%, Maturing February 10, 2012		1,555,711
		Biomet, Inc.
	8,359	Term Loan, 3.25%, Maturing December 26, 2014		8,168,346
EUR	1,046	Term Loan, 3.55%, Maturing December 26, 2014		1,438,165
		Cardinal Health 409, Inc.
	5,923	Term Loan, 2.48%, Maturing April 10, 2014		5,419,659
		Carestream Health, Inc.
	6,492	Term Loan, 2.23%, Maturing April 30, 2013		6,169,322
		Carl Zeiss Vision Holding GmbH
	3,701	Term Loan, 2.73%, Maturing March 23, 2015		2,850,843
		Community Health Systems, Inc.
	1,009	Term Loan, 2.51%, Maturing July 25, 2014		954,568
	19,725	Term Loan, 2.51%, Maturing July 25, 2014		18,669,718
		Concentra, Inc.
	2,145	Term Loan, 2.51%, Maturing June 25, 2014		2,021,663
		ConMed Corp.
	1,009	Term Loan, 1.74%, Maturing April 13, 2013		958,761
		CRC Health Corp.
	1,355	Term Loan, 2.50%, Maturing February 6, 2013		1,271,537
	1,457	Term Loan, 2.50%, Maturing February 6, 2013		1,368,216
		Dako (Eqt Project Delphi)
EUR	1,337	Term Loan, 2.58%, Maturing June 12, 2015		1,672,841
		DaVita, Inc.
	7,807	Term Loan, 1.74%, Maturing October 5, 2012		7,648,417
		DJO Finance, LLC
	896	Term Loan, 3.23%, Maturing May 15, 2014		871,256

10

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		HCA, Inc.
	20,989	Term Loan, 2.50%, Maturing November 18, 2013	$	19,992,132
		Health Management Association, Inc.
	10,464	Term Loan, 2.00%, Maturing February 28, 2014		9,959,224
		HealthSouth Corp.
	1,367	Term Loan, 2.51%, Maturing March 10, 2013		1,336,214
	1,000	Term Loan, 2.65%, Maturing March 10, 2013		930,000
	1,125	Term Loan, 4.01%, Maturing March 15, 2014		1,116,872
		Iasis Healthcare, LLC
	259	Term Loan, 2.23%, Maturing March 14, 2014		248,020
	957	Term Loan, 2.23%, Maturing March 14, 2014		916,124
	2,766	Term Loan, 2.23%, Maturing March 14, 2014		2,647,163
		IM U.S. Holdings, LLC
	3,827	Term Loan, 2.24%, Maturing June 26, 2014		3,664,233
	1,986	Term Loan - Second Lien, Maturing June 26, 2015(6)		1,925,357
		inVentiv Health, Inc.
	2,123	Term Loan, 2.01%, Maturing July 6, 2014		2,020,094
		LifePoint Hospitals, Inc.
	2,242	Term Loan, 1.89%, Maturing April 15, 2012		2,203,836
		MultiPlan Merger Corp.
	1,318	Term Loan, 2.73%, Maturing April 12, 2013		1,261,530
	1,045	Term Loan, 2.75%, Maturing April 12, 2013		999,916
		Mylan, Inc.
	6,398	Term Loan, 3.55%, Maturing October 2, 2014		6,335,113
		National Mentor Holdings, Inc.
	190	Term Loan, 2.15%, Maturing June 29, 2013		172,312
	3,097	Term Loan, 2.26%, Maturing June 29, 2013		2,803,024
		Nyco Holdings
EUR	2,321	Term Loan, 2.85%, Maturing December 29, 2014		3,101,079
EUR	2,321	Term Loan, 3.60%, Maturing December 29, 2015		3,101,079
		RadNet Management, Inc.
	2,595	Term Loan, 4.51%, Maturing November 15, 2012		2,504,556
		ReAble Therapeutics Finance, LLC
	4,341	Term Loan, 2.26%, Maturing November 16, 2013		4,248,581
		RehabCare Group, Inc.
	2,000	Term Loan, 6.00%, Maturing November 20, 2015		2,009,000
		Select Medical Holdings Corp.
	5,568	Term Loan, 4.02%, Maturing August 5, 2014		5,498,709
		Sunrise Medical Holdings, Inc.
	1,656	Term Loan, 8.25%, Maturing May 13, 2010		1,374,539
		TZ Merger Sub., Inc. (TriZetto)
	992	Term Loan, 7.50%, Maturing July 24, 2015		999,079
		Vanguard Health Holding Co., LLC
	2,794	Term Loan, 2.49%, Maturing September 23, 2011		2,796,455
	3,800	Term Loan, Maturing January 29, 2016(6)		3,818,525
		Viant Holdings, Inc.
	715	Term Loan, 2.51%, Maturing June 25, 2014		704,040
			$	154,983,452
Home Furnishings — 0.5%
		Hunter Fan Co.
	1,415	Term Loan, 2.74%, Maturing April 16, 2014	$	1,136,791
		Interline Brands, Inc.
	717	Term Loan, 1.98%, Maturing June 23, 2013		663,587
	2,635	Term Loan, 2.00%, Maturing June 23, 2013		2,437,676
		National Bedding Co., LLC
	1,830	Term Loan, 2.30%, Maturing August 31, 2011		1,765,648
		Oreck Corp.
	1,239	Term Loan, 0.00%, Maturing February 2, 2012(4)(7)		444,835

11

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Simmons Co.
	2,181	Term Loan, 7.35%, Maturing February 15, 2012(2)	$	13,629
			$	6,462,166
Industrial Equipment — 2.8%
		CEVA Group PLC U.S.
	3,424	Term Loan, 3.23%, Maturing January 4, 2014	$	3,004,601
	413	Term Loan, 3.25%, Maturing January 4, 2014		370,809
EUR	258	Term Loan, 3.43%, Maturing January 4, 2014		321,645
EUR	439	Term Loan, 3.43%, Maturing January 4, 2014		546,189
EUR	539	Term Loan, 3.43%, Maturing January 4, 2014		671,269
EUR	435	Term Loan, 3.71%, Maturing January 4, 2014		541,862
		EPD Holdings (Goodyear Engineering Products)
	450	Term Loan, 2.74%, Maturing July 13, 2014		386,458
	3,143	Term Loan, 2.74%, Maturing July 13, 2014		2,698,305
	1,000	Term Loan - Second Lien, 5.98%, Maturing July 13, 2015		755,000
		Generac Acquisition Corp.
	1,727	Term Loan, 2.75%, Maturing November 7, 2013		1,606,175
	2,000	Term Loan - Second Lien, 6.25%, Maturing April 7, 2014		1,842,000
		Gleason Corp.
	591	Term Loan, 2.00%, Maturing June 30, 2013		579,038
	1,749	Term Loan, 2.00%, Maturing June 30, 2013		1,713,955
		Jason, Inc.
	1,322	Term Loan, 5.99%, Maturing April 30, 2010		865,666
		John Maneely Co.
	6,044	Term Loan, 3.50%, Maturing December 8, 2013		5,804,092
		KION Group GmbH
EUR	500	Term Loan, 2.69%, Maturing December 23, 2014(2)		544,943
	1,750	Term Loan, 3.98%, Maturing December 23, 2014		1,352,750
EUR	500	Term Loan, 2.98%, Maturing December 23, 2015(2)		544,943
	1,750	Term Loan, 4.23%, Maturing December 23, 2015		1,352,750
		Polypore, Inc.
	8,287	Term Loan, 2.49%, Maturing July 3, 2014		7,935,281
EUR	724	Term Loan, 2.64%, Maturing July 3, 2014		939,124
		TFS Acquisition Corp.
	1,961	Term Loan, 14.00%, Maturing August 11, 2013(2)		1,504,810
			$	35,881,665
Insurance — 2.4%
		Alliant Holdings I, Inc.
	5,000	Term Loan, 0.50%, Maturing August 21, 2012(3)	$	4,225,000
	1,000	Term Loan, Maturing August 21, 2014(6)		946,667
		AmWINS Group, Inc.
	2,000	Term Loan, 2.76%, Maturing June 8, 2013		1,857,500
		Applied Systems, Inc.
	1,909	Term Loan, 2.73%, Maturing September 26, 2013		1,823,377
		CCC Information Services Group, Inc.
	3,934	Term Loan, 2.49%, Maturing February 10, 2013		3,810,805
		Conseco, Inc.
	7,167	Term Loan, 7.50%, Maturing October 10, 2013		6,835,690
		Crump Group, Inc.
	2,326	Term Loan, 3.24%, Maturing August 4, 2014		2,099,433
		Hub International Holdings, Inc.
	861	Term Loan, 2.75%, Maturing June 13, 2014		807,288
	3,831	Term Loan, 2.75%, Maturing June 13, 2014		3,591,538
	1,347	Term Loan, 6.75%, Maturing June 30, 2014		1,339,330
		U.S.I. Holdings Corp.
	4,690	Term Loan, 3.01%, Maturing May 4, 2014		4,326,855
			$	31,663,483

12

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
Leisure Goods/Activities/Movies — 6.3%
		24 Hour Fitness Worldwide, Inc.
	1,736	Term Loan, 2.76%, Maturing June 8, 2012	$	1,644,742
		AMC Entertainment, Inc.
	4,987	Term Loan, 1.73%, Maturing January 26, 2013		4,879,091
		Bombardier Recreational Products
	5,651	Term Loan, 3.28%, Maturing June 28, 2013		4,283,886
		Carmike Cinemas, Inc.
	556	Term Loan, 3.54%, Maturing May 19, 2012		557,364
	444	Term Loan, 4.24%, Maturing May 19, 2012		444,824
	6,150	Term Loan, Maturing January 27, 2016(6)		6,156,408
		Cedar Fair, L.P.
	2,916	Term Loan, 2.23%, Maturing August 30, 2012		2,908,077
	3,664	Term Loan, 4.23%, Maturing February 17, 2014		3,660,198
		Cinemark, Inc.
	9,270	Term Loan, 2.01%, Maturing October 5, 2013		9,127,545
		Deluxe Entertainment Services
	96	Term Loan, 6.22%, Maturing January 28, 2011		91,071
	165	Term Loan, 6.25%, Maturing January 28, 2011		155,659
	1,571	Term Loan, 6.25%, Maturing January 28, 2011		1,483,623
		DW Funding, LLC
	1,209	Term Loan, 2.14%, Maturing April 30, 2011		1,057,568
		Fender Musical Instruments Corp.
	309	Term Loan, 2.51%, Maturing June 9, 2014		267,725
	611	Term Loan, 2.51%, Maturing June 9, 2014		530,014
		Formula One (Alpha D2, Ltd.)
	2,400	Term Loan - Second Lien, Maturing June 30, 2014(6)		2,158,999
		Metro-Goldwyn-Mayer Holdings, Inc.
	8,741	Term Loan, 0.00%, Maturing April 8, 2012(4)		5,274,837
		National CineMedia, LLC
	2,700	Term Loan, 2.01%, Maturing February 13, 2015		2,611,124
		Regal Cinemas Corp.
	7,973	Term Loan, 4.00%, Maturing November 10, 2010		7,995,924
		Revolution Studios Distribution Co., LLC
	3,507	Term Loan, 3.99%, Maturing December 21, 2014		3,191,077
	2,825	Term Loan - Second Lien, 7.24%, Maturing June 21, 2015		1,977,500
		Six Flags Theme Parks, Inc.
	5,159	Term Loan, 2.49%, Maturing April 30, 2015		5,097,465
		Southwest Sports Group, LLC
	3,725	Term Loan, 6.75%, Maturing December 22, 2010		3,088,647
		SW Acquisition Co., Inc.
	4,350	Term Loan, 5.75%, Maturing May 31, 2016		4,400,299
		Universal City Development Partners, Ltd.
	6,075	Term Loan, 6.50%, Maturing November 6, 2014		6,150,938
		Zuffa, LLC
	2,980	Term Loan, 2.31%, Maturing June 20, 2016		2,820,718
			$	82,015,323
Lodging and Casinos — 3.9%
		Ameristar Casinos, Inc.
	3,480	Term Loan, 3.50%, Maturing November 10, 2012	$	3,462,600
		Choctaw Resort Development Enterprise
	890	Term Loan, 7.25%, Maturing November 4, 2011		883,577
		Full Moon Holdco 3, Ltd.
GBP	500	Term Loan, 4.35%, Maturing November 20, 2014		719,326
GBP	500	Term Loan, 4.85%, Maturing November 20, 2015		719,326
		Green Valley Ranch Gaming, LLC
	2,615	Term Loan, 2.26%, Maturing February 16, 2014		1,757,933

13

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Harrah’s Operating Co.
	1,622	Term Loan, 3.25%, Maturing January 28, 2015	$	1,345,634
	1,000	Term Loan, 9.50%, Maturing October 31, 2016		1,021,389
		Herbst Gaming, Inc.
	2,438	Term Loan, 0.00%, Maturing December 2, 2011(4)		1,341,152
	4,529	Term Loan, 0.00%, Maturing December 2, 2011(4)		2,491,006
		Isle of Capri Casinos, Inc.
	1,277	Term Loan, 1.98%, Maturing November 30, 2013		1,269,504
	1,695	Term Loan, 1.98%, Maturing November 30, 2013		1,684,005
	4,236	Term Loan, 2.00%, Maturing November 30, 2013		4,210,015
		LodgeNet Entertainment Corp.
	4,118	Term Loan, 2.26%, Maturing April 4, 2014		3,796,109
		New World Gaming Partners, Ltd.
	667	Term Loan, 2.75%, Maturing June 30, 2014		609,075
	3,295	Term Loan, 2.75%, Maturing June 30, 2014		3,007,115
		Penn National Gaming, Inc.
	8,919	Term Loan, 1.99%, Maturing October 3, 2012		8,769,937
		Tropicana Entertainment, Inc.
	210	Term Loan, 0.00%, Maturing December 29, 2012(3)		195,694
		Venetian Casino Resort/Las Vegas Sands, Inc.
	2,817	Term Loan, 2.01%, Maturing May 14, 2014		2,488,733
	11,154	Term Loan, 2.01%, Maturing May 23, 2014		9,853,867
		Wimar OpCo, LLC
	2,152	Term Loan, 0.00%, Maturing January 3, 2012(4)		672,368
			$	50,298,365
Nonferrous Metals/Minerals — 1.1%
		Euramax International, Inc.
EUR	707	Term Loan, 10.00%, Maturing June 29, 2013	$	764,485
	1,079	Term Loan, 10.00%, Maturing June 29, 2013		841,298
EUR	712	Term Loan, 14.00%, Maturing June 29, 2013(2)		770,518
	1,076	Term Loan, 14.00%, Maturing June 29, 2013(2)		839,173
		Noranda Aluminum Acquisition
	1,144	Term Loan, 2.23%, Maturing May 18, 2014		995,058
		Novelis, Inc.
	1,926	Term Loan, 2.24%, Maturing June 28, 2014		1,832,647
	4,237	Term Loan, 2.25%, Maturing June 28, 2014		4,031,979
		Oxbow Carbon and Mineral Holdings
	4,196	Term Loan, 2.25%, Maturing May 8, 2014		4,080,592
			$	14,155,750
Oil and Gas — 2.9%
		Atlas Pipeline Partners, L.P.
	3,150	Term Loan, 6.75%, Maturing July 20, 2014	$	3,142,241
		Big West Oil, LLC
	1,054	Term Loan, 4.50%, Maturing May 1, 2014		1,021,945
	1,324	Term Loan, 4.50%, Maturing May 1, 2014		1,284,731
		Dresser, Inc.
	4,714	Term Loan, 2.52%, Maturing May 4, 2014		4,530,046
		Dynegy Holdings, Inc.
	1,048	Term Loan, 3.99%, Maturing April 2, 2013		1,024,995
	8,083	Term Loan, 3.99%, Maturing April 2, 2013		7,908,552
		Energy Transfer Equity, L.P.
	2,825	Term Loan, 1.98%, Maturing February 8, 2012		2,801,795
		Enterprise GP Holdings, L.P.
	3,259	Term Loan, 2.49%, Maturing October 31, 2014		3,221,842
		Hercules Offshore, Inc.
	3,777	Term Loan, 6.00%, Maturing July 6, 2013		3,614,316
		Precision Drilling Corp.
	893	Term Loan, 4.24%, Maturing December 23, 2013		880,023

14

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		SemGroup Corp.
	3,375	Term Loan, 1.25%, Maturing November 27, 2013	$	3,352,499
		Targa Resources, Inc.
	2,475	Term Loan, 6.00%, Maturing June 4, 2017		2,487,375
		Volnay Acquisition Co.
	1,890	Term Loan, 3.47%, Maturing January 12, 2014		1,861,187
			$	37,131,547
Publishing — 7.5%
		American Media Operations, Inc.
	4,743	Term Loan, 10.00%, Maturing January 31, 2013(2)	$	4,485,292
		Aster Zweite Beteiligungs GmbH
	2,475	Term Loan, 2.89%, Maturing September 27, 2013		2,402,297
		Black Press US Partnership
	618	Term Loan, 2.26%, Maturing August 2, 2013		423,629
	1,019	Term Loan, 2.26%, Maturing August 2, 2013		697,742
		GateHouse Media Operating, Inc.
	2,062	Term Loan, 2.24%, Maturing August 28, 2014		1,028,401
	4,838	Term Loan, 2.24%, Maturing August 28, 2014		2,412,974
	4,225	Term Loan, 2.49%, Maturing August 28, 2014		2,107,219
		Getty Images, Inc.
	3,529	Term Loan, 6.25%, Maturing July 2, 2015		3,558,116
		Laureate Education, Inc.
	646	Term Loan, 3.50%, Maturing August 17, 2014		600,778
	4,316	Term Loan, 3.50%, Maturing August 17, 2014		4,012,528
	998	Term Loan, 7.00%, Maturing August 31, 2014		990,331
		MediaNews Group, Inc.
	2,164	Term Loan, 6.73%, Maturing August 25, 2010		993,444
	2,181	Term Loan, 6.73%, Maturing August 2, 2013		959,685
		Mediannuaire Holding
EUR	468	Term Loan, 2.96%, Maturing October 10, 2014		490,818
EUR	468	Term Loan, 3.46%, Maturing October 10, 2015		490,682
		Merrill Communications, LLC
	5,366	Term Loan, 8.50%, Maturing December 24, 2012		4,601,373
		Nelson Education, Ltd.
	1,515	Term Loan, 2.75%, Maturing July 5, 2014		1,393,915
		Newspaper Holdings, Inc.
	7,911	Term Loan, 1.75%, Maturing July 24, 2014		4,350,832
		Nielsen Finance, LLC
	9,776	Term Loan, 2.23%, Maturing August 9, 2013		9,374,507
	4,719	Term Loan, 3.98%, Maturing May 1, 2016		4,614,209
		Penton Media, Inc.
	1,750	Term Loan, 2.50%, Maturing February 1, 2013		1,311,124
		Philadelphia Newspapers, LLC
	2,171	Term Loan, 0.00%, Maturing June 29, 2013(4)		510,287
		Reader’s Digest Association, Inc. (The)
	2,834	DIP Loan, 13.50%, Maturing August 21, 2010		2,947,594
	4,029	Revolving Loan, 4.52%, Maturing March 3, 2014		2,403,923
	16,225	Term Loan, 4.23%, Maturing March 3, 2014		9,680,940
	1,445	Term Loan, 7.00%, Maturing March 3, 2014		862,106
		Source Interlink Companies, Inc.
	914	Term Loan, 10.75%, Maturing June 18, 2013		790,325
	497	Term Loan, 15.00%, Maturing June 18, 2013(2)		198,691
		Source Media, Inc.
	1,989	Term Loan, 5.26%, Maturing November 8, 2011		1,760,157
		Star Tribune Co. (The)
	167	Term Loan, 8.00%, Maturing September 28, 2014(7)		116,429
	251	Term Loan, 8.00%, Maturing September 28, 2014(7)		199,485
		Super Media, Inc.
	2,475	Term Loan, 11.00%, Maturing December 31, 2015		2,341,524

15

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Trader Media Corp.
GBP	4,344	Term Loan, 2.65%, Maturing March 23, 2015	$	6,300,909
		Tribune Co.
	2,984	Term Loan, 0.00%, Maturing April 10, 2010(4)		1,820,379
	1,943	Term Loan, 0.00%, Maturing May 17, 2014(4)		1,221,918
	7,950	Term Loan, 0.00%, Maturing May 17, 2014(4)		4,589,701
		Xsys, Inc.
	3,796	Term Loan, 2.89%, Maturing September 27, 2013		3,684,265
	3,877	Term Loan, 2.89%, Maturing September 27, 2014		3,763,203
EUR	1,516	Term Loan, 3.27%, Maturing September 27, 2014		2,047,789
	1,290	Term Loan - Second Lien, 4.49%, Maturing September 27, 2015		1,243,334
			$	97,782,855
Radio and Television — 6.8%
		Block Communications, Inc.
	1,774	Term Loan, 2.28%, Maturing December 22, 2011	$	1,667,175
		Citadel Broadcasting Corp.
	2,805	Term Loan, 1.99%, Maturing June 12, 2014		2,277,123
		CMP Susquehanna Corp.
	3,898	Term Loan, 2.25%, Maturing May 5, 2013		3,202,831
		Discovery Communications, Inc.
	1,962	Term Loan, 2.25%, Maturing April 30, 2014		1,954,517
		Emmis Operating Co.
	3,150	Term Loan, 4.25%, Maturing November 2, 2013		2,646,116
		Gray Television, Inc.
	2,392	Term Loan, 3.75%, Maturing January 19, 2015		2,203,944
		Intelsat Corp.
	7,316	Term Loan, 2.73%, Maturing January 3, 2014		6,996,671
	7,316	Term Loan, 2.73%, Maturing January 3, 2014		6,996,671
	7,318	Term Loan, 2.73%, Maturing January 3, 2014		6,998,814
		Ion Media Networks, Inc.
	1,102	DIP Loan, 15.00%, Maturing May 29, 2010(7)		1,734,113
	8,300	Term Loan, 0.00%, Maturing January 15, 2012(4)		2,306,711
		LBI Media, Inc.
	1,925	Term Loan, 1.73%, Maturing March 31, 2012		1,665,125
		NEP II, Inc.
	2,052	Term Loan, 2.53%, Maturing February 16, 2014		1,897,706
		Nexstar Broadcasting, Inc.
	4,445	Term Loan, 5.00%, Maturing October 1, 2012		4,350,307
	4,202	Term Loan, 5.00%, Maturing October 1, 2012		4,112,697
		Raycom TV Broadcasting, LLC
	7,850	Term Loan, 1.81%, Maturing June 25, 2014		6,868,750
		SFX Entertainment
	2,916	Term Loan, 3.50%, Maturing June 21, 2013		2,814,114
		Spanish Broadcasting System, Inc.
	6,048	Term Loan, 2.01%, Maturing June 10, 2012		5,070,552
		Univision Communications, Inc.
	22,650	Term Loan, 2.50%, Maturing September 29, 2014		19,784,775
		Young Broadcasting, Inc.
	3,508	Term Loan, 0.00%, Maturing November 3, 2012(4)		2,808,412
			$	88,357,124
Rail Industries — 0.4%
		Kansas City Southern Railway Co.
	5,095	Term Loan, 2.01%, Maturing April 26, 2013	$	4,948,330
			$	4,948,330
Retailers (Except Food and Drug) — 3.1%
		American Achievement Corp.
	488	Term Loan, 6.29%, Maturing March 25, 2011	$	463,283

16

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		Amscan Holdings, Inc.
	1,556	Term Loan, 2.50%, Maturing May 25, 2013	$	1,458,750
		Cumberland Farms, Inc.
	4,097	Term Loan, 2.75%, Maturing September 29, 2013		3,748,848
		Harbor Freight Tools USA, Inc.
	3,262	Term Loan, 9.75%, Maturing July 15, 2010		3,274,326
		Josten’s Corp.
	2,393	Term Loan, 2.23%, Maturing October 4, 2011		2,372,649
		Mapco Express, Inc.
	468	Term Loan, 6.50%, Maturing April 28, 2011		447,366
		Neiman Marcus Group, Inc.
	2,951	Term Loan, 2.26%, Maturing April 5, 2013		2,697,580
		Orbitz Worldwide, Inc.
	3,837	Term Loan, 3.24%, Maturing July 25, 2014		3,667,873
		Oriental Trading Co., Inc.
	6,547	Term Loan, 9.75%, Maturing July 31, 2013		5,630,216
	1,000	Term Loan - Second Lien, 6.24%, Maturing January 31, 2013		275,000
		Pilot Travel Centers, LLC
	2,775	Term Loan, Maturing November 24, 2015(6)		2,805,722
		Rent-A-Center, Inc.
	123	Term Loan, 2.00%, Maturing November 15, 2012		120,268
	2,205	Term Loan, 3.26%, Maturing May 31, 2015		2,182,733
		Rover Acquisition Corp.
	2,917	Term Loan, 2.49%, Maturing October 26, 2013		2,861,377
		Savers, Inc.
	990	Term Loan, 2.99%, Maturing August 11, 2012		960,349
	1,112	Term Loan, 2.99%, Maturing August 11, 2012		1,079,010
		Vivarte
EUR	978	Term Loan, 2.45%, Maturing May 29, 2015		1,154,019
EUR	978	Term Loan, 2.95%, Maturing May 29, 2016		1,154,019
		Yankee Candle Company, Inc. (The)
	3,443	Term Loan, 2.24%, Maturing February 6, 2014		3,342,058
			$	39,695,446
Surface Transport — 0.3%
		Oshkosh Truck Corp.
	2,250	Term Loan, 6.26%, Maturing December 6, 2013	$	2,263,647
		Swift Transportation Co., Inc.
	2,310	Term Loan, 8.25%, Maturing May 10, 2014		2,222,657
			$	4,486,304
Telecommunications — 3.2%
		Alaska Communications Systems Holdings, Inc.
	5,569	Term Loan, 2.00%, Maturing February 1, 2012	$	5,411,196
		Asurion Corp.
	8,504	Term Loan, 3.24%, Maturing July 13, 2012		8,271,137
	2,000	Term Loan - Second Lien, 6.73%, Maturing January 13, 2013		1,962,500
		BCM Luxembourg, Ltd.
EUR	2,000	Term Loan - Second Lien, 4.68%, Maturing March 31, 2016		2,433,935
		Cellular South, Inc.
	3,345	Term Loan, 2.00%, Maturing May 29, 2014		3,236,741
	1,138	Term Loan, 2.01%, Maturing May 29, 2014		1,101,045
		CommScope, Inc.
	2,661	Term Loan, 2.75%, Maturing November 19, 2014		2,622,282
		Intelsat Subsidiary Holding Co.
	2,660	Term Loan, 2.73%, Maturing July 3, 2013		2,562,763
		IPC Systems, Inc.
	1,310	Term Loan, 2.49%, Maturing May 31, 2014		1,149,962
GBP	214	Term Loan, 2.86%, Maturing May 31, 2014		287,745
		Macquarie UK Broadcast Ventures, Ltd.
GBP	2,508	Term Loan, 2.52%, Maturing December 26, 2014		3,365,352

17

Principal
Amount*
(000’s omitted)		Borrower/Tranche Description	Value
		NTelos, Inc.
	1,995	Term Loan, 5.75%, Maturing August 13, 2015	$	2,013,703
		Palm, Inc.
	2,273	Term Loan, 3.76%, Maturing April 24, 2014		2,011,328
		Stratos Global Corp.
	2,596	Term Loan, 2.75%, Maturing February 13, 2012		2,563,295
		Telesat Canada, Inc.
	168	Term Loan, 3.24%, Maturing October 22, 2014		165,169
	1,959	Term Loan, 3.24%, Maturing October 22, 2014		1,922,988
		TowerCo Finance, LLC
	950	Term Loan, 6.00%, Maturing November 24, 2014		963,063
			$	42,044,204
Utilities — 3.9%
		AEI Finance Holding, LLC
	738	Revolving Loan, 3.23%, Maturing March 30, 2012	$	683,862
	4,942	Term Loan, 3.25%, Maturing March 30, 2014		4,577,729
		BRSP, LLC
	1,465	Term Loan, 7.50%, Maturing June 24, 2014		1,446,825
		Calpine Corp.
	12,927	DIP Loan, 3.14%, Maturing March 29, 2014		12,248,289
		Covanta Energy Corp.
	1,000	Term Loan, 1.65%, Maturing February 9, 2014		972,022
	1,974	Term Loan, 1.75%, Maturing February 9, 2014		1,920,124
		Electricinvest Holding Co.
GBP	600	Term Loan, 5.02%, Maturing October 24, 2012		796,054
EUR	2,085	Term Loan - Second Lien, 4.93%, Maturing October 24, 2012		2,418,906
		NRG Energy, Inc.
	6,293	Term Loan, 2.00%, Maturing June 1, 2014		6,104,561
	5,706	Term Loan, 2.00%, Maturing June 1, 2014		5,534,881
		TXU Texas Competitive Electric Holdings Co., LLC
	2,459	Term Loan, 3.73%, Maturing October 10, 2014		2,007,699
	10,390	Term Loan, 3.73%, Maturing October 10, 2014		8,534,560
	995	Term Loan, 3.78%, Maturing October 10, 2014		816,656
		Vulcan Energy Corp.
	2,185	Term Loan, 5.50%, Maturing December 31, 2015		2,190,639
			$	50,252,807
Total Senior Floating-Rate Interests (identified cost $1,719,136,914)			$	1,619,546,877

Corporate Bonds & Notes — 1.7%

Principal
Amount*
(000’s omitted)		Security	Value
Building and Development — 0.6%
		Grohe Holding GmbH, Variable Rate
EUR	6,500	3.617%, 1/15/14(8)	$	7,953,306
			$	7,953,306
Chemicals and Plastics — 0.0%
		Wellman Holdings, Inc., Sr. Sub. Notes
	679	5.00%, 1/29/19(7)	$	249,872
			$	249,872

18

Principal
Amount*
(000’s omitted)		Security	Value
Diversified Financial Services — 0.4%
		Virgin Media Finance PLC, Sr. Notes
	5,000	6.50%, 1/15/18(9)	$	4,943,750
			$	4,943,750
Ecological Services and Equipment — 0.0%
		Environmental Systems Product Holdings, Inc., Jr. Notes
	75	18.00%, 3/31/15(2)(7)	$	59,608
			$	59,608
Electronics/Electrical — 0.2%
		NXP BV/NXP Funding, LLC, Variable Rate
	2,300	3.001%, 10/15/13	$	1,929,125
			$	1,929,125
Leisure Goods/Activities/Movies — 0.3%
		MU Finance PLC, Sr. Notes
	4,000	8.375%, 2/1/17(9)	$	3,920,000
			$	3,920,000
Telecommunications — 0.2%
		Qwest Corp., Sr. Notes, Variable Rate
	3,150	3.549%, 6/15/13	$	3,094,875
			$	3,094,875
Total Corporate Bonds & Notes (identified cost $23,008,501)			$	22,150,536

Asset-Backed Securities — 0.1%

Principal
Amount
(000’s omitted)		Security	Value
$	1,488	Assemblies of God Financial Real Estate, Series 2004-1A, Class A, 6.90%, 6/15/29(9)(10)	$	1,444,800
	1,000	Carlyle High Yield Partners, Series 2004-6A, Class C, 2.911%, 8/11/16(9)(10)		369,200
Total Asset-Backed Securities (identified cost $2,488,104)			$	1,814,000

Common Stocks — 0.3%

Shares		Security	Value
Automotive — 0.1%
	48,926	Dayco Products	$	758,353
	133,410	Hayes Lemmerz International, Inc.(7)(11)		0
			$	758,353
Building and Development — 0.1%
	4,587	Lafarge Roofing(7)(11)	$	0
	156,924	Sanitec Europe Oy B Units(7)(11)		237,157
	154,721	Sanitec Europe Oy E Units(7)(11)		0
	1,646	United Subcontractors, Inc.(7)(11)		132,696
	7,595	WCI Communities, Inc.(11)		645,595
			$	1,015,448

19

Shares		Security	Value
Chemicals and Plastics — 0.0%
	3,877	Vita Cayman II, Ltd.	$	201,580
	662	Wellman Holdings, Inc.(7)(11)		237,717
			$	439,297
Ecological Services and Equipment — 0.0%
	1,242	Environmental Systems Products Holdings, Inc.(7)(11)(12)	$	17,301
			$	17,301
Food Service — 0.0%
	66,567	Buffets, Inc.(11)	$	511,734
			$	511,734
Investment Services — 0.0%
	20,048	Safelite Realty Corp.(7)(12)	$	0
			$	0
Publishing — 0.1%
	2,290	Source Interlink Companies, Inc.(7)(11)	$	16,488
	6,089	Star Tribune Co. (The)(7)(11)		0
	16,600	SuperMedia, Inc.(11)		602,746
			$	619,234
Total Common Stocks (identified cost $3,978,941)			$	3,361,367

Preferred Stocks — 0.0%

Shares		Security	Value
Automotive — 0.0%
	445	Hayes Lemmerz International, Inc., Series A, Convertible(7)(11)(12)	$	0
			$	0
Chemicals and Plastics — 0.0%
	217	Key Plastics, LLC, Series A(7)(11)(12)	$	0
			$	0
Ecological Services and Equipment — 0.0%
	569	Environmental Systems Products Holdings, Inc., Series A(7)(11)(12)	$	45,520
			$	45,520
Total Preferred Stocks (identified cost $249,639)			$	45,520

Warrants — 0.0%

Shares		Security	Value
Commercial Services — 0.0%
	4,437	Citation A14 Expires 4/6/12(7)(11)	$	0
	6,545	Citation B18 Expires 4/6/12(7)(11)		0
			$	0
Total Warrants (identified cost $0)			$	0

20

Short-Term Investments — 2.8%

Interest
(000’s omitted)		Description	Value
$	20,757	Eaton Vance Cash Reserves Fund, LLC, 0.11%(13)	$	20,756,549
	16,056	State Street Bank and Trust Euro Time Deposit, 0.01%, 2/1/10		16,055,901
Total Short-Term Investments (identified cost $36,812,450)			$	36,812,450
Total Investments — 129.5% (identified cost $1,785,674,549)			$	1,683,730,750
Less Unfunded Loan Commitments — (0.9)%			$	(12,289,701	)
Net Investments — 128.6% (identified cost $1,773,384,848)			$	1,671,441,049
Other Assets, Less Liabilities — (28.6)%			$	(372,078,359	)
Net Assets — 100.0%			$	1,299,362,690

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
DIP	-	Debtor in Possession
EUR	-	Euro
GBP	-	British Pound Sterling
*		In U.S. dollars unless otherwise indicated.
(1)		Senior floating-rate interests (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will have an expected average life of approximately two to four years. The stated interest rate represents the weighted average interest rate of all contracts within the senior loan facility and includes commitment fees on unfunded loan commitments, if any. Senior Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(2)		Represents a payment-in-kind security which may pay all or a portion of interest in additional par.
(3)		Unfunded or partially unfunded loan commitments. The Portfolio may enter into certain credit agreements all or a portion of which may be unfunded. The Portfolio is obligated to fund these commitments at the borrower’s discretion.
(4)		Currently the issuer is in default with respect to interest payments.
(5)		Defaulted matured security.
(6)		This Senior Loan will settle after January 31, 2010, at which time the interest rate will be determined.
(7)		Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(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.
(9)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $10,677,750 or 0.8% of the Portfolio’s net assets.
(10)		Variable rate security. The stated interest rate represents the rate in effect at January 31, 2010.
(11)		Non-income producing security.
(12)		Restricted security.
(13)		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 January 31, 2010. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $774.

21

A summary of financial instruments outstanding at January 31, 2010 is as follows:

Forward Foreign Currency Exchange Contracts

Sales

			Net Unrealized
Settlement Date	Deliver	In Exchange For	Appreciation
2/26/10	British Pound Sterling 28,869,458	United States Dollar 46,585,201	$	445,750
2/26/10	British Pound Sterling 1,830,000	United States Dollar 2,970,859		46,135
2/26/10	Euro 85,914,994	United States Dollar 120,272,400		1,158,702
2/26/10	Euro 1,310,694	United States Dollar 1,883,035		65,871
			$	1,716,458

At January 31, 2010, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

The Portfolio is subject to foreign exchange risk in the normal course of pursuing its investment objectives. Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio may enter into forward foreign currency exchange contracts. The Portfolio may also enter into such contracts to hedge the currency risk of investments it anticipates purchasing.

At January 31, 2010, the aggregate fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in an asset position and whose primary underlying risk exposure is foreign exchange risk was $1,716,458.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,773,859,200
Gross unrealized appreciation	$	23,520,061
Gross unrealized depreciation		(125,938,212	)
Net unrealized depreciation	$	(102,418,151	)

Restricted Securities

At January 31, 2010, the Portfolio owned the following securities (representing less than 0.1% of net assets) which were restricted as to public resale and not registered under the Securities Act of 1933 (excluding Rule 144A securities). The Portfolio has various registration rights (exercisable under a variety of circumstances) with respect to these securities. The value of these securities is determined based on valuations provided by brokers when available, or if not available, they are valued at fair value using methods determined in good faith by or at the direction of the Trustees.

	Date of
Description	Acquisition		Shares		Cost			Value
Common Stocks
Environmental Systems		10/24/00		1,242	$	0	(1)	$	17,301
Products Holdings, Inc.
Safelite Realty Corp.		9/29/00 - 11/10/00		20,048		0	(1)		0
					$	0		$	17,301
Preferred Stocks
Environmental Systems		10/25/07		569	$	9,958		$	45,520
Products Holdings, Inc., Series A
Hayes Lemmerz		6/04/03		445		22,250			0
International, Inc. Series A, Convertible
Key Plastics, LLC, Series A		4/26/01		217		217,431			0
					$	249,639		$	45,520
Total Restricted					$	249,639		$	62,821

(1) Less than $0.50.

22

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Senior Floating-Rate Interests (Less Unfunded Loan Commitments)	$	—	$	1,604,762,314	$	2,494,862	$	1,607,257,176
Corporate Bonds & Notes		—		21,841,056		309,480		22,150,536
Asset-Backed Securities		—		1,814,000		—		1,814,000
Common Stocks		602,746		2,117,262		641,359		3,361,367
Preferred Stocks		—		—		45,520		45,520
Warrants		—		—		0		0
Short-Term Investments		—		36,812,450		—		36,812,450
Total Investments	$	602,746	$	1,667,347,082	$	3,491,221	$	1,671,441,049
Forward Foreign Currency Exchange Contracts	$	—	$	1,716,458	$	—	$	1,716,458
Total	$	602,746	$	1,669,063,540	$	3,491,221	$	1,673,157,507

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in
	Senior			Investments in
	Floating-Rate			Corporate			Investments in		Investments in			Investments in
	Interests			Bonds & Notes			Common Stocks		Preferred Stocks			Warrants		Total
Balance as of October 31, 2009	$	2,494,862		$	309,480		$	616,321	$	45,520		$	0	$	3,466,183
Realized gains (losses)		—			—			—		—			—		—
Change in net unrealized appreciation (depreciation)		(9,323	)		(12,754	)		20,249		(116	)		0		(1,944	)
Net purchases (sales)		—			—			—		—			—		—
Accrued discount (premium)		9,323			12,754			—		—			—		22,077
Net transfers to (from) Level 3		—			—			4,789		116			—		4,905
Balance as of January 31, 2010	$	2,494,862		$	309,480		$	641,359	$	45,520		$	0	$	3,491,221
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2010	$	(9,323	)	$	(12,754	)	$	20,249	$	(116	)	$	0	$	(1,944	)

For information on the Portfolio’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio’s most recent financial statements included in its semiannual or annual report to shareholders.

23

Eaton Vance Build America Bond Fund as of January 31, 2010 (Unaudited)

Eaton Vance Build America Bond Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Build America Bond Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At January 31, 2010, the value of the Fund’s investment in the Portfolio was $3,911,936 and the Fund owned 97.3% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below. The Fund commenced operations on November 17, 2009.

Build America Bond Portfolio           as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Taxable Municipal Securities — 90.5%⁽¹⁾

Principal
Amount
(000’s omitted)		Security	Value
Education — 7.8%
$	100	University of Michigan, 5.513%, 4/1/30	$	103,747
	100	University of Texas, 5.262%, 7/1/39(2)		97,613
	100	University of Virginia, 6.20%, 9/1/39(2)		112,551
			$	313,911
General Obligations — 31.1%
$	100	Chicago, IL, 6.207%, 1/1/36	$	102,512
	100	New York, NY, 5.985%, 12/1/36		101,210
	100	Norfolk, VA, 5.962%, 3/1/31		102,937
	100	Commonwealth of Massachusetts, 5.456%, 12/1/39		100,080
	75	Denver, CO, City & County School District No 1, 5.664%, 12/1/33		77,230
	75	Detroit, MI, City School District, 7.747%, 5/1/39		80,273
	100	Florida State Board of Education, 5.90%, 6/1/39(3)		99,164
	125	Santa Monica, CA, Community College District, 6.763%, 8/1/34(3)		127,284
	75	California, 7.55%, 4/1/39		74,377
	100	Connecticut, 5.632%, 12/1/29		102,549
	75	New Hampshire, 5.50%, 3/1/29		78,535
	100	Texas, 5.517%, 4/1/39		101,686
	100	Washington, 5.481%, 8/1/39		100,452
			$	1,248,289
Lease Revenue/Certificates of Participation — 2.6%
$	100	New Jersey Transportation Trust Fund Authority, 6.561%, 12/15/40	$	104,363
			$	104,363
Other Revenue — 2.6%
$	100	Battery Park City Authority, NY, 6.375%, 11/1/39	$	103,025
			$	103,025
Special Tax Revenue — 12.7%
$	100	Central Puget Sound Regional Transportation Authority Sales & Use Tax Revenue, WA, 5.491%, 11/1/39	$	100,591
	100	Dallas, TX, Area Rapid Transit, 6.249%, 12/1/34		102,397
	100	District of Columbia, 5.591%, 12/1/34		102,726
	100	Massachusetts School Building Authority, 5.715%, 8/15/39		103,866
	100	New York State Urban Development Corp., 5.77%, 3/15/39		101,611
			$	511,191
Transportation — 8.7%
$	100	Maryland State Transportation Authority, 5.888%, 7/1/43	$	104,481
	125	New Jersey State Turnpike Authority, 7.414%, 1/1/40		146,875
	100	Pennsylvania Turnpike Commission, 6.378%, 12/1/37		99,963
			$	351,319
Utilities — 2.5%
$	100	Orlando, FL, Utilities Commission, 5.662%, 10/1/40	$	100,880
			$	100,880
Water and Sewer — 22.5%
$	100	Chicago, IL, Metropolitan Water Reclamation District, 5.72%, 12/1/38	$	104,074
	125	Cincinnati, OH, Water System Revenue, 6.458%, 12/1/34		131,567
	100	Jea, FL, Water and Sewer Revenue, 6.21%, 10/1/33		104,968
	125	Knoxville, TN, Wastewater System Revenue, 6.50%, 4/1/43(3)		127,974
	100	Los Angeles, CA, Department of Water and Power Waterworks Revenue, 6.008%, 7/1/39		102,342
	100	Metropolitan St Louis, MO, Sewer District Wastewater System Revenue, 5.856%, 5/1/39		103,874
	125	New York, NY, Municipal Water Finance Authority, 6.452%, 6/15/41(3)		126,705

1

Principal
Amount
(000’s omitted)		Security	Value
$	100	San Diego County, CA, Water Authority, 6.138%, 5/1/49(3)	$	103,034
			$	904,538
Total Taxable Municipal Securities (identified cost $3,556,541)			$	3,637,516

Short-Term Investments — 23.5%

Principal
Amount
(000’s omitted)		Security	Value
$	137	Cash Management Portfolio, 0.00%(4)	$	137,136
	807	Eaton Vance Cash Reserves Fund, LLC, 0.11%(4)		807,388
Total Short-Term Investments (identified cost $944,524)			$	944,524
Total Investments — 114.0% (identified cost $4,501,065)			$	4,582,040
Other Assets, Less Liabilities — (14.0)%			$	(562,100	)
Net Assets — 100.0%			$	4,019,940

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

At January 31, 2010, the concentration of the Portfolio’s long-term investments in the various states, determined as a percentage of net assets, is as follows:
	New York	10.8%
	California	10.1%
	Others, representing less than 10% individually	69.6%
(1)	Build America Bonds
(2)	Security (or a portion thereof) has been segregated to cover payable for when-issued securities.
(3)	When-issued security.
(4)	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 January 31, 2010. Net income allocated from the investment in Cash Management Portfolio and Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended January 31, 2010 was $0 and $15, respectively.

Build America Bond Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s primary investment objective is current income and its secondary objective is capital appreciation. The Portfolio commenced operations on November 17, 2009.

Debt obligations (including short-term obligations with a remaining maturity of more than sixty days) are generally valued on the basis of valuations furnished by third party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. Short-term obligations, maturing in sixty days or less, are generally valued at amortized cost, which approximates market value. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued at fair value using methods determined in good faith by or at the direction of the Trustees of the Portfolio in a manner that most fairly reflects the security’s value, or the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable entities, quotations or relevant information obtained from broker-dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the entity’s financial condition, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Portfolio may invest in Eaton Vance Cash Reserves Fund, LLC (Cash Reserves Fund) and, prior to its liquidation in February 2010, Cash Management Portfolio (Cash Management), affiliated investment companies managed by Eaton Vance Management (EVM) and

2

Boston Management and Research (BMR), a subsidiary of EVM, respectively. Cash Reserves Fund and Cash Management generally value their investment securities utilizing the amortized cost valuation technique permitted by Rule 2a-7 under the 1940 Act, pursuant to which Cash Reserves Fund and Cash Management must comply with certain conditions. This technique involves initially valuing a portfolio security at its cost and thereafter assuming a constant amortization to maturity of any discount or premium. If amortized cost is determined not to approximate fair value, Cash Reserves Fund and Cash Management may value their investment securities in the same manner as debt obligations described above.

Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

The Portfolio may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. At the time the transaction is negotiated, the price of the security that will be delivered is fixed. The Portfolio maintains security positions for these commitments such that sufficient liquid assets will be available to make payments upon settlement. Securities purchased on a delayed delivery or when-issued basis are marked-to-market daily and begin earning interest on settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

The Portfolio did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	4,501,164
Gross unrealized appreciation	$	82,604
Gross unrealized depreciation		(1,728	)
Net unrealized appreciation	$	80,876

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other		Significant
	Identical Assets		Observable Inputs		Unobservable Inputs
Asset Description	(Level 1)		(Level 2)		(Level 3)		Total
Taxable Municipal Securities	$	—	$	3,637,516	$	—	$	3,637,516
Short-Term Investments		137,136		807,388		—		944,524
Total Investments	$	137,136	$	4,444,904	$	—	$	4,582,040

3

Eaton Vance Structured Emerging Markets Fund as of January 31, 2010

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 97.6%

Security	Shares		Value
Argentina — 0.8%
Banco Macro SA, Class B ADR		39,250	$	1,119,018
BBVA Banco Frances SA ADR		28,788		182,804
Cresud SA ADR		131,722		1,574,078
Grupo Financiero Galicia SA, Class B ADR(1)		88,700		462,127
IRSA Inversiones y Representaciones SA GDR		14,500		134,995
MercadoLibre, Inc.(1)		42,400		1,612,472
Petrobras Energia SA ADR		67,925		1,157,442
Telecom Argentina SA, Class B ADR(1)		119,360		2,010,022
			$	8,252,958
Botswana — 0.6%
Barclays Bank of Botswana		723,650	$	704,017
Botswana Insurance Holdings Ltd.		326,490		479,861
First National Bank of Botswana		4,730,800		1,869,309
Letshego		173,200		405,705
Sechaba Breweries Ltd.		1,113,200		2,061,284
Standard Chartered Bank		531,120		1,248,345
			$	6,768,521
Brazil — 6.1%
AES Tiete SA, PFC Shares		32,900	$	331,269
All America Latina Logistica SA (Units)		103,500		829,098
American Banknote SA		4,700		47,499
Anhanguera Educacional Participacoes SA(1)		20,000		275,862
B2W Companhia Global do Varejo		16,970		342,101
Banco Bradesco SA, PFC Shares		164,065		2,726,873
Banco do Brasil SA		53,300		794,552
Banco Nossa Caixa SA		7,500		256,592
Banco Santander Brasil SA		60,000		716,817
BM&F Bovespa SA		210,351		1,420,567
BR Malls Participacoes SA(1)		22,000		239,257
Bradespar SA, PFC Shares		31,500		648,716
Brasil Telecom SA(1)		14,933		160,579
Brasil Telecom SA, PFC Shares(1)		59,801		415,276
Braskem SA, PFC Shares		11,460		80,615
BRF-Brasil Foods SA		59,120		1,416,057
Centrais Eletricas Brasileiras SA, Class B, PFC Shares		86,400		1,590,493
Cia Brasileira de Distribuicao Grupo Pao de Acucar, PFC Shares		30,354		1,018,510
Cia de Bebidas das Americas, PFC Shares		33,758		3,098,214
Cia de Companhia de Concessoes Rodoviarias (CCR)		33,000		704,117
Cia de Saneamento Basico do Estado de Sao Paulo		28,220		469,335
Cia de Saneamento de Minas Gerais - Copasa MG		17,900		242,149
Cia de Transmissao de Energia Eletrica Paulista, PFC Shares		8,890		223,783
Cia Energetica de Minas Gerais, PFC Shares		55,504		923,104
Cia Energetica de Sao Paulo, PFC Shares		34,000		423,692
Cia Paranaense de Energia-Copel, PFC Shares		10,100		206,501
Cia Siderurgica Nacional SA (CSN)		31,600		922,016
Cielo SA		126,000		1,002,653
Contax Participacoes SA, PFC Shares		7,640		100,516
Cosan SA Industria e Comercio(1)		40,000		451,989
CPFL Energia SA		20,600		396,482
Cyrela Brazil Realty SA		46,000		528,085
Diagnosticos da America SA		3,800		116,560
Duratex SA		39,187		336,572
EDP-Energias do Brasil SA		17,900		335,684
Eletropaulo Metropolitana SA, Class B, PFC Shares		11,280		214,829

1

Security	Shares		Value
Empresa Brasileira de Aeronautica SA		105,700	$	560,182
Estacio Participacoes SA		13,900		165,989
Fertilizantes Fosfatados SA, PFC Shares		25,300		250,853
Fibria Celulose SA(1)		14,957		271,289
Gafisa SA		9,300		120,234
Gerdau SA		5,000		51,724
Gerdau SA, PFC Shares		73,200		984,025
Gol Linhas Aereas Inteligentes SA, PFC Shares		17,000		208,329
GVT Holding SA(1)		22,900		681,533
Hypermarcas SA(1)		28,500		328,241
Investimentos Itau SA, PFC Shares		335,395		1,998,136
Itau Unibanco Holding SA, PFC Shares		212,022		4,063,849
Itausa-Investimentos Itau SA		12,545		81,925
JBS SA		73,400		363,690
LLX Logistica SA(1)		90,000		398,196
Localiza Rent a Car SA		38,100		398,989
Lojas Americanas SA, PFC Shares		58,370		409,674
Lojas Renner SA		17,700		337,849
Lupatech SA(1)		21,200		327,278
M Dias Branco SA		4,300		110,523
Marfrig Frigorificos e Comercio de Alimentos SA		59,655		712,062
Medial Saude SA(1)		12,200		103,554
Metalurgica Gerdau SA, PFC Shares		19,200		319,219
MRV Engenharia e Participacoes SA		56,400		363,533
Natura Cosmeticos SA		15,100		271,880
Net Servicos de Comunicacao SA, PFC Shares		42,836		495,398
OGX Petroleo e Gas Participacoes SA		102,000		909,072
PDG Realty SA Empreendimentos e Participacoes		37,500		298,607
Petroleo Brasileiro SA		56,800		1,151,669
Petroleo Brasileiro SA, PFC Shares		424,800		7,700,486
Randon Participacoes SA, PFC Shares		21,200		172,074
Redecard SA		98,200		1,372,716
Rossi Residencial SA		39,800		276,594
Souza Cruz SA		14,600		468,672
Suzano Papel e Celulose SA		29,300		315,694
Tam SA, PFC Shares		14,800		270,640
Tele Norte Leste Participacoes SA		3,700		78,299
Tele Norte Leste Participacoes SA, PFC Shares		56,900		1,014,239
Telemar Norte Leste SA, PFC Shares		3,500		102,196
Telesp-Telecomunicacoes de Sao Paulo SA, PFC Shares		9,600		211,760
Tim Participacoes SA, PFC Shares		156,500		410,968
Totvs SA		7,098		436,423
Tractebel Energia SA		21,600		231,813
Transmissora Alianca de Energia Electrica SA		5,000		99,735
Ultrapar Participacoes SA, PFC Shares		15,746		692,490
Usinas Siderurgicas de Minas Gerais SA, PFC Shares		30,525		803,204
Vale SA		47,300		1,227,291
Vale SA, PFC Shares		276,740		6,186,644
Vivo Participacoes SA, PFC Shares		23,675		671,817
Weg SA		92,300		883,828
			$	64,372,099
Bulgaria — 0.3%
Bulgarian American Credit Bank JSCO(1)		5,700	$	69,141
CB First Investment Bank AD(1)		235,000		409,112
Central Cooperative Bank AD(1)		227,900		208,088
Chimimport AD(1)		329,922		649,039
Corporate Commercial Bank AD(1)		10,400		452,073
Doverie Holding AD(1)		13,760		33,944
MonBat AD(1)		60,235		271,977
Petrol AD(1)		102,500		354,554

2

Security	Shares		Value
Sopharma AD(1)		354,600	$	1,021,688
Vivacom		44,690		95,022
			$	3,564,638
Chile — 3.2%
Administradora de Fondos de Pensiones Provida SA		44,300	$	135,241
AES Gener SA		1,010,500		476,233
Almendral SA		2,512,600		253,609
Antarchile SA, Series A		38,340		725,834
Banco de Chile		16,080,222		1,494,193
Banco de Chile ADR		2,580		142,545
Banco de Credito e Inversiones		39,113		1,455,263
Banco Santander Chile SA		29,432,310		1,797,050
Banmedica SA		76,180		83,593
Cap SA		32,412		1,041,995
Cencosud SA		501,531		1,774,067
Cia Cervecerias Unidas SA		56,290		437,131
Cia General de Electricidad SA		61,050		385,567
Cia SudAmericana de Vapores SA(1)		485,299		374,090
Colbun SA		3,335,910		891,104
Corpbanca SA		58,054,570		477,419
Embotelladora Andina SA, Class B, PFC Shares		170,541		562,938
Empresa Nacional de Electricidad SA		1,206,963		2,063,444
Empresas CMPC SA		46,360		2,025,651
Empresas Copec SA		193,276		3,097,726
Empresas La Polar SA		120,400		675,398
Enersis SA		4,775,221		2,200,374
ENTEL SA		51,500		742,873
Grupo Security SA		1,212,785		335,535
Invercap SA		19,700		183,224
Inversiones Aguas Metropolitanas SA		306,600		374,402
Lan Airlines SA		67,095		1,124,011
Madeco SA		5,047,652		307,232
Masisa SA		444,800		61,530
Minera Valparaiso SA		12,324		387,756
Parque Arauco SA		452,000		551,093
Quinenco SA		162,900		360,239
Ripley Corp. SA		264,000		220,126
S.A.C.I. Falabella SA		506,600		2,865,997
Salfacorp SA		170,000		291,248
Sigdo Koppers SA		176,300		161,129
SM-Chile SA, Class B		2,424,500		344,639
Sociedad de Inversiones Oro Blanco SA		13,300,000		190,326
Sociedad de Inversiones Pampa Calichera SA, Class A		244,730		397,470
Sociedad Quimica y Minera de Chile SA, Series B		33,340		1,237,289
Sonda SA		381,500		596,890
Vina Concha y Toro SA		255,010		586,314
			$	33,889,788
China — 5.9%
Agile Property Holdings, Ltd.		200,000	$	249,045
Air China, Ltd., Class H(1)		520,000		431,141
Alibaba.com Ltd.		161,000		361,434
Aluminum Corp. of China Ltd., Class H(1)		402,000		399,435
American Oriental Bioengineering, Inc.(1)		21,600		87,048
Angang Steel Co., Ltd., Class H		214,000		368,940
Anhui Conch Cement Co., Ltd., Class H		58,000		318,204
Baidu, Inc. ADR(1)		3,870		1,593,318
Bank of China, Ltd., Class H		4,177,000		2,003,417
Bank of Communications, Ltd., Class H		381,000		382,557
Beijing Capital International Airport Co., Ltd., Class H(1)		310,000		173,563
Beijing Enterprises Holdings, Ltd.		69,000		478,987

3

Security	Shares		Value
BOC Hong Kong Holdings, Ltd.		127,500	$	264,662
BYD Co., Ltd., Class H(1)		74,200		538,207
BYD Electronic Co., Ltd.(1)		415,000		345,706
Chaoda Modern Agriculture Holdings, Ltd.		269,958		264,175
China Agri-Industries Holdings, Ltd.		453,000		618,319
China Bluechemical, Ltd., Class H		468,000		304,219
China CITIC Bank, Class H		239,000		158,813
China Coal Energy Co., Class H		311,000		470,614
China Communications Construction Co., Ltd., Class H		481,000		443,938
China Communications Services Corp., Ltd., Class H		378,000		191,537
China Construction Bank, Class H		2,449,000		1,870,885
China COSCO Holdings Co., Ltd., Class H		220,975		261,101
China Dongxiang Group Co.		634,000		410,410
China Everbright International, Ltd.		171,000		80,675
China Everbright, Ltd.		100,000		234,622
China Green (Holdings), Ltd.		72,000		85,202
China High Speed Transmission Equipment Group Co., Ltd.		124,000		246,115
China International Marine Containers Co., Ltd., Class B		146,472		201,012
China Life Insurance Co., Ltd., Class H		545,000		2,406,940
China Medical Technologies, Inc. ADR		9,700		126,779
China Mengniu Dairy Co., Ltd.(1)		297,000		910,793
China Merchants Bank Co., Ltd., Class H		533,650		1,224,386
China Merchants Holdings International Co., Ltd.		154,000		513,662
China Mobile, Ltd.		700,000		6,580,764
China National Building Material Co., Ltd., Class H		122,000		201,283
China National Materials Co., Ltd., Class H		180,000		108,890
China Oilfield Services, Ltd., Class H		110,000		129,998
China Overseas Land & Investment, Ltd.		230,160		409,937
China Petroleum & Chemical Corp., Class H		1,367,000		1,063,473
China Pharmaceutical Group, Ltd.		524,000		266,695
China Railway Construction Corp., Class H		171,000		214,629
China Railway Group, Ltd., Class H(1)		738,000		528,221
China Resources Enterprise, Ltd.		202,000		665,879
China Resources Gas Group, Ltd.		164,000		237,539
China Resources Land, Ltd.		124,000		223,115
China Resources Power Holdings Co., Ltd.		237,600		456,981
China Shenhua Energy Co., Ltd., Class H		259,500		1,092,856
China Shipping Container Lines Co., Ltd., Class H(1)		568,000		212,867
China Shipping Development Co., Ltd., Class H		218,000		339,708
China Southern Airlines Co., Ltd., Class H(1)		234,000		76,715
China Taiping Insurance Holdings Co., Ltd.(1)		101,000		316,921
China Telecom Corp., Ltd., Class H		2,000,000		821,653
China Travel International Investment Hong Kong, Ltd.		468,000		115,952
China Unicom, Ltd.		690,372		770,196
China Vanke Co., Ltd., Class B		445,120		451,656
China Yurun Food Group, Ltd.		214,000		599,644
China Zhongwang Holdings, Ltd.(1)		464,000		414,101
Chongqing Changan Automobile Co., Ltd., Class B		212,136		170,984
Citic Pacific, Ltd.		205,000		434,083
CNOOC, Ltd.		1,411,000		1,989,142
CNPC Hong Kong, Ltd.		200,000		248,420
Cosco Pacific, Ltd.		198,000		288,064
Country Garden Holdings Co.		626,000		208,303
Ctrip.com International, Ltd. ADR(1)		18,000		563,220
Datang International Power Generation Co., Ltd., Class H		396,000		167,443
Dazhong Transportation Group Co., Ltd., Class B		84,750		68,770
Denway Motors, Ltd.		984,000		560,696
Dongfeng Motor Corp., Class H		664,000		866,130
Fibrechem Technologies, Ltd.(1)(2)		100,200		0
Focus Media Holding, Ltd. ADR(1)		33,500		449,570
FU JI Food & Catering Services(1)(2)		83,000		0

4

Security	Shares		Value
Global Bio-chem Technology Group Co., Ltd.		1,000,000	$	279,196
Golden Eagle Retail Group, Ltd.		168,000		302,587
Guangdong Investment, Ltd.		352,000		179,126
Guangzhou R&F Properties Co., Ltd., Class H		162,400		227,559
Harbin Power Equipment Co., Ltd., Class H		248,000		197,713
Hengdeli Holdings, Ltd.		210,000		69,458
Huaneng Power International, Inc., Class H		512,000		285,031
Industrial & Commercial Bank of China, Ltd., Class H		3,378,000		2,460,212
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		110,000		87,398
Inner Mongolia Yitai Coal Co., Ltd., Class B		49,800		410,888
Jiangsu Expressway Co., Ltd., Class H		360,000		319,957
Jiangxi Copper Co., Ltd., Class H		174,000		347,850
Kingboard Chemical Holdings, Ltd.		48,500		205,641
Konka Group Co., Ltd., Class B		303,800		136,904
Lenovo Group, Ltd.		512,000		350,685
Li Ning Co., Ltd.		192,500		584,880
Maanshan Iron & Steel Co., Ltd., Class H(1)		166,000		99,193
Mindray Medical International, Ltd. ADR		10,300		359,161
NetEase.com, Inc. ADR(1)		14,300		469,040
New Oriental Education & Technology Group Inc. ADR(1)		7,400		503,200
Nine Dragons Paper Holdings, Ltd.		181,000		252,976
Parkson Retail Group, Ltd.		345,000		597,454
PetroChina Co., Ltd., Class H		1,856,000		2,072,827
PICC Property & Casualty Co., Ltd., Class H(1)		360,000		324,651
Ping An Insurance (Group) Co. of China, Ltd., Class H		82,000		636,586
Poly (Hong Kong) Investments, Ltd.		93,000		92,100
Ports Design, Ltd.		39,500		105,768
Shanda Interactive Entertainment, Ltd. ADR(1)		5,800		268,018
Shandong Chenming Paper Holdings, Ltd., Class H		79,800		57,928
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		124,000		453,415
Shanghai Electric Group Co., Ltd., Class H		640,000		277,929
Shanghai Friendship Group, Inc. Co., Class B		48,620		75,873
Shanghai Industrial Holdings, Ltd.		53,000		246,290
Shanghai Jin Jiang International Hotels Group Co., Ltd., Class H		404,000		121,986
Shanghai Zhenhua Heavy Industry Co., Ltd., Class B		224,250		174,588
Shimao Property Holdings, Ltd.		49,000		75,151
SINA Corp.(1)		4,500		162,720
Sino-Ocean Land Holdings, Ltd.		195,000		157,618
Sinopec Shanghai Petrochemical Co., Ltd., Class H(1)		254,000		88,622
Sinotrans Shipping, Ltd.		512,000		238,557
Sinotruk Hong Kong, Ltd.		55,500		64,611
Sohu.com, Inc.(1)		5,300		266,855
Suntech Power Holdings Co., Ltd. ADR(1)		27,000		364,770
Tencent Holdings, Ltd.		96,100		1,780,339
Tingyi (Cayman Islands) Holding Corp.		334,000		724,710
Tsingtao Brewery Co., Ltd., Class H		76,000		376,317
Want Want China Holdings, Ltd.		1,231,000		784,536
Wumart Stores, Inc., Class H		55,000		91,735
Yangzijiang Shipbuilding Holdings, Ltd.		355,000		265,553
Yantai Changyu Pioneer Wine Co., Ltd., Class B		50,200		434,912
Yanzhou Coal Mining Co., Ltd., Class H		260,000		506,905
Zhejiang Expressway Co., Ltd., Class H		210,000		182,452
Zijin Mining Group Co., Ltd., Class H		352,000		285,356
ZTE Corp., Class H		115,752		675,269
			$	62,495,415
Colombia — 0.8%
Almacenes Exito SA		113,146	$	1,054,669
Banco de Bogota		3,600		61,672
Bancolombia SA ADR, PFC Shares		28,700		1,236,970
Cementos Argos SA		66,660		394,311
Cia Colombiana de Inversiones SA		8,137		213,193

5

Security	Shares		Value
Cia de Cemento Argos SA		106,400	$	1,071,130
Corporacion Financiera Colombiana SA		11,604		132,721
Ecopetrol SA		799,340		988,754
Empresa de Telecommunicaciones de Bogota SA		647,380		371,851
Grupo Aval Acciones y Valores SA		965,300		363,319
Grupo de Inversiones Suramericana		43,700		555,745
Grupo Nacional de Chocolates SA		67,045		682,375
Interconexion Electrica SA		131,760		841,798
ISAGEN SA ESP		426,200		478,876
Proenergia Internacional(1)(2)		4,360		0
Promigas SA		4,360		78,865
Textiles Fabricato Tejicondor SA(1)		4,522,600		66,995
			$	8,593,244
Croatia — 0.8%
Adris Grupa DD, PFC Shares		18,430	$	997,867
Atlantska Plovidba DD(1)		5,167		1,000,485
Dalekovod DD(1)		4,050		270,950
Ericsson Nikola Tesla		1,100		305,842
Hrvatske Telekomunikacije DD		66,085		3,739,487
INA Industrija Nafte DD(1)		2,413		855,058
Institut IGH DD		350		185,652
Koncar-Elektroindustrija DD(1)		3,419		333,050
Petrokemija DD(1)		7,400		198,862
Podravka Prehrambena Industrija DD(1)		9,045		590,925
Privredna Banka Zagreb DD(1)		3,177		350,373
			$	8,828,551
Czech Republic — 1.6%
CEZ AS		152,860	$	7,390,337
Komercni Banka AS		19,664		3,941,167
New World Resources NV, Class A		179,500		1,835,363
Philip Morris CR AS		1,013		526,346
Telefonica 02 Czech Republic AS		71,604		1,697,215
Unipetrol AS(1)		156,323		1,164,621
			$	16,555,049
Egypt — 1.6%
Alexandria Mineral Oils Co.		7,520	$	52,949
Arab Cotton Ginning(1)		292,800		281,458
Commercial International Bank		166,202		1,792,937
Delta Sugar Co.		19,428		78,023
Eastern Tobacco		27,804		649,666
Egypt Kuwaiti Holding Co.		391,179		810,331
Egyptian Financial & Industrial Co.		87,400		376,327
Egyptian Financial Group-Hermes Holding SAE		173,671		958,788
Egyptian for Tourism Resorts(1)		840,150		313,194
Egyptian International Pharmaceutical Industrial Co.		23,900		145,951
El Ezz Aldekhela Steel Alexa Co.		2,400		344,739
El Ezz Steel Rebars SAE		214,045		707,121
El Sewedy Cables Holding Co.		35,673		491,717
El Watany Bank of Egypt		12,400		77,940
Maridive & Oil Services SAE		187,000		795,866
Medinet Nasr for Housing		10,375		59,779
Misr Beni Suef Cement Co.		5,940		153,221
MobiNil-Egyptian Co. for Mobil Services		18,800		774,983
National Societe General Bank		38,700		210,234
Olympic Group Financial Investments		119,400		652,789
Orascom Construction Industries (OCI)		57,322		2,686,719
Orascom Telecom Holding SAE		300,290		1,496,386
Oriental Weavers Co.		31,299		198,461
Palm Hills Developments SAE(1)		105,000		167,697

6

Security	Shares		Value
Pioneers Holding		119,000	$	130,226
Sidi Kerir Petrochemicals Co.		227,000		456,155
Six of October Development & Investment Co.(1)		17,871		271,597
South Valley Cement(1)		226,702		287,818
Suez Cement Co.		10,700		82,653
Talaat Moustafa Group(1)		389,300		499,209
Telecom Egypt		281,684		931,730
			$	16,936,664
Estonia — 1.1%
AS Merko Ehitus		105,168	$	1,042,313
AS Nordecon International		349,200		1,185,020
AS Norma		17,006		105,633
AS Olympic Entertainment Group(1)		1,319,390		2,401,887
AS Tallink Group, Ltd.(1)		5,649,652		4,895,899
AS Tallinna Kaubamaja		223,840		1,554,585
AS Tallinna Vesi		58,790		951,387
			$	12,136,724
Ghana — 0.2%
Aluworks Ghana, Ltd.(1)		457,409	$	140,618
CAL Bank, Ltd.		1,298,010		181,381
Cocoa Processing Co., Ltd.		269,722		5,654
Ghana Commercial Bank, Ltd.		1,453,841		741,522
HFC Bank Ghana, Ltd.		1,235,326		535,128
Produce Buying Co., Ltd.		582,428		77,318
Standard Chartered Bank of Ghana, Ltd.		24,700		521,181
			$	2,202,802
Hungary — 1.5%
EGIS Rt.		3,964	$	366,278
Magyar Telekom Rt.		802,020		2,887,002
MOL Hungarian Oil & Gas Rt.(1)		44,000		4,067,058
OTP Bank Rt.(1)		196,200		5,761,251
Richter Gedeon Rt.		15,610		3,285,788
			$	16,367,377
India — 6.1%
ACC, Ltd.		20,570	$	387,905
Adani Exports, Ltd.		31,400		301,247
Aditya Birla Nuvo, Ltd.		3,402		62,675
Areva T&D India, Ltd.		34,500		200,351
Asea Brown Boveri India, Ltd.		5,400		94,633
Asian Paints, Ltd.		8,730		351,537
Axis Bank, Ltd.		28,600		631,044
Bajaj Auto, Ltd.		13,280		504,238
Bajaj Hindusthan, Ltd.		40,000		175,691
Bajaj Holdings & Investment, Ltd.		5,130		62,673
Bank of Baroda		9,660		120,078
Bank of India		64,300		504,365
Bharat Forge, Ltd.		19,650		112,890
Bharat Heavy Electricals, Ltd.		24,640		1,286,125
Bharat Petroleum Corp., Ltd.		22,500		264,528
Bharti Airtel, Ltd.		470,360		3,109,944
Cairn India, Ltd.(1)		79,000		454,338
Canara Bank, Ltd.		12,400		103,676
Cipla, Ltd.		95,010		657,035
Colgate-Palmolive (India), Ltd.		9,000		133,729
Container Corp. of India, Ltd.		14,760		387,692
Crompton Greaves, Ltd.		16,800		155,956
Dabur India, Ltd.		72,200		248,995
Deccan Chronicle Holdings, Ltd.		27,600		89,474
Divi’s Laboratories, Ltd.		7,400		97,847

7

Security	Shares		Value
DLF, Ltd.		31,200	$	224,973
Dr. Reddy’s Laboratories, Ltd.		22,620		545,659
Educomp Solutions, Ltd.		24,565		371,579
Essar Oil, Ltd.(1)		102,130		302,320
Exide Industries, Ltd.		35,200		84,221
Gail India, Ltd.		139,050		1,185,770
GlaxoSmithKline Pharmaceuticals, Ltd.		4,480		146,091
Glenmark Pharmaceuticals, Ltd.		44,960		235,597
GMR Infrastructure(1)		248,000		323,704
Grasim Industries, Ltd.		2,830		158,455
Gujarat Ambuja Cements, Ltd.		44,800		97,976
Gujarat State Petronet, Ltd.		144,200		283,123
GVK Power & Infrastructure, Ltd.(1)		180,000		175,385
HCL Technologies, Ltd.		21,100		158,609
HDFC Bank, Ltd.		32,624		1,137,905
Hero Honda Motors, Ltd.		20,500		693,604
Hindalco Industries, Ltd.		90,810		289,465
Hindustan Unilever, Ltd.		288,600		1,517,529
Hindustan Zinc, Ltd.		6,840		164,335
Housing Development & Infrastructure, Ltd.(1)		29,714		211,653
Housing Development Finance Corp., Ltd.		44,700		2,306,288
ICICI Bank, Ltd.		125,670		2,245,493
Idea Cellular, Ltd.(1)		273,500		346,171
IFCI, Ltd.		68,000		75,692
Indiabulls Financial Services, Ltd.		74,200		173,651
Indiabulls Real Estate, Ltd.(1)		91,700		346,080
Indiabulls Securities, Ltd.		94,300		62,039
Indian Hotels Co., Ltd.		52,680		105,838
Indian Oil Corp., Ltd.		71,000		462,414
Infosys Technologies, Ltd.		82,600		4,456,835
Infosys Technologies, Ltd. ADR		3,800		197,258
Infrastructure Development Finance Co., Ltd.		164,600		542,369
ITC, Ltd.		276,530		1,495,693
IVRCL Infrastructures & Projects, Ltd.		95,800		634,130
Jaiprakash Associates, Ltd.		166,800		493,143
Jindal Steel & Power, Ltd.		77,700		1,055,343
JSW Steel, Ltd.		7,600		160,645
Kotak Mahindra Bank, Ltd.		59,100		995,347
Lanco Infratech, Ltd.(1)		139,000		139,114
Larsen & Toubro, Ltd.		36,360		1,116,921
Larsen & Toubro, Ltd. GDR		1,600		49,343
Lupin, Ltd.		3,900		119,182
Mahindra & Mahindra, Ltd.		53,480		1,185,907
Maruti Suzuki India, Ltd.		25,450		768,217
Motor Industries Co., Ltd.		1,130		113,362
Mphasis, Ltd.(1)		14,800		216,999
Mundra Port & Special Economic Zone, Ltd.		29,400		381,635
Nestle India, Ltd.		9,530		525,768
Nicholas Piramal India, Ltd.		32,000		254,092
NTPC, Ltd.		361,000		1,676,184
Oil & Natural Gas Corp., Ltd.		80,670		1,921,950
Power Grid Corp. of India, Ltd.		298,700		723,465
Punj Lloyd, Ltd.		36,200		147,101
Ranbaxy Laboratories, Ltd.(1)		28,560		282,728
Reliance Capital, Ltd.		36,835		639,786
Reliance Communications, Ltd.		297,960		1,088,699
Reliance Industries, Ltd.		274,438		6,182,590
Reliance Infrastructure, Ltd.		41,400		922,977
Reliance Natural Resources, Ltd.(1)		207,800		287,190
Reliance Power, Ltd.(1)		145,300		458,385
Satyam Computer Services, Ltd.(1)		144,150		308,272
Sesa Goa, Ltd.		37,000		274,680

8

Security	Shares		Value
Shree Renuka Sugars, Ltd.		55,000	$	241,048
Siemens India, Ltd.		29,380		410,740
State Bank of India		12,000		533,323
State Bank of India GDR		9,600		856,931
Steel Authority of India, Ltd.		155,400		720,248
Sterlite Industries (India), Ltd.		49,280		792,711
Sun Pharmaceuticals Industries, Ltd.		22,200		711,721
Sun TV Network, Ltd.		12,400		103,124
Suzlon Energy, Ltd.(1)		78,150		129,505
Tata Communications, Ltd.		31,000		212,063
Tata Consultancy Services, Ltd.		85,500		1,355,570
Tata Motors, Ltd.		21,050		313,741
Tata Power Co., Ltd.		29,990		845,586
Tata Steel, Ltd.		38,896		476,658
Tata Tea, Ltd.		11,800		236,738
Tata Teleservices Maharashtra, Ltd.(1)		365,500		198,500
Titan Industries, Ltd.		3,300		106,239
Torrent Power, Ltd.		44,700		280,343
Unitech, Ltd.		195,100		312,818
United Spirits, Ltd.		18,500		495,843
Voltas, Ltd.		39,000		133,274
Wipro, Ltd.		52,100		734,081
Zee Entertainment Enterprises, Ltd.		73,557		410,171
			$	65,356,571
Indonesia — 3.2%
Adaro Energy PT		6,000,000	$	1,200,999
AKR Corporindo Tbk PT		861,500		107,425
Aneka Tambang Tbk PT		2,434,000		546,997
Astra Argo Lestari Tbk PT		321,000		811,638
Astra International Tbk PT		1,254,200		4,794,691
Bakrie & Brothers Tbk PT(1)		47,245,500		420,308
Bakrie Sumatera Plantations Tbk PT		556,500		34,077
Bank Central Asia Tbk PT		4,759,500		2,525,462
Bank Danamon Indonesia Tbk PT		2,004,803		1,030,197
Bank Mandiri Tbk PT		3,135,500		1,553,623
Bank Pan Indonesia Tbk PT(1)		1,456,500		123,469
Bank Rakyat Indonesia PT		2,407,500		1,951,980
Barito Pacific Tbk PT(1)		665,800		86,813
Berlian Laju Tanker Tbk PT		904,000		66,002
Bumi Resources Tbk PT		11,727,000		3,062,541
Energi Mega Persada Tbk PT(1)		1,550,700		28,517
Gudang Garam Tbk PT		179,000		456,336
Indah Kiat Pulp & Paper Corp. Tbk PT(1)		1,021,000		235,832
Indo Tambangraya Megah Tbk PT		221,500		739,021
Indocement Tunggal Prakarsa Tbk PT		167,000		239,092
Indofood Sukses Makmur Tbk PT		2,314,000		883,963
Indosat Tbk PT		1,134,000		676,548
International Nickel Indonesia Tbk PT		1,665,500		630,152
Kalbe Farma Tbk PT		1,745,500		285,670
Lippo Karawaci Tbk PT(1)		5,149,500		291,143
Medco Energi Internasional Tbk PT		2,095,000		533,005
Perusahaan Gas Negara PT		4,564,000		1,827,869
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT		155,500		139,571
Semen Gresik (Persero) Tbk PT		301,000		255,786
Tambang Batubara Bukit Asam Tbk PT		404,500		737,929
Telekomunikasi Indonesia Tbk PT		4,430,000		4,398,795
Unilever Indonesia Tbk PT		711,800		856,554
United Tractors Tbk PT		1,577,000		2,811,706
			$	34,343,711

9

Security	Shares		Value
Israel — 3.2%
Alony Hetz Properties & Investments, Ltd.		18,100	$	68,794
Alvarion, Ltd.(1)		8,900		35,386
Avner Oil & Gas, Ltd.(1)		850,000		362,944
Bank Hapoalim B.M.(1)		354,331		1,516,736
Bank Leumi Le-Israel(1)		432,508		1,852,090
Bezeq Israeli Telecommunication Corp., Ltd.		546,135		1,395,144
Cellcom Israel, Ltd.		26,200		840,234
Check Point Software Technologies, Ltd.(1)		62,406		1,995,744
Clal Industries, Ltd.		14,400		93,068
Clal Insurance Enterprise Holdings, Ltd.(1)		2,810		65,603
Delek Group, Ltd.		2,130		471,802
Discount Investment Corp.		16,400		387,254
Elbit Systems, Ltd.		9,950		617,322
EZchip Semiconductor, Ltd.(1)		6,700		79,730
Frutarom		8,107		75,392
Gazit Globe (1982), Ltd.		12,000		121,162
Gilat Satellite Networks, Ltd.(1)		11,760		63,622
Harel Insurance Investments & Financial Services, Ltd.(1)		11,680		603,848
Housing & Construction Holdings, Ltd.		118,000		229,946
IDB Holding Corp., Ltd.		2,900		110,630
Israel Chemicals, Ltd.		235,061		3,051,618
Israel Corp., Ltd.(1)		1,275		930,194
Israel Discount Bank, Ltd., Series A(1)		346,200		778,726
Isramco Negev 2, LP(1)		4,054,600		670,799
Koor Industries, Ltd.		8,510		238,617
Makhteshim-Agan Industries, Ltd.		104,897		524,616
Mellanox Technologies, Ltd.(1)		4,200		76,996
Menorah Mivtachim Holdings, Ltd.(1)		6,900		86,343
Migdal Insurance & Financial Holdings, Ltd.(1)		242,000		468,640
Mizrahi Tefahot Bank, Ltd.(1)		61,040		545,490
Ness Technologies, Inc.(1)		17,200		95,288
NICE Systems, Ltd.(1)		18,423		536,969
Oil Refineries, Ltd.(1)		855,300		438,974
Orbotech, Ltd.(1)		20,000		181,200
Ormat Industries, Ltd.		27,300		228,444
Osem Investment, Ltd.		19,544		269,903
Partner Communications Co., Ltd.		41,300		852,955
Paz Oil Co., Ltd.(1)		2,100		297,464
Strauss Group, Ltd.		23,300		330,135
Supersol, Ltd.		26,000		147,854
Teva Pharmaceutical Industries, Ltd. ADR		220,704		12,518,331
			$	34,256,007
Jordan — 0.8%
Arab Bank PLC		246,060	$	3,960,175
Arab Potash Co. PLC		27,900		1,400,767
Capital Bank of Jordan(1)		185,557		406,090
Jordan Petroleum Refinery		28,400		270,471
Jordan Phosphate Mines		15,900		398,380
Jordan Steel		57,402		208,530
Jordan Telecom Corp.		37,600		288,802
Jordanian Electric Power Co.		113,889		670,550
Lafarge Jordan Cement		5,600		59,222
Middle East Complex for Engineering, Electronics & Heavy Industries PLC(1)		69,800		106,437
Taameer Jordan Co.(1)		613,805		493,991
United Arab Investors(1)		335,925		204,712
			$	8,468,127
Kazakhstan — 0.8%
Eurasian Natural Resources Corp.		177,000	$	2,542,017
Kazakhmys PLC(1)		132,100		2,535,740

10

Security	Shares		Value
KazMunaiGas Exploration Production GDR		123,400	$	3,115,920
			$	8,193,677
Kenya — 0.9%
Athi River Mining, Ltd.		78,100	$	112,674
Bamburi Cement Co., Ltd.		172,700		348,760
Barclays Bank of Kenya, Ltd.		716,965		472,309
East African Breweries, Ltd.		1,013,280		2,009,763
Equity Bank, Ltd.		6,955,500		1,438,133
KenolKobil, Ltd.		409,000		328,709
Kenya Airways, Ltd.		345,800		229,138
Kenya Commercial Bank, Ltd.		2,795,300		810,232
Kenya Electricity Generating Co., Ltd.		2,321,100		443,425
Kenya Power & Lighting, Ltd.		83,900		164,705
Mumias Sugar Co., Ltd.		856,800		101,597
Nation Media Group, Ltd.		206,200		350,458
Safaricom, Ltd.		34,362,672		2,354,228
Standard Chartered Bank Kenya, Ltd.		62,800		138,732
			$	9,302,863
Kuwait — 1.6%
Aerated Concrete Industries Co.		189,000	$	266,151
Agility(1)		225,000		462,849
Al Safat Investment Co.(1)		640,000		289,551
Al Safwa Group Co.(1)		2,320,000		434,193
Al-Deera Holding Co.(1)		700,000		250,442
Boubyan Bank KSC(1)		240,000		337,970
Boubyan Petrochemicals Co.		620,000		916,203
Burgan Bank SAK(1)		196,000		214,673
Burgan Co. for Well Drilling, Trading & Maintenance KSCC		75,250		144,777
Combined Group Contracting Co.		55,000		309,805
Commercial Bank of Kuwait SAK		280,000		905,424
Commercial Real Estate Co. KSCC(1)		1,146,600		454,494
Global Investment House KSCC(1)		527,500		161,405
Gulf Bank(1)		540,000		544,506
Gulf Cable & Electrical Industries		92,500		470,201
Kuwait Finance House KSC		392,100		1,465,663
Kuwait Foods Co. (Americana)		125,000		598,859
Kuwait International Bank(1)		154,000		98,905
Kuwait Portland Cement Co.		40,000		137,691
Kuwait Projects Co. Holdings KSC		210,000		346,247
Kuwait Real Estate Co.(1)		920,000		242,396
Mabanee Co. SAKC(1)		138,500		328,440
Mena Holding Group(1)		180,000		181,502
Mobile Telecommunications Co.		965,000		3,019,819
National Bank of Kuwait SAK		487,750		1,783,676
National Industries Group Holding(1)		1,215,000		1,251,374
National Investment Co.(1)		270,000		281,641
National Mobile Telecommunication Co. KSC		40,000		211,405
National Real Estate Co.(1)		210,000		153,338
Sultan Center Food Products Co.(1)		460,000		331,749
			$	16,595,349
Latvia — 0.1%
Grindeks(1)		42,000	$	377,592
Latvian Shipping Co.(1)		735,000		690,546
			$	1,068,138
Lebanon — 0.3%
Solidere		83,555	$	1,821,019
Solidere GDR(3)		42,500		918,000
			$	2,739,019

11

Security	Shares		Value
Lithuania — 0.3%
Apranga PVA(1)		278,536	$	375,334
Invalda PVA(1)		19,100		21,716
Klaipedos Nafta PVA		1,345,900		651,027
Lietuvos Dujos		31,900		29,980
Lietuvos Energija(1)		42,400		40,650
Pieno Zvaigzdes		63,600		76,631
Rokiskio Suris(1)		69,800		84,743
Rytu Skirstomieji Tinklai(1)		88,200		86,323
Sanitas(1)		55,400		272,074
Siauliu Bankas(1)		774,861		332,697
Ukio Bankas Commercial Bank(1)		1,672,935		758,569
			$	2,729,744
Malaysia — 3.1%
Airasia Bhd(1)		915,300	$	364,024
Alliance Financial Group Bhd		385,700		281,304
AMMB Holdings Bhd		459,200		652,168
Astro All Asia Networks PLC		414,000		385,730
Batu Kawan Bhd		90,500		273,410
Berjaya Corp. Bhd		902,600		324,135
Berjaya Media Bhd(1)		22,565		6,781
Berjaya Sports Toto Bhd		297,214		366,411
British American Tobacco Malaysia Bhd		35,500		437,629
Bursa Malaysia Bhd		131,700		295,623
CIMB Group Holdings Bhd		363,800		1,346,182
Dialog Group Bhd		226,338		90,478
Digi.com Bhd		65,600		419,453
Gamuda Bhd		1,076,200		870,561
Genting Bhd		746,600		1,534,406
Genting Plantations Bhd		163,400		287,782
Hong Leong Bank Bhd		178,000		424,216
Hong Leong Financial Group Bhd		145,000		320,779
IGB Corp. Bhd(1)		173,500		91,638
IJM Corp. Bhd		645,490		867,932
IOI Corp. Bhd		987,418		1,484,948
Kencana Petroleum Bhd		425,334		193,625
Kinsteel Bhd		202,200		60,064
KNM Group Bhd		4,983,800		1,064,927
Kuala Lumpur Kepong Bhd		128,500		622,417
Kulim (Malaysia) Bhd		141,000		299,085
Lafarge Malayan Cement Bhd		270,150		497,516
Lion Industries Corp. Bhd		540,300		268,840
Malayan Banking Bhd		727,487		1,443,358
Malaysian Airline System Bhd(1)		165,733		126,671
Malaysian Bulk Carriers Bhd		102,200		92,091
Malaysian Resources Corp. Bhd(1)		949,000		389,500
Maxis Bhd		470,000		741,307
MISC Bhd		317,000		727,710
MMC Corp. Bhd		540,000		365,999
Multi-Purpose Holdings Bhd		121,440		66,078
Parkson Holdings Bhd		207,090		336,187
Petra Perdana Bhd		83,400		34,560
Petronas Dagangan Bhd		259,700		661,881
Petronas Gas Bhd		135,200		386,796
PLUS (Projek Lebuhraya Utara Selatan) Expressways Bhd		411,900		399,550
PPB Group Bhd		117,700		550,181
Public Bank Bhd		306,720		1,077,542
Resorts World Bhd		1,117,800		907,480
RHB Capital Bhd		217,100		334,352
SapuraCrest Petroleum Bhd		604,300		408,243
Shell Refining Co. Bhd		36,900		116,073

12

Security	Shares		Value
Sime Darby Bhd		1,364,839	$	3,398,203
Sino Hua-An International Bhd(1)		401,500		56,567
SP Setia Bhd		228,600		269,789
TA Enterprise Bhd		323,000		65,932
TA Global Bhd(1)		193,800		26,704
TA Global Bhd, PFC Shares(1)		193,800		21,022
Tanjong PLC		72,100		366,531
Telekom Malaysia Bhd		381,100		348,078
Tenaga Nasional Bhd		601,300		1,402,355
Titan Chemicals Corp. Bhd(1)		168,000		62,255
TM International Bhd(1)		1,004,850		958,678
Top Glove Corp. Bhd		97,000		317,658
UEM Land Holdings Bhd(1)		510,500		219,786
UMW Holdings Bhd		78,000		142,709
Wah Seong Corp. Bhd		432,125		293,096
WCT Bhd		351,800		269,964
WTK Holdings Bhd		154,250		49,513
YNH Property Bhd(1)		158,059		75,755
YTL Corp. Bhd		189,006		408,327
YTL Power International Bhd		615,821		395,249
			$	32,445,794
Mauritius — 0.8%
Ireland Blyth, Ltd.		31,600	$	50,363
Mauritius Commercial Bank		555,300		2,610,184
Naiade Resorts, Ltd.		359,100		442,890
New Mauritius Hotels, Ltd.		604,350		2,780,010
Rogers & Co., Ltd.		13,200		133,083
State Bank of Mauritius, Ltd.		500,800		1,344,909
Sun Resorts, Ltd.		246,999		601,031
United Basalt Products, Ltd.		36,000		123,600
United Docks, Ltd.(1)		27,400		83,798
			$	8,169,868
Mexico — 6.1%
Alfa SA de CV, Series A		281,000	$	1,812,106
America Movil SAB de CV, Series L		6,175,720		13,512,929
Axtel SA de CV, Series CPO(1)		367,100		323,037
Banco Compartamos SA de CV		282,800		1,362,110
Bolsa Mexicana de Valores SA de CV(1)		630,000		794,725
Carso Global Telecom SA de CV, Series A1(1)		228,400		1,007,894
Carso Infraestructura y Construccion SA(1)		358,400		224,685
Cemex SAB de CV, Series CPO(1)		5,740,658		5,275,436
Coca-Cola Femsa SA de CV, Series L		30,200		186,580
Consorcio ARA SA de CV(1)		459,200		295,250
Corporacion GEO SA de CV, Series B(1)		194,300		514,717
Corporacion Moctezuma SA de CV		27,500		75,268
Desarrolladora Homex SA de CV(1)		81,500		416,971
Embotelladoras Arca SA		40,000		128,440
Empresas ICA SAB de CV(1)		513,100		1,253,329
Fomento Economico Mexicano SA de CV, Series UBD		763,100		3,216,922
Genomma Lab Internacional SA de CV(1)		80,000		185,321
Grupo Aeroportuario del Pacifico SA de CV, Class B		41,500		130,528
Grupo Aeroportuario del Sureste SAB de CV, Class B		95,500		496,483
Grupo Bimbo SA de CV, Series A		223,300		1,405,015
Grupo Carso SA de CV, Series A1		484,700		1,500,791
Grupo Elektra SA de CV		24,000		1,224,073
Grupo Financiero Banorte SA de CV, Class O		1,404,300		4,607,994
Grupo Financiero Inbursa SA de CV, Class O		1,146,000		3,504,587
Grupo Mexico SAB de CV, Series B		2,318,326		4,705,776
Grupo Modelo SA de CV, Series C(1)		248,000		1,223,884
Grupo Simec SA de CV, Series B(1)		92,000		219,450

13

Security	Shares		Value
Grupo Televisa SA, Series CPO		595,800	$	2,337,194
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		919,900		1,097,128
Industrias CH SA, Series B(1)		100,700		331,047
Industrias Penoles SA de CV		78,800		1,457,619
Kimberly-Clark de Mexico SA de CV		189,500		846,086
Mexichem SA de CV		757,991		1,628,406
Organizacion Soriana SAB de CV, Class B(1)		120,000		278,624
Promotora y Operadora de Infraestructura SA de CV(1)		77,700		163,360
Telefonos de Mexico SA de CV, Series L		1,636,000		1,325,810
Telmex Internacional SAB de CV, Class L		1,385,300		1,222,199
TV Azteca SA de CV, Series CPO		625,000		327,791
Urbi Desarrollos Urbanos SA de CV(1)		178,400		371,939
Wal-Mart de Mexico SAB de CV, Series V		938,100		4,159,053
			$	65,150,557
Morocco — 1.6%
Attijariwafa Bank		52,100	$	1,725,632
Banque Centrale Populaire		25,280		799,474
Banque Marocaine du Commerce Exterieur (BMCE)		79,600		2,544,994
Banque Marocaine pour le Commerce et l’Industrie (BMCI)		2,860		301,168
Centrale Laitiere		85		108,116
Ciments du Maroc		3,330		711,879
Compagnie Generale Immobiliere		2,900		593,634
Cosumar Compagnie Sucriere Marocaine et de Raffinage		1,230		212,061
Credit Immobilier et Hotelier		1,440		61,231
Douja Promotion Groupe Addoha SA		84,000		1,169,902
Holcim Maroc SA		2,260		519,807
Lafarge Ciments		3,010		596,730
Managem(1)		7,755		266,467
Maroc Telecom		167,700		3,045,282
ONA SA		15,000		2,491,443
RISMA(1)		1,900		59,764
Samir(1)		3,480		263,266
Societe des Brasseries du Maroc		1,590		632,193
Societe Nationale d’Investissement		2,375		528,113
SONASID (Societe Nationale de Siderurgie)		2,120		542,816
Wafa Assurance		1,090		277,429
			$	17,451,401
Nigeria — 0.9%
Access Bank PLC		5,970,288	$	327,141
Afribank Nigeria PLC(1)		5,727,146		106,036
African Petroleum PLC		285,989		67,286
Ashaka Cement PLC		221,861		21,717
Bank PHB PLC(1)		2,767,885		40,896
Benue Cement Co. PLC		1,460,000		488,834
Dangote Sugar Refinery PLC		5,767,032		583,716
Diamond Bank PLC		5,100,000		284,286
Ecobank Transnational, Inc.		1,922,518		188,520
Fidelity Bank		12,200,000		202,889
First Bank of Nigeria PLC		9,985,108		970,581
First City Monument Bank PLC(1)		4,500,000		261,734
Guaranty Trust Bank PLC		6,274,612		734,047
Guiness Nigeria PLC		442,075		378,428
Intercontinental Bank PLC(1)		3,062,209		45,853
Lafarge Cement WAPCO Nigeria PLC		1,228,000		276,632
Nestle Foods Nigeria PLC		151,000		252,072
Nigerian Breweries PLC		2,348,611		842,624
Oando PLC		867,700		539,670
Oceanic Bank International PLC(1)		4,301,220		67,255
PZ Cussons Nigeria PLC		1,185,000		205,991

14

Security	Shares		Value
Skye Bank PLC(1)		4,525,000	$	203,569
UAC of Nigeria PLC		900,000		242,695
Union Bank of Nigeria PLC(1)		4,658,654		199,088
United Bank for Africa PLC(1)		10,417,798		859,573
Zenith Bank, Ltd.(1)		8,479,912		860,113
			$	9,251,246
Oman — 0.8%
Bank Dhofar SAOG		373,466	$	801,661
Bank Muscat SAOG		567,695		1,340,254
Bank Sohar(1)		887,000		523,120
Dhofar International Development & Investment Holding Co.		27,600		29,159
Galfar Engineering & Contracting SAOG		368,360		486,377
National Bank of Oman, Ltd.		184,410		156,729
Oman Cables Industry SAOG		93,600		359,907
Oman Cement Co. SAOG		205,500		371,397
Oman Flour Mills Co., Ltd. SAOG		259,600		446,511
Oman International Bank SAOG		342,950		266,412
Oman National Investment Corp. Holdings(1)		247,500		340,160
Oman Telecommunications Co.		567,900		1,879,721
Ominvest		172,199		216,024
Raysut Cement Co. SAOG		130,245		534,957
Renaissance Holdings Co.		301,173		605,266
Shell Oman Marketing Co.		34,398		178,737
			$	8,536,392
Pakistan — 0.8%
Adamjee Insurance Co., Ltd.		201,050	$	280,717
Allied Bank, Ltd.		117,524		85,855
Arif Habib Securities, Ltd.(1)		454,200		248,052
Azgard Nine, Ltd.(1)		491,400		122,980
Bank Alfalah, Ltd.(1)		1,295,638		205,024
D.G. Khan Cement Co., Ltd.(1)		258,360		92,756
Engro Corp., Ltd.		326,200		736,612
Fauji Fertilizer Co., Ltd.		292,352		364,760
Habib Bank, Ltd		160,000		229,019
Hub Power Co., Ltd.		1,346,700		500,153
Indus Motor Co., Ltd.		24,000		56,529
Jahangir Siddiqui & Co., Ltd.		500,000		169,553
Kot Addu Power Co., Ltd.		218,000		118,799
Lucky Cement, Ltd.		326,500		275,757
Muslim Commercial Bank, Ltd.		489,102		1,236,154
National Bank of Pakistan		211,694		203,538
Nishat Mills, Ltd.		937,800		682,328
Oil & Gas Development Co., Ltd.		719,600		985,242
Pakistan Oil Fields, Ltd.		124,000		339,988
Pakistan Petroleum, Ltd.		224,742		511,740
Pakistan State Oil Co., Ltd.		93,700		331,334
Pakistan Telecommunication Co., Ltd.		1,706,100		399,035
SUI Northern Gas Pipelines, Ltd.(1)		211,000		63,148
United Bank, Ltd.		362,587		275,561
			$	8,514,634
Peru — 1.5%
Alicorp SA		384,800	$	368,590
Austral Group SA(1)		658,650		62,170
Cia de Minas Buenaventura SA ADR		113,280		3,566,055
Cia Minera Atacocha SA, Class B, PFC Shares		50,620		32,738
Cia Minera Milpo SA		317,997		781,513
Credicorp, Ltd.		59,570		4,447,886

15

Security	Shares		Value
Edegel SA		1,180,000	$	548,645
Edelnor SA		108,248		100,282
Empresa Agroindustrial Casa Grande SA(1)		69,120		171,562
Energia del Sur SA		39,900		167,383
Ferreyros SA		331,542		301,349
Grana y Montero SA		210,612		226,037
Luz del Sur SAA		90,550		150,046
Minsur SA(1)		162,200		377,078
Sociedad Minera Cerro Verde SA		19,790		455,170
Sociedad Minera el Brocal SA		8,970		131,704
Southern Copper Corp.		111,180		2,960,723
Volcan Cia Minera SA, Class B		1,157,519		1,456,762
			$	16,305,693
Philippines — 1.6%
Aboitiz Equity Ventures, Inc.		3,911,000	$	833,076
Aboitiz Power Corp.		1,765,000		359,851
Alliance Global Group, Inc.(1)		4,540,000		456,333
Ayala Corp.		134,196		832,907
Ayala Land, Inc.		3,951,800		886,079
Banco De Oro		701,020		541,248
Bank of the Philippine Islands		943,100		918,975
Benpres Holdings Corp.(1)		4,600,000		292,576
Filinvest Land, Inc.		3,449,000		65,707
First Gen Corp.(1)		1,956,622		404,975
First Philippine Holdings Corp.		70,100		72,754
Globe Telecom, Inc.		18,040		354,085
Holcim Philippines, Inc.		1,492,000		153,610
International Container Terminal Services, Inc.		388,900		172,723
JG Summit Holding, Inc.		2,411,900		304,123
Jollibee Foods Corp.		573,300		646,217
Manila Electric Co.		300,400		1,041,568
Manila Water Co.		254,600		84,573
Megaworld Corp.		11,976,800		305,220
Megaworld Corp.(4)		619,200		15,780
Metropolitan Bank & Trust Co.		581,600		522,807
Philex Mining Corp.(1)		3,101,125		930,429
Philippine Long Distance Telephone Co.		45,620		2,581,937
PNOC Energy Development Corp.		6,100,000		620,524
Robinsons Land Corp.		411,400		105,389
San Miguel Corp., Class B		649,500		996,241
SM Investments Corp.		155,938		1,059,010
SM Prime Holdings, Inc.		3,202,799		644,343
Universal Robina Corp.		809,600		295,440
Vista Land & Lifescapes, Inc.		3,675,000		144,608
			$	16,643,108
Poland — 3.1%
Agora SA(1)		79,030	$	555,112
AmRest Holdings SE(1)		7,766		202,700
Bank Handlowy w Warszawie SA(1)		14,170		361,523
Bank Millennium SA(1)		176,600		254,286
Bank Pekao SA(1)		58,138		3,357,303
Bank Zachodni WBK SA(1)		10,600		637,957
Bioton SA(1)		7,114,600		482,677
BRE Bank SA(1)		6,003		522,005
Budimex SA		18,100		455,751
Cersanit SA(1)		87,100		413,089
Cyfrowy Polsat SA		111,200		569,314
Dom Development SA		7,570		110,023
Echo Investment SA(1)		150,000		197,197
Eurocash SA		119,300		703,630

16

Security	Shares		Value
Getin Holding SA(1)		233,150	$	722,874
Globe Trade Centre SA(1)		53,590		434,604
Grupa Kety SA(1)		9,600		375,262
Grupa Lotos SA(1)		26,453		250,595
ING Bank Slaski SA w Katowicach(1)		1,685		400,819
KGHM Polska Miedz SA		64,080		2,102,398
KOPEX SA(1)		40,600		343,589
LPP SA(1)		600		360,233
Mondi Swiecie SA(1)		9,600		241,449
Mostostal-Warszawa SA(1)		3,160		68,096
Multimedia Polska SA(1)		89,740		219,553
Netia SA(1)		401,654		628,092
Orbis SA(1)		30,000		370,023
PBG SA(1)		11,720		852,531
Polimex-Mostostal SA		636,500		920,642
Polish Oil & Gas		558,200		720,897
Polnord SA(1)		20,350		228,977
Polska Grupa Energetyczna SA(1)		176,700		1,427,805
Polski Koncern Naftowy Orlen SA(1)		151,000		1,723,800
Powszechna Kasa Oszczednosci Bank Polski SA		336,910		4,466,598
Softbank SA		68,173		1,396,318
Telekomunikacja Polska SA		767,350		4,235,527
TVN SA		260,420		1,230,795
Vistula Group SA(1)		400,000		299,029
Zaklad Przetworstwa Hutniczego Stalprodukt SA		1,900		312,191
			$	33,155,264
Qatar — 1.5%
Aamal Holding(1)		60,200	$	484,477
Barwa Real Estate Co.(1)		40,993		311,349
Commercial Bank of Qatar		34,157		579,346
Doha Bank, Ltd.		33,176		427,266
First Finance Co.		53,357		332,680
Gulf International Services QSC		61,750		535,338
Industries Qatar		100,535		2,830,528
Masraf Al Rayan		297,500		1,003,091
Qatar Electricity & Water Co.		37,000		1,011,641
Qatar Fuel		10,020		427,405
Qatar Gas Transport Co., Ltd. (NAKILAT)(1)		259,230		1,537,868
Qatar Insurance Co.		18,635		272,266
Qatar International Islamic Bank		27,943		336,310
Qatar Islamic Bank		34,387		678,522
Qatar National Bank		53,492		2,156,159
Qatar National Cement Co.		10,500		217,455
Qatar National Navigation		23,896		430,675
Qatar Shipping Co.		43,836		400,387
Qatar Telecom QSC		41,902		1,720,497
Salam International Investment Co., Ltd.		53,000		146,616
United Development Co.		4,780		37,809
Vodafone Qatar(1)		197,870		421,202
			$	16,298,887
Romania — 0.8%
Antibiotice SA		409,100	$	86,679
Banca Transilvania		2,691,296		1,896,902
Biofarm Bucuresti(1)		7,119,988		498,617
BRD-Group Societe Generale		777,000		3,826,642
Impact SA(1)		253,290		64,455
OMV Petrom SA(1)		15,699,400		1,462,233

17

Security	Shares		Value
Rompetrol Rafinare SA(1)		12,930,500	$	267,965
Transelectrica SA		134,000		721,932
			$	8,825,425
Russia — 6.1%
Aeroflot-Russian Airlines		229,000	$	423,303
AvtoVAZ(1)		263,394		124,981
Cherepovets MK Severstal GDR(1)(3)		24,050		294,234
Comstar United Telesystems GDR		151,550		901,506
CTC Media, Inc.(1)		91,467		1,234,805
Evraz Group SA GDR(1)(3)		20,135		660,950
Federal Grid Co. of Unified Energy System JSC(1)		10,725,782		116,932
Gazprom OAO ADR		53,450		1,315,404
IDGC Holding JSC(1)		911,500		118,814
Irkut Electric Grids Co.(1)(2)		338,903		0
Irkutskenergo(1)		327,400		140,982
KamAZ(1)		127,700		295,674
LUKOIL OAO ADR		89,800		4,910,862
Magnitogorsk Iron & Steel Works GDR(1)(3)		32,100		401,036
Mechel ADR		22,400		443,296
Mining & Metallurgical Co.(1)		2,680		405,566
MMC Norilsk Nickel ADR(1)		151,400		2,329,056
Mobile TeleSystems		816,700		6,096,877
Mobile TeleSystems ADR		2,200		105,116
Mosenergo(1)		971,603		119,104
NovaTek OAO GDR(3)		30,416		2,154,554
Novolipetsk Steel GDR(1)		6,536		198,608
Novolipetsk Steel GDR(1)(3)		21,400		658,050
OAO Gazprom		73,400		439,221
OAO Gazprom ADR		485,749		11,778,555
OAO Rosneft Oil Co. GDR		53,820		413,931
OAO Seventh Continent(1)		16,900		142,447
OAO TMK GDR(1)		2,500		47,402
OAO TMK GDR(1)(3)		10,700		205,975
OGK-3(1)		967,658		44,924
OGK-4 OJSC(1)		1,090,428		64,634
Pegas Nonwovens SA		11,200		262,755
PIK Group GDR(1)		44,400		227,940
Polyus Gold ADR		5,600		149,239
RBC Information Systems(1)		54,450		65,851
Rosneft Oil Co. GDR		166,000		1,293,140
Rostelecom ADR		30,400		877,040
RusHydro(1)		31,395,041		1,323,646
Sberbank of Russian Federation		4,109,388		11,688,460
Sistema JSFC(1)		104,800		93,707
Sistema JSFC GDR(1)		41,430		1,035,750
SOLLERS(1)		9,262		128,085
Surgutneftegaz ADR		180,260		1,514,963
Surgutneftegaz, PFC Shares		914,700		422,646
Tatneft GDR		61,566		1,894,207
TGK-2(1)		13,779,634		3,307
TGK-4(1)		16,839,141		6,214
Transneft		470		386,187
Uralsvyazinform		2,952,700		82,115
Vimpel-Communications ADR		150,740		2,734,424
VTB Bank OJSC GDR(3)		429,970		2,129,383
Wimm-Bill-Dann Foods OJSC ADR(1)		10,660		221,515
X5 Retail Group NV GDR(1)		62,194		1,988,438
			$	65,115,811

18

Security	Shares		Value
Slovenia — 0.8%
Gorenje DD(1)		8,720	$	166,587
Istrabenz(1)		3,000		29,200
KRKA DD		29,720		2,703,885
Luka Koper(1)		15,750		507,589
Mercator Poslovni Sistem		3,332		783,337
Nova Kreditna Banka Maribor		52,877		896,896
Petrol		2,005		860,153
Sava DD		2,290		773,431
Telekom Slovenije DD		4,830		881,188
Zavarovalnica Triglav DD		21,200		697,042
			$	8,299,308
South Africa — 6.0%
ABSA Group, Ltd.		78,650	$	1,375,505
Adcock Ingram Holdings, Ltd.		33,300		233,828
AECI, Ltd.		31,830		248,933
African Bank Investments, Ltd.		140,814		543,797
African Rainbow Minerals, Ltd.		19,600		428,380
Allied Electronics Corp., Ltd.		17,182		64,402
Allied Electronics Corp., Ltd., PFC Shares		69,600		239,799
Anglo Platinum, Ltd.(1)		10,280		970,353
AngloGold Ashanti, Ltd.		78,471		2,813,397
Aquarius Platinum, Ltd.(1)		41,700		245,210
Aspen Pharmacare Holdings, Ltd.(1)		91,031		801,992
Aveng, Ltd.		238,790		1,107,220
AVI, Ltd.		119,300		330,771
Barloworld, Ltd.		122,520		722,947
Bidvest Group, Ltd.		162,296		2,782,037
Clicks Group, Ltd.		89,300		310,721
DataTec, Ltd.		140,700		526,100
Discovery Holdings, Ltd.		101,945		414,225
ElementOne, Ltd.		44,850		81,643
FirstRand, Ltd.		771,950		1,869,484
Foschini, Ltd.		68,500		502,643
Gold Fields, Ltd.		160,135		1,838,937
Grindrod, Ltd.		340,300		668,847
Group Five, Ltd.		81,460		340,815
Growthpoint Properties, Ltd.		217,000		387,322
Harmony Gold Mining Co., Ltd.		71,910		664,412
Hyprop Investments, Ltd.		67,500		404,616
Illovo Sugar, Ltd.		27,600		121,045
Impala Platinum Holdings, Ltd.		105,330		2,698,605
Imperial Holdings, Ltd.		62,680		653,922
Investec, Ltd.		72,500		512,549
JD Group, Ltd.		58,290		333,016
JSE, Ltd.		15,200		112,299
Kumba Iron Ore, Ltd.		14,960		632,389
Kumba Resources, Ltd.		38,610		534,055
Lewis Group, Ltd.		32,500		221,884
Liberty Holdings, Ltd.		44,700		390,312
Massmart Holdings, Ltd.		57,700		658,106
Medi-Clinic Corp., Ltd.		52,200		167,633
Metropolitan Holdings, Ltd.		162,100		281,790
Mittal Steel South Africa, Ltd.		29,277		401,233
Mondi, Ltd.		42,900		251,531
Mr. Price Group, Ltd.		72,100		331,820
MTN Group, Ltd.		732,140		10,451,756
Murray & Roberts Holdings, Ltd.		160,250		825,184
Nampak, Ltd.		171,938		353,455
Naspers, Ltd., Class N		100,192		3,531,683
Nedbank Group, Ltd.		46,830		743,847

19

Security	Shares		Value
Netcare, Ltd.(1)		280,550	$	478,409
Northam Platinum, Ltd.		14,400		92,941
Pangbourne Properties, Ltd.		122,800		274,821
Pick’n Pay Holdings, Ltd.		36,500		81,953
Pick’n Pay Stores, Ltd.		45,170		237,457
Pretoria Portland Cement Co., Ltd.		102,827		450,730
Raubex Group, Ltd.		93,000		275,268
Redefine Income Fund, Ltd.		475,000		445,979
Remgro, Ltd.		74,100		871,869
Reunert, Ltd.		111,160		821,007
RMB Holdings, Ltd.		174,300		701,378
Sanlam, Ltd.		344,190		1,027,001
Sappi, Ltd.(1)		75,636		321,526
Sasol, Ltd.		90,950		3,370,040
Shoprite Holdings, Ltd.		80,000		730,195
Spar Group, Ltd.		54,600		508,114
Standard Bank Group, Ltd.		238,121		3,374,340
Steinhoff International Holdings, Ltd.(1)		352,040		891,010
Sun International, Ltd.(1)		11,182		135,612
Telkom South Africa, Ltd.		115,950		501,204
Tiger Brands, Ltd.		40,100		927,911
Tongaat-Hulett		21,000		273,309
Truworths International, Ltd.		92,400		510,620
Vodacom Group (Pty), Ltd.		111,000		792,900
Wilson Bayly Holmes-Ovcon, Ltd.		28,100		360,044
Woolworths Holdings, Ltd.		160,409		383,200
			$	63,965,288
South Korea — 6.0%
Amorepacific Corp.		418	$	291,440
Busan Bank		15,470		151,221
Cheil Industries, Inc.		11,000		527,431
CJ CheilJedang Corp.		596		106,980
CJ O Shopping Co., Ltd.(1)		1,580		86,614
Daegu Bank		7,550		96,198
Daelim Industrial Co., Ltd.		1,670		109,804
Daewoo Engineering & Construction Co., Ltd.		12,241		124,813
Daewoo International Corp.		3,575		107,634
Daewoo Motor Sales Corp.(1)		23,045		141,687
Daewoo Securities Co., Ltd.		9,010		148,894
Daewoo Shipbuilding & Marine Engineering Co., Ltd.(1)		18,880		291,717
Dong-A Pharmaceutical Co., Ltd.		3,386		338,090
Dongbu Insurance Co., Ltd.		9,840		282,883
Dongkuk Steel Mill Co., Ltd.		12,930		254,651
Doosan Corp.		3,160		277,147
Doosan Heavy Industries & Construction Co., Ltd.		2,570		181,714
GLOVIS Co., Ltd.		1,680		138,872
GS Engineering & Construction Corp.		3,290		250,709
GS Holdings Corp.		11,000		326,369
Hana Financial Group, Inc.(1)		34,930		994,519
Hanarotelecom, Inc.(1)		28,346		126,483
Hanjin Heavy Industries & Construction Co., Ltd.(1)		9,813		181,154
Hanjin Shipping Co., Ltd.(1)		16,071		326,469
Hanjin Shipping Holdings Co., Ltd.		3,098		40,616
Hankook Tire Co., Ltd.		21,040		403,452
Hanmi Pharm Co., Ltd.		2,257		224,026
Hanwha Chemical Corp.		18,100		226,172
Hanwha Corp.(1)		9,490		380,328
Hite Brewery Co., Ltd.(1)		1,789		243,569
Honam Petrochemical Corp.(1)		1,770		170,777
Hynix Semiconductor, Inc.(1)		57,940		1,125,640
Hyosung Corp.		4,500		313,161

20

Security	Shares		Value
Hyundai Department Store Co., Ltd.		6,215	$	541,675
Hyundai Development Co.(1)		7,860		242,493
Hyundai Engineering & Construction Co., Ltd.		11,670		644,832
Hyundai Heavy Industries Co., Ltd.		6,105		978,180
Hyundai Marine & Fire Insurance Co., Ltd.		13,800		210,028
Hyundai Merchant Marine Co., Ltd.(1)		20,100		499,360
Hyundai Mipo Dockyard Co., Ltd.		3,775		351,804
Hyundai Mobis		9,400		1,190,913
Hyundai Motor Co.		20,300		1,960,159
Hyundai Securities Co., Ltd.		25,370		297,627
Hyundai Steel Co.		8,400		614,013
Industrial Bank of Korea(1)		35,580		400,686
Kangwon Land, Inc.(1)		23,740		322,895
KB Financial Group, Inc.(1)		41,611		1,793,320
KB Financial Group, Inc. ADR(1)		7,759		331,620
KCC Corp.		1,445		423,096
Kia Motors Corp.(1)		34,490		575,041
Komipharm International Co., Ltd.(1)		1,200		49,140
Korea Electric Power Corp.(1)		61,320		2,021,399
Korea Exchange Bank		42,760		483,569
Korea Express Co., Ltd.(1)		4,349		201,312
Korea Gas Corp.(1)		5,680		252,904
Korea Investment Holdings Co., Ltd.		6,490		170,827
Korea Line Corp.(1)		4,000		140,813
Korea Zinc Co., Ltd.		4,440		646,897
Korean Air Lines Co., Ltd.(1)		11,002		532,256
Korean Reinsurance Co.		37,903		328,931
KT Corp.		29,473		1,259,284
KT Corp. ADR(1)		7,675		162,173
KT&G Corp.		18,195		1,056,716
LG Chem, Ltd.		6,598		1,131,308
LG Corp.		7,220		389,108
LG Display Co., Ltd.		13,010		420,572
LG Electronics, Inc.		11,300		1,054,115
LG Hausys, Ltd.(1)		658		59,982
LG Household & Health Care, Ltd.		1,850		452,249
LG Life Sciences, Ltd.(1)		5,000		226,609
LG Telecom, Ltd.		78,920		609,606
LIG Insurance Co., Ltd.		12,400		218,480
Lotte Shopping Co., Ltd.		3,265		838,373
LS Corp.		3,530		289,510
Macquarie Korea Infrastructure Fund		31,415		129,256
Mirae Asset Securities Co., Ltd.		4,880		243,320
Namhae Chemical Corp.		15,250		240,665
NCsoft Corp.		1,350		150,187
NHN Corp.(1)		4,875		723,310
Nong Shim Co., Ltd.		1,400		274,155
OCI Co., Ltd.(1)		2,370		353,736
POSCO		11,317		5,162,168
S-Oil Corp.		11,085		490,254
S1 Corp.		5,750		230,553
Samsung Card Co., Ltd.		14,060		619,464
Samsung Corp.		10,590		523,550
Samsung Digital Imaging Co., Ltd.(1)		4,494		171,916
Samsung Electro-Mechanics Co., Ltd.		7,100		593,567
Samsung Electronics Co., Ltd.		13,781		9,259,598
Samsung Electronics Co., Ltd., PFC Shares		1,928		848,079
Samsung Engineering Co., Ltd.		4,600		446,930
Samsung Fine Chemicals Co., Ltd.		8,450		345,157
Samsung Fire & Marine Insurance Co., Ltd.		5,885		938,144
Samsung Heavy Industries Co., Ltd.		22,310		457,822
Samsung SDI Co., Ltd.		4,500		524,917

21

Security	Shares		Value
Samsung Securities Co., Ltd.		6,340	$	344,039
Samsung Techwin Co., Ltd.		5,295		344,759
Shinhan Financial Group Co., Ltd.(1)		66,323		2,315,814
Shinsegae Co., Ltd.		1,422		641,675
SK Chemicals Co., Ltd.		5,860		271,228
SK Energy Co., Ltd.		9,599		871,293
SK Holdings Co., Ltd.		3,665		262,363
SK Telecom Co., Ltd.		8,200		1,287,107
SK Telecom Co., Ltd. ADR		9,450		163,768
STX Pan Ocean Co., Ltd.		36,800		374,407
Tong Yang Securities, Inc.		5,665		52,147
Woongjin Coway Co., Ltd.		3,650		112,046
Woori Finance Holdings Co., Ltd.(1)		13,960		160,081
Woori Investment & Securities Co., Ltd.		17,000		221,432
Yuhan Corp.		1,875		274,371
			$	63,788,387
Taiwan — 6.1%
Acer, Inc.		280,626	$	781,557
Advanced Semiconductor Engineering, Inc.		434,677		341,536
Altek Corp.		94,560		167,415
Ambassador Hotel		58,000		65,025
AmTRAN Technology Co., Ltd.		72,630		72,105
Asia Cement Corp.		428,005		403,861
Asia Optical Co., Inc.		146,907		305,616
Asustek Computer, Inc.		434,193		838,029
AU Optronics Corp.		971,837		1,067,352
BES Engineering Corp.		297,000		74,087
Capital Securities Corp.(1)		143,055		73,675
Catcher Technology Co., Ltd.		97,647		218,608
Cathay Financial Holding Co., Ltd.(1)		1,120,765		1,889,862
Chang Hwa Commercial Bank		950,000		427,756
Cheng Shin Rubber Industry Co., Ltd.		293,491		560,459
Chi Mei Optoelectronics Corp.(1)		840,427		653,521
Chicony Electronics Co., Ltd.		140,419		345,369
China Airlines, Ltd.(1)		774,411		258,639
China Development Financial Holding Corp.(1)		1,982,376		548,340
China Life Insurance Co., Ltd.(1)		107,399		72,661
China Motor Corp.(1)		186,315		107,357
China Petrochemical Development Corp.(1)		820,800		305,481
China Steel Corp.		1,822,121		1,846,559
Chinatrust Financial Holding Co., Ltd.		1,345,421		732,416
Chinese Maritime Transport, Ltd.		26,000		67,382
Chong Hong Construction Co., Ltd.		34,270		66,295
Chunghwa Picture Tubes, Ltd.(1)		1,620,000		197,360
Chunghwa Telecom Co., Ltd.		907,433		1,786,972
Chunghwa Telecom Co., Ltd. ADR		25,770		489,115
Clevo Co.(1)		47,426		85,834
Compal Electronics, Inc.		474,066		657,223
Coretronic Corp.		62,505		88,341
Delta Electronics, Inc.		246,105		741,082
Dynapack International Technology Corp.		25,374		79,828
E.Sun Financial Holding Co., Ltd.(1)		807,478		301,480
Elan Microelectronics Corp.		165,300		261,374
Epistar Corp.		103,472		326,001
EVA Airways Corp.(1)		742,744		292,621
Evergreen International Storage & Transport Corp.(1)		319,000		251,224
Evergreen Marine Corp.(1)		582,050		335,938
Everlight Electronics Co., Ltd.		104,291		319,007
Far Eastern Department Stores, Ltd.		597,915		568,817
Far Eastern New Century Corp.		386,556		422,472

22

Security	Shares		Value
Far EasTone Telecommunications Co., Ltd.		401,074	$	485,648
Faraday Technology Corp.		29,434		57,490
Farglory Land Development Co., Ltd.		20,252		42,781
Federal Corp.(1)		77,625		59,164
Feng Hsin Iron & Steel Co., Ltd.		183,260		298,361
First Financial Holding Co., Ltd.		862,645		481,322
First Steamship Co., Ltd.		171,771		253,376
Formosa Chemicals & Fibre Corp.		733,980		1,584,801
Formosa International Hotels Corp.		8,470		95,470
Formosa Petrochemical Corp.		375,320		944,055
Formosa Plastics Corp.		936,670		1,942,320
Formosa Taffeta Co., Ltd.		169,000		123,233
Formosan Rubber Group, Inc.		108,000		90,191
Foxconn International Holdings, Ltd.(1)		255,000		266,114
Foxconn Technology Co., Ltd.		81,259		318,891
Fubon Financial Holding Co., Ltd.(1)		1,124,000		1,307,549
Giant Manufacturing Co., Ltd.		144,120		386,877
Goldsun Development & Construction Co., Ltd.		863,841		361,489
Great Wall Enterprise Co., Ltd.		91,448		93,216
Greatek Electronics, Inc.		52,915		49,674
HannStar Display Corp.(1)		938,299		211,570
Highwealth Construction Corp.		63,705		97,291
Hon Hai Precision Industry Co., Ltd.		771,959		3,216,749
Hotai Motor Co., Ltd.		61,000		133,098
HTC Corp.		99,364		971,136
Hua Nan Financial Holdings Co., Ltd.		772,912		446,817
Innolux Display Corp.		271,920		445,356
Inotera Memories, Inc.(1)		379,000		269,608
Inventec Appliances Corp.		82,120		77,700
Inventec Co., Ltd.		585,200		333,991
KGI Securities Co., Ltd.		629,000		294,485
Largan Precision Co., Ltd.		13,795		179,193
Lien Hwa Industrial Corp.		113,019		53,045
Lite-On Technology Corp.		346,596		439,418
Macronix International Co., Ltd.		667,860		371,440
Masterlink Securities Corp.(1)		110,000		44,184
MediaTek, Inc.		117,196		1,890,819
Mega Financial Holding Co., Ltd.		1,311,000		705,367
Merida Industry Co., Ltd.		37,950		57,162
Motech Industries, Inc.		74,431		292,492
Nan Kang Rubber Tire Co., Ltd.(1)		356,900		497,334
Nan Ya Plastics Corp.		1,031,608		1,928,339
Novatek Microelectronics Corp., Ltd.		108,942		319,335
Oriental Union Chemical Corp.		331,300		250,383
Pan-International Industrial Co., Ltd.		148,484		241,863
Phison Electronics Corp.		14,305		97,464
Polaris Securities Co., Ltd.(1)		470,300		237,660
Pou Chen Corp.		630,705		473,193
Powerchip Semiconductor Corp.(1)		977,805		121,748
Powertech Technology, Inc.		118,969		378,243
President Chain Store Corp.		197,664		454,055
Qisda Corp.(1)		330,000		170,575
Quanta Computer, Inc.		315,508		628,057
Radiant Opto-Electronics Corp.		73,202		100,867
Realtek Semiconductor Corp.		115,670		315,203
RichTek Technology Corp.		34,741		342,677
Ritek Corp.(1)		272,159		68,917
Ruentex Development Co., Ltd.		71,000		89,172
Ruentex Industries, Ltd.(1)		276,000		465,975
Sanyang Industrial Co., Ltd.(1)		742,327		280,109
Shih Wei Navigation Co., Ltd.		39,923		51,774

23

Security	Shares		Value
Shin Kong Financial Holding Co., Ltd.(1)		952,929	$	363,031
Shin Zu Shing Co., Ltd.		20,450		82,712
Shinkong Synthetic Fibers Corp.(1)		197,000		63,542
Siliconware Precision Industries Co.		355,243		465,427
Simplo Technology Co., Ltd.		58,520		333,308
Sincere Navigation		65,800		81,041
Sino-American Silicon Products, Inc.		98,196		227,808
SinoPac Financial Holdings Co., Ltd.(1)		1,418,000		464,621
Solar Applied Materials Technology Corp.		108,794		252,285
Star Comgisitic Capital Co., Ltd.(1)(2)		34,320		27,328
Synnex Technology International Corp.		190,877		390,390
TA Chen Stainless Pipe Co., Ltd.(1)		53,000		38,913
Tainan Spinning Co., Ltd.(1)		220,000		81,870
Taishin Financial Holdings Co., Ltd.(1)		982,664		423,875
Taiwan Business Bank(1)		1,026,000		264,663
Taiwan Cement Corp.		535,994		497,433
Taiwan Cooperative Bank		539,330		314,743
Taiwan Fertilizer Co., Ltd.		145,000		472,002
Taiwan Kolin Co., Ltd.(1)(2)		177,000		0
Taiwan Mobile Co., Ltd.		467,427		903,082
Taiwan Semiconductor Manufacturing Co., Ltd.		2,777,465		5,272,427
Taiwan Tea Corp.(1)		361,095		204,284
Tatung Co., Ltd.(1)		1,526,000		331,651
Teco Electric & Machinery Co., Ltd.		482,000		194,244
Transcend Information, Inc.		89,826		291,335
Tripod Technology Corp.		43,401		148,252
Tsann Kuen Enterprise Co., Ltd.		22,880		37,075
TSRC Corp.		79,000		93,899
Tung Ho Steel Enterprise Corp.		243,060		270,478
U-Ming Marine Transport Corp.		186,000		353,939
Uni-President Enterprises Corp.		820,843		875,182
Unimicron Technology Corp.		202,000		244,369
United Microelectronics Corp.(1)		1,574,090		778,033
Walsin Lihwa Corp.(1)		958,000		325,417
Wan Hai Lines, Ltd.(1)		215,250		107,566
Waterland Financial Holdings(1)		884,377		279,509
Wei Chuan Food Corp.(1)		165,000		175,950
Wistron Corp.		279,578		527,820
WPG Holdings Co., Ltd.		188,615		291,203
Yageo Corp.		230,000		79,734
Yang Ming Marine Transport		637,050		228,372
Yieh Phui Enterprise		968,880		369,706
Yuanta Financial Holding Co., Ltd.		1,220,225		774,056
Yuen Foong Yu Paper Manufacturing Co., Ltd.(1)		266,464		102,755
Yulon Motor Co., Ltd.		334,809		335,999
Zinwell Corp.		44,871		90,459
			$	65,313,326
Thailand — 3.1%
Advanced Info Service PCL(5)		1,040,600	$	2,978,069
Airports of Thailand PCL(5)		491,000		576,864
Asian Property Development PCL(5)		2,397,500		353,901
Bangkok Bank PCL		252,500		854,729
Bangkok Bank PCL(5)		101,800		343,034
Bangkok Dusit Medical Services PCL(5)		284,400		204,765
Bangkok Expressway PCL(5)		127,000		76,900
Bank of Ayudhya PCL(5)		1,442,400		846,229
Banpu PCL(5)		62,400		997,591
BEC World PCL(5)		1,567,600		1,133,375
Big C Supercenter PCL(5)		42,900		52,987
Bumrungrad Hospital PCL(5)		415,500		356,733
Cal-Comp Electronics (Thailand) PCL(5)		613,900		56,221

24

Security	Shares		Value
Central Pattana PCL(5)		249,600	$	141,361
CH. Karnchang PCL(5)		892,200		141,107
Charoen Pokphand Foods PCL(5)		4,153,900		1,439,068
CP ALL PCL(5)		2,981,100		2,065,531
Delta Electronics (Thailand) PCL(5)		1,087,100		573,106
Electricity Generating PCL(5)		207,400		498,272
G J Steel PCL(1)(5)		8,819,100		47,822
Glow Energy PCL		470,700		439,575
Hana Microelectronics PCL(5)		530,700		335,734
IRPC PCL(5)		5,180,100		680,381
Italian-Thai Development PCL(1)(5)		1,858,000		153,364
Kasikornbank PCL(5)		526,000		1,388,079
Khon Kaen Sugar Industry PCL		897,000		389,119
Kim Eng Securities Thailand PCL(5)		134,000		41,175
Krung Thai Bank PCL(5)		692,000		208,986
Land & Houses PCL		1,242,800		202,150
Land & Houses PCL(5)		1,350,700		229,597
Loxley PCL(1)(5)		1,072,600		65,917
LPN Development PCL(5)		400,000		79,530
Major Cineplex Group PCL(5)		182,300		47,779
Minor International PCL(5)		2,325,270		756,527
Precious Shipping PCL(5)		258,800		146,571
PTT Aromatics & Refining PCL(5)		587,652		423,102
PTT Chemical PCL(5)		159,800		407,985
PTT Exploration & Production PCL(5)		584,300		2,323,470
PTT PCL(5)		429,260		2,844,922
Quality House PCL(5)		2,038,700		135,729
Ratchaburi Electricity Generating Holding PCL(5)		278,700		289,657
Samart Corp. PCL		366,600		61,293
Siam Cement PCL		113,600		756,486
Siam Cement PCL(5)		36,800		240,086
Siam City Bank PCL(5)		159,500		147,752
Siam City Cement PCL(5)		47,690		320,376
Siam Commercial Bank PCL(5)		767,800		1,844,617
Siam Makro PCL(5)		35,000		91,731
Sino Thai Engineering & Construction PCL(1)(5)		2,479,500		395,883
Thai Airways International PCL(1)(5)		256,300		136,662
Thai Beverage PCL		4,106,000		758,657
Thai Oil PCL(5)		451,500		554,259
Thai Tap Water Supply Co., Ltd		1,710,000		223,570
Thai Union Frozen Products PCL(5)		400,100		397,750
Thanachart Capital PCL(5)		263,400		153,938
Thoresen Thai Agencies PCL(5)		424,160		338,612
TMB Bank PCL(1)(5)		8,975,900		343,407
Total Access Communication PCL		474,800		510,017
TPI Polene PCL(1)		432,000		108,667
True Corp. PCL(1)(5)		4,165,100		368,893
			$	33,079,670
Turkey — 3.1%
Adana Cimento Sanayii TAS		20,019	$	70,833
Akbank TAS		419,750		2,451,930
Akcansa Cimento AS		16,400		80,169
Akenerji Elektrik Uretim AS		18,300		222,084
Aksa Akrilik Kimya Sanayii AS(1)		60,209		101,030
Aksigorta AS		40,300		49,752
Anadolu Efes Biracilik ve Malt Sanayii AS		157,739		1,629,420
Arcelik AS(1)		205,854		813,863
Asya Katilim Bankasi AS(1)		300,000		778,982
Aygaz AS		27,013		117,772
BIM Birlesik Magazalar AS		26,630		1,208,112
Cimsa Cimento Sanayi ve Ticaret AS		18,200		96,115

25

Security	Shares		Value
Dogan Sirketler Grubu Holding AS		1,219,509	$	889,298
Dogan Yayin Holding AS(1)		92,474		93,726
Eczacibasi Ilac Sanayi ve Ticaret AS		127,500		240,595
Enka Insaat ve Sanayi AS		268,348		1,249,103
Eregli Demir ve Celik Fabrikalari TAS(1)		571,481		1,800,386
Ford Otomotiv Sanayi AS		24,800		173,977
Haci Omer Sabanci Holding AS		190,618		818,805
Hurriyet Gazetecilik ve Matbaacilik AS(1)		128,238		161,931
Ihlas Holding AS(1)		299,200		126,822
Is Gayrimenkul Yatirim Ortakligi AS		136,465		148,492
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D(1)		570,360		245,126
KOC Holding AS(1)		711,634		2,409,363
Koza Davetiyeleri(1)		33,000		113,656
Petkim Petrokimya Holding AS(1)		119,300		712,834
Petrol Ofisi AS(1)		32,978		152,774
Sekerbank TAS(1)		130,000		222,717
TAV Havalimanlari Holding AS(1)		85,000		348,282
Tekfen Holding AS(1)		79,717		296,787
Tofas Turk Otomobil Fabrikasi AS		34,700		130,560
Trakya Cam Sanayii AS(1)		144,992		195,405
Tupras-Turkiye Petrol Rafinerileri AS		100,170		2,062,428
Turcas Petrolculuk AS		30,939		109,580
Turk Hava Yollari Anonim Ortakligi (THY) AS		240,500		876,896
Turk Sise ve Cam Fabrikalari AS(1)		520,300		672,383
Turk Telekomunikasyon AS		241,000		833,145
Turkcell Iletisim Hizmetleri AS		383,400		2,814,155
Turkiye Garanti Bankasi AS		843,000		3,535,613
Turkiye Halk Bankasi AS		115,500		784,561
Turkiye Is Bankasi		407,756		1,791,199
Turkiye Vakiflar Bankasi TAO(1)		226,200		599,625
Ulker Gida Sanayi ve Ticaret AS		25,959		67,022
Yapi ve Kredi Bankasi AS(1)		340,385		819,718
Yazicilar Holding AS		21,200		127,871
Zorlu Enerji Elektrik Uretim AS(1)		91,054		197,131
			$	33,442,028
United Arab Emirates — 1.5%
Aabar Petroleum Investments Co. (PJSC)(1)		1,802,400	$	1,078,606
Abu Dhabi Commercial Bank (PJSC)		1,052,000		427,398
Abu Dhabi National Hotels		326,200		346,706
Air Arabia		2,902,400		713,580
Ajman Bank (PJSC)(1)		634,400		144,422
Aldar Properties (PJSC)		1,012,000		1,076,491
Amlak Finance (PJSC)(1)		227,500		51,904
Arabtec Holding Co.(1)		960,300		579,172
Aramex (PJSC)(1)		893,182		389,676
Dana Gas(1)		6,986,900		1,708,627
DP World, Ltd.		4,989,028		2,440,777
Dubai Financial Market		1,533,000		640,934
Dubai Investments (PJSC)		583,777		143,857
Dubai Islamic Bank (PJSC)		578,474		318,269
Emaar Properties (PJSC)(1)		2,685,300		2,195,320
Emirates NBD (PJSC)		381,700		254,784
First Gulf Bank (PJSC)		192,700		809,122
Gulf Navigation Holding		1,850,000		279,011
Islamic Arabic Insurance Co.(1)		860,000		177,655
National Bank of Abu Dhabi (PJSC)		309,450		944,558
National Central Cooling Co. (Tabreed)(1)		743,356		135,674
Ras Al Khaimah Cement Co.		327,000		94,148
Ras Al Khaimah Co.(1)		490,450		126,852
Ras Al Khaimah Properties (PJSC)		1,144,000		156,250
Sorouh Real Estate Co.		388,500		241,015

26

Security	Shares		Value
Union National Bank		568,400	$	450,885
Union Properties (PJSC)(1)		290,158		39,987
Waha Capital (PJSC)		1,106,900		265,280
			$	16,230,960
Vietnam — 0.5%
FPT Corp.		58,800	$	242,811
Gemadept Corp.		60,000		239,365
Kinh Bac City Development Share Holding Corp.(1)		135,000		424,272
PetroVietnam Drilling and Well Services JSC(1)		125,333		389,132
PetroVietnam Fertilizer and Chemical JSC		135,900		227,664
Pha Lai Thermal Power JSC(1)		136,990		137,522
Saigon Securities, Inc.		274,300		1,214,447
Song Da Urban & Industrial Zone Investment and Development JSC		153,250		620,273
Tan Tao Investment Industry Co.(1)		138,000		245,629
Vietnam Construction and Import-Export JSC		190,900		524,078
Vietnam Dairy Products JSC		211,000		878,545
Vincom JSC		71,795		363,220
Vinh Son - Song Hinh Hydropower JSC		195,000		159,976
			$	5,666,934
Total Common Stocks (identified cost $941,895,557)			$	1,039,667,017

Convertible Bonds — 0.0%

	Principal
Security	Amount		Value
Oman — 0.0%
Bank Muscat SAOG, 7.00%, 3/20/14		OMR 10,672	$	25,370
Total Convertible Bonds (identified cost $0)			$	25,370

Equity-Linked Securities⁽⁶⁾ — 0.8%

	Maturity
Security	Date		Shares		Value
Saudi Arabia — 0.8%
Al Abdullatif Industrial Investment Co. (HSBC Bank plc)(1)(7)		7/6/12		24,300	$	265,996
Al Rajhi Bank (HSBC Bank plc)(7)		4/30/12		46,993		928,871
Alinma Bank (HSBC Bank plc)(1)(7)		6/4/12		53,800		182,557
Almarai Co., Ltd. (HSBC Bank plc)(7)		3/27/12		10,400		468,334
Arab National Bank (HSBC Bank plc)(7)		6/4/12		15,700		181,906
Bank Albilad (HSBC Bank plc)(1)(7)		9/21/12		38,000		184,674
Banque Saudi Fransi (HSBC Bank plc)(7)		4/30/12		16,484		181,758
Dar Al Arkan Real Estate Development (HSBC Bank plc)(1)(7)		8/13/12		58,000		214,594
Etihad Etisalat Co. (HSBC Bank plc)(7)		4/2/12		45,162		542,531
Jarir Marketing Co. (HSBC Bank plc)(7)		6/4/12		6,500		231,611
Mobile Telecommunications Co. (HSBC Bank plc)(1)(7)		6/4/12		72,000		191,516
National Industrialization Co. (HSBC Bank plc)(7)		5/14/12		37,300		269,050
Rabigh Refining and Petrochemicals Co. (HSBC Bank plc)(1)(7)		4/2/12		21,500		188,909
Riyad Bank (HSBC Bank plc)(7)		6/11/12		32,800		249,711
Sahara Petrochemical Co. (HSBC Bank plc)(1)(7)		11/26/12		46,000		249,313
Samba Financial Group (HSBC Bank plc)(7)		4/30/12		28,908		413,374
Saudi Arabian Amiantit Co. (HSBC Bank plc)(7)		6/25/12		53,100		301,600
Saudi Arabian Fertilizer Co. (HSBC Bank plc)(7)		6/4/12		6,650		225,872
Saudi Basic Industries Corp. (HSBC Bank plc)(7)		3/26/12		33,596		778,287
Saudi British Bank (HSBC Bank plc)(7)		10/2/12		16,800		216,155
Saudi Cable Co. (HSBC Bank plc)(7)		9/21/12		30,000		173,795
Saudi Electricity Co. (HSBC Bank plc)(7)		6/25/12		80,000		253,324

27

	Maturity
Security	Date		Shares		Value
Saudi Industrial Investment Group, (HSBC Bank plc)(1)(7)		6/11/12		40,000	$	222,662
Saudi International Petrochemicals Co. (HSBC Bank plc)(7)		9/21/12		37,000		226,187
Saudi Kayan Petrochemical Co. (HSBC Bank plc)(1)(7)		6/4/12		49,000		240,747
Saudi Telecom Co. (HSBC Bank plc)(7)		5/21/12		44,200		515,653
Savola (HSBC Bank plc)(7)		4/20/12		61,000		534,345
Total Equity-Linked Securities (identified cost $8,132,870)					$	8,633,332

Investment Funds — 0.2%

Security	Shares		Value
Vietnam Enterprise Investments, Ltd.(1)		1,359,727	$	2,175,563
Total Investment Funds (identified cost $5,689,254)			$	2,175,563

Rights⁽¹⁾ — 0.0%

Security	Shares		Value
AKR Corp., Exp. 2/10/10		172,300	$	5,897
Boubyan Bank, Exp. 2/7/10		120,000		62,587
Energi Mega Persada Tbk PT, Exp. 2/8/10		2,819,454		0
Hebei Coalchem Holdings, Ltd.(2)		2,852		0
Malaysian Resources Corp. Bhd, Exp. 2/19/10		474,500		40,342
MISC Bhd, Exp. 2/9/10		63,400		11,245
Oando PLC, Exp. 2/19/10		289,233		0
Total Rights (identified cost $0)			$	120,071

Warrants⁽¹⁾ — 0.0%

Security	Shares		Value
Bangkok Land PCL, Exp. 5/2/13, strike 1.10 THB		310,077	$	1,027
Megaworld Corp., Exp. 12/14/14, strike 1.00 PHP		495,360		5,753
Total Warrants (identified cost $0)			$	6,780

28

Short-Term Investments — 1.6%

	Principal
Description	Amount		Value
State Street Bank & Trust Repurchase Agreement, dated 1/29/10, with a maturity date of 2/1/10, an interest rate of 0.01% and repurchase proceeds of $16,809,014; collateralized by $16,809,000 Federal Home Loan Bank, 5% due 6/3/10 and a market value of $17,149,854	$	16,809,000	$	16,809,000
Total Short-Term Investments (identified cost $16,809,000)			$	16,809,000
Total Investments — 100.2% (identified cost $972,526,681)			$	1,067,437,133
Other Assets, Less Liabilities — (0.2)%			$	(2,007,960	)
Net Assets — 100.0%			$	1,065,429,173

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
ADR	-	American Depositary Receipt
GDR	-	Global Depositary Receipt
PCL	-	Public Company Ltd.
PFC Shares	-	Preference Shares
OMR	-	Omani Rial
PHP	-	Philippine Peso
THB	-	Thailand Baht
(1)		Non-income producing security.
(2)		Security valued at fair value using methods determined in good faith by or at the direction of the Trustees.
(3)		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.
(4)		Security acquired in a delayed delivery transaction.
(5)		Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.
(6)		Security whose performance, including redemption at maturity, is linked to the price of the underlying equity security. The investment is subject to credit risk of the issuing financial institution in addition to the market risk of the underlying security.
(7)		Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions and remain exempt from registration, normally to qualified institutional buyers. At January 31, 2010, the aggregate value of these securities is $8,633,332 or 0.8% of the Fund’s net assets.

29

Currency Concentration of Portfolio

	Percentage
Currency	of Net Assets			Value
United States Dollar		13.9	%	$	148,000,760
Mexican Peso		6.1			65,150,557
New Taiwan Dollar		6.1			64,558,097
Brazilian Real		6.1			64,372,099
Indian Rupee		6.0			64,253,039
South African Rand		6.0			63,720,078
South Korean Won		5.9			63,029,438
Hong Kong Dollar		5.3			56,464,760
Indonesian Rupiah		3.2			34,349,608
Chilean Peso		3.2			33,747,243
New Turkish Lira		3.1			33,442,028
Polish Zloty		3.1			33,155,264
Malaysian Ringgit		3.1			32,497,381
Thailand Baht		3.0			31,812,023
Euro		1.9			20,436,031
Israeli Shekel		1.7			18,481,858
Moroccan Dirham		1.6			17,451,401
Czech Koruna		1.6			16,817,804
Kuwaiti Dinar		1.6			16,657,936
Philippine Peso		1.6			16,648,861
Hungarian Forint		1.5			16,367,377
Qatari Riyal		1.5			16,298,887
Egyptian Pound		1.4			15,330,467
United Arab Emirates Dirham		1.3			13,790,183
Other currency, less than 1% each		10.4			110,603,953
Total Investments		100.2	%	$	1,067,437,133

Industry Classification of Portfolio

	Percentage
Sector	of Net Assets			Value
Financials		24.0	%	$	255,556,799
Telecommunication Services		11.2			119,010,939
Materials		11.0			116,805,603
Industrials		10.8			115,371,354
Energy		9.3			99,385,078
Consumer Discretionary		7.4			78,438,352
Consumer Staples		6.9			74,152,414
Information Technology		6.3			67,074,532
Utilities		4.4			47,111,494
Diversified		4.2			44,689,675
Health Care		2.9			30,704,109
Other		1.6			16,961,221
Investment Funds		0.2			2,175,563
Total Investments		100.2	%	$	1,067,437,133

The Fund did not have any open financial instruments at January 31, 2010.

The cost and unrealized appreciation (depreciation) of investments of the Fund at January 31, 2010, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	980,427,405
Gross unrealized appreciation	$	163,761,945
Gross unrealized depreciation		(76,752,217	)
Net unrealized appreciation	$	87,009,728

30

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•   Level 1 — quoted prices in active markets for identical investments

•   Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

•   Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At January 31, 2010, the inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

	Quoted Prices in
	Active Markets for		Significant Other			Significant
	Identical Assets		Observable Inputs			Unobservable Inputs
Asset Description	(Level 1)		(Level 2)			(Level 3)		Total
Common Stocks
Asia/Pacific	$	37,603,340	$	341,502,249		$	27,328	$	379,132,917
Emerging Europe		14,882,233		198,062,725			0		212,944,958
Latin America		196,564,338		—			0		196,564,338
Middle East/Africa		58,905,322		192,119,482			—		251,024,804
Total Common Stocks	$	307,955,233	$	731,684,456	*	$	27,328	$	1,039,667,017
Convertible Bonds	$	—	$	25,370		$	—	$	25,370
Equity-Linked Securities		—		8,633,332			—		8,633,332
Investment Funds		—		2,175,563			—		2,175,563
Rights		51,587		68,484			0		120,071
Warrants		6,780		—			—		6,780
Short-Term Investments		—		16,809,000			—		16,809,000
Total Investments	$	308,013,600	$	759,396,205		$	27,328	$	1,067,437,133

* Includes foreign equity securities whose values were adjusted to reflect market trading that occurred after the close of trading in their applicable foreign markets.

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Investments in		Investments in
	Common Stocks		Rights		Total
Balance as of October 31, 2009	$	0	$	—	$	0
Realized gains (losses)		—		—		—
Change in net unrealized appreciation (depreciation)		27,328		0		27,328
Net purchases (sales)		—		0		0
Accrued discount (premium)		—		—		—
Net transfers to (from) Level 3		0		—		0
Balance as of January 31, 2010	$	27,328	$	0	$	27,328
Change in net unrealized appreciation (depreciation) on investments still held as of January 31, 2010	$	27,328	$	0	$	27,328

All Level 3 investments held at October 31, 2009 were valued at $0.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

31

Item 2. Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant on this Form N-Q has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant on this Form N-Q has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There have been no changes in the registrant’s internal controls over financial reporting during the fiscal quarter for which the report is being filed that have materially affected, or are reasonably likely to materially affect the registrant’s internal control over financial reporting.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Eaton Vance Mutual Funds Trust

By:	/s/ Thomas E. Faust Jr.
	Thomas E. Faust Jr.
	President
Date:	March 24, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Thomas E. Faust Jr.
	Thomas E. Faust Jr.
	President
Date:	March 24, 2010
By:	/s/ Barbara E. Campbell
	Barbara E. Campbell
	Treasurer
Date:	March 24, 2010