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

July 31, 2014

Date of Reporting Period

Item 1. Schedule of Investments

Eaton Vance

Currency Income Advantage Fund

July 31, 2014 (Unaudited)

Eaton Vance Currency Income Advantage Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Currency Income Advantage Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At July 31, 2014, the value of the Fund’s investment in the Portfolio was $2,375,890 and the Fund owned 4.3% of the Portfolio’s outstanding interests. The Portfolio’s Consolidated Portfolio of Investments is set forth below.

Currency Income Advantage Portfolio

July 31, 2014

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 38.9%

Security	Principal Amount (000’s omitted)		Value
Bangladesh — 5.5%
Bangladesh Treasury Bond, 11.40%, 5/9/17	BDT	140,000	$	1,903,053
Bangladesh Treasury Bond, 11.50%, 8/8/17	BDT	30,100		411,291
Bangladesh Treasury Bond, 11.70%, 4/3/18	BDT	52,600		724,349
Total Bangladesh			$	3,038,693
Colombia — 0.6%
Titulos De Tesoreria B, 5.25%, 11/11/15	COP	683,000	$	364,712
Total Colombia			$	364,712
Dominican Republic — 4.0%
Dominican Republic Central Bank Note, 12.00%, 4/5/19(1)	DOP	12,260	$	297,982
Dominican Republic International Bond, 11.50%, 5/10/24(1)	DOP	6,000		146,975
Dominican Republic International Bond, 14.00%, 4/30/21(1)	DOP	7,000		182,116
Dominican Republic International Bond, 14.50%, 2/10/23(1)	DOP	1,800		48,494
Dominican Republic International Bond, 14.50%, 2/10/23(2)	DOP	13,800		371,788
Dominican Republic International Bond, 15.95%, 6/4/21(1)	DOP	6,500		193,085
Dominican Republic International Bond, 18.50%, 2/4/28(1)	DOP	900		29,452
Dominican Republic International Bond, 18.50%, 2/4/28(2)	DOP	28,600		935,919
Total Dominican Republic			$	2,205,811
Georgia — 2.4%
Georgia Treasury Bond, 12.00%, 9/15/14	GEL	2,276	$	1,334,240
Total Georgia			$	1,334,240
Iceland — 1.1%
Republic of Iceland, 6.25%, 2/5/20	ISK	13,685	$	102,094
Republic of Iceland, 7.25%, 10/26/22	ISK	20,135		155,862
Republic of Iceland, 8.75%, 2/26/19	ISK	39,814		328,240
Total Iceland			$	586,196
Philippines — 1.3%
Republic of the Philippines, 4.95%, 1/15/21	PHP	28,000	$	698,687
Total Philippines			$	698,687
Serbia — 4.3%
Serbia Treasury Bond, 11.50%, 10/26/15	RSD	202,440	$	2,391,819
Total Serbia			$	2,391,819
Sri Lanka — 8.2%
Sri Lanka Government Bond, 5.65%, 1/15/19	LKR	273,460	$	1,952,042
Sri Lanka Government Bond, 8.50%, 2/1/18	LKR	321,000		2,548,201
Total Sri Lanka			$	4,500,243
Turkey — 1.3%
Turkey Government Bond, 6.50%, 1/7/15	TRY	1,556	$	723,321
Total Turkey			$	723,321
Uganda — 0.9%
Uganda Government Bond, 14.125%, 12/1/16	UGX	1,265,800	$	490,222
Total Uganda			$	490,222
Uruguay — 1.0%
Monetary Regulation Bill, 0.00%, 8/20/15	UYU	7,085	$	264,945
Monetary Regulation Bill, 0.00%, 10/8/15	UYU	4,990		183,575

1

Security	Principal Amount (000’s omitted)		Value
Monetary Regulation Bill, 0.00%, 1/14/16	UYU	1,000	$	35,636
Monetary Regulation Bill, 0.00%, 4/21/16	UYU	1,655		57,178
Total Uruguay			$	541,334
Vietnam — 8.3%
Vietnam Government Bond, 6.70%, 2/28/17	VND	44,438,100	$	2,155,182
Vietnam Government Bond, 12.10%, 1/16/15	VND	50,000,000		2,426,848
Total Vietnam			$	4,582,030
Total Foreign Government Bonds (identified cost $20,729,809)			$	21,457,308
Foreign Corporate Bonds — 1.0%
Security	Principal Amount (000’s omitted)		Value
Supranational — 1.0%
International Bank for Reconstruction & Development, 3.40%, 4/15/17	UYU	12,474	$	548,906
Total Supranational			$	548,906
Total Foreign Corporate Bonds (identified cost $555,812)			$	548,906
Short-Term Investments — 57.5%
Foreign Government Securities — 39.2%
Security	Principal Amount (000’s omitted)		Value
Georgia — 0.1%
Georgia Treasury Bill, 0.00%, 1/22/15	GEL	100	$	56,798
Total Georgia			$	56,798
Kenya — 7.2%
Kenya Treasury Bill, 0.00%, 9/22/14	KES	243,450	$	2,741,614
Kenya Treasury Bill, 0.00%, 9/29/14	KES	21,400		240,602
Kenya Treasury Bill, 0.00%, 3/2/15	KES	91,000		979,929
Total Kenya			$	3,962,145
Lebanon — 8.8%
Lebanon Treasury Bill, 0.00%, 10/9/14	LBP	858,600	$	563,202
Lebanon Treasury Bill, 0.00%, 12/4/14	LBP	3,682,000		2,397,380
Lebanon Treasury Bill, 0.00%, 1/1/15	LBP	1,082,000		701,532
Lebanon Treasury Bill, 0.00%, 7/9/15	LBP	1,848,300		1,164,594
Total Lebanon			$	4,826,708
Malaysia — 4.7%
Bank Negara Monetary Note, 0.00%, 9/11/14	MYR	8,326	$	2,596,629
Total Malaysia			$	2,596,629
Mauritius — 1.9%
Mauritius Treasury Bill, 0.00%, 2/13/15	MUR	32,800	$	1,066,714
Total Mauritius			$	1,066,714
Mexico — 0.4%
Mexico Cetes, 0.00%, 2/5/15	MXN	2,784	$	207,435
Total Mexico			$	207,435

2

Security	Principal Amount (000’s omitted)		Value
Nigeria — 4.0%
Nigeria Treasury Bill, 0.00%, 11/6/14	NGN	215,000	$	1,293,006
Nigeria Treasury Bill, 0.00%, 12/4/14	NGN	153,600		916,688
Total Nigeria			$	2,209,694
South Korea — 0.6%
Korea Monetary Stabilization Bond, 2.64%, 8/9/14	KRW	312,380	$	303,934
Total South Korea			$	303,934
Sri Lanka — 1.7%
Sri Lanka Treasury Bill, 0.00%, 12/26/14	LKR	36,400	$	272,476
Sri Lanka Treasury Bill, 0.00%, 1/9/15	LKR	68,660		512,724
Sri Lanka Treasury Bill, 0.00%, 6/19/15	LKR	21,750		157,811
Total Sri Lanka			$	943,011
Turkey — 3.0%
Turkey Government Bond, 10.00%, 6/17/15	TRY	3,517	$	1,667,079
Total Turkey			$	1,667,079
Uganda — 0.9%
Uganda Treasury Bill, 0.00%, 2/19/15	UGX	1,424,100	$	512,081
Total Uganda			$	512,081
Uruguay — 4.1%
Monetary Regulation Bill, 0.00%, 8/29/14	UYU	51,721	$	2,211,305
Monetary Regulation Bill, 0.00%, 2/20/15	UYU	1,160		46,467
Total Uruguay			$	2,257,772
Zambia — 1.8%
Zambia Treasury Bill, 0.00%, 9/8/14	ZMW	3,625	$	586,709
Zambia Treasury Bill, 0.00%, 9/22/14	ZMW	1,270		204,888
Zambia Treasury Bill, 0.00%, 6/15/15	ZMW	1,590		218,591
Total Zambia			$	1,010,188
Total Foreign Government Securities (identified cost $21,915,978)			$	21,620,188
U.S. Treasury Obligations — 9.6%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 8/21/14	$	5,000	$	4,999,965
U.S. Treasury Bill, 0.00%, 10/9/14		300		299,997
Total U.S. Treasury Obligations (identified cost $5,299,982)			$	5,299,962
Other — 8.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(3)	$	4,787	$	4,786,901
Total Other (identified cost $4,786,901)			$	4,786,901
Total Short-Term Investments (identified cost $32,002,861)			$	31,707,051

3

	Value
Total Investments— 97.4% (identified cost $53,288,482)	$	53,713,265
Other Assets, Less Liabilities — 2.6%	$	1,417,911
Net Assets — 100.0%	$	55,131,176

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

BDT	-	Bangladesh Taka
COP	-	Colombian Peso
DOP	-	Dominican Peso
GEL	-	Georgian Lari
ISK	-	Icelandic Krona
KES	-	Kenyan Shilling
KRW	-	South Korean Won
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
MUR	-	Mauritian Rupee
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NGN	-	Nigerian Naira
PHP	-	Philippine Peso
RSD	-	Serbian Dinar
TRY	-	New Turkish Lira
UGX	-	Ugandan Shilling
UYU	-	Uruguayan Peso
VND	-	Vietnamese Dong
ZMW	-	Zambian Kwacha

(1) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $898,104 or 1.6% of the Portfolio’s net assets.

(2) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2014, the aggregate value of these securities is $1,307,707 or 2.4% of the Portfolio’s net assets.

(3) 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $9,432.

Basis for Consolidation

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance CIA Commodity Subsidary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at July 31, 2014 were $455,207 or 0.8% of the Portfolio’s consolidated net assets. The Consolidated Portfolio of Investments includes positions of the Portfolio and the Subsidiary.

4

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net  Unrealized Appreciation (Depreciation)
8/4/14	Chilean Peso 595,901,296	United States Dollar 1,044,525	Citibank NA	$	2,794	$	—		$	2,794
8/4/14	Chilean Peso 595,901,296	United States Dollar 1,039,713	Citibank NA		—		(2,018	)		(2,018	)
8/4/14	Peruvian New Sol 11,745,433	United States Dollar 4,198,546	Bank of America NA		5,246		—			5,246
8/4/14	Peruvian New Sol 11,745,433	United States Dollar 4,206,064	BNP Paribas		12,764		—			12,764
8/4/14	United States Dollar 1,039,713	Chilean Peso 595,901,296	Citibank NA		2,018		—			2,018
8/4/14	United States Dollar 1,053,946	Chilean Peso 595,901,296	Citibank NA		—		(12,216	)		(12,216	)
8/4/14	United States Dollar 4,209,078	Peruvian New Sol 11,745,433	Bank of America NA		—		(15,778	)		(15,778	)
8/4/14	United States Dollar 4,198,546	Peruvian New Sol 11,745,433	BNP Paribas		—		(5,246	)		(5,246	)
8/5/14	Euro 2,729,854	Romanian Leu 12,212,000	Bank of America NA		37,785		—			37,785
8/6/14	Euro 1,151,192	United States Dollar 1,597,049	Deutsche Bank AG		55,535		—			55,535
8/6/14	United States Dollar 744,235	Euro 549,402	Deutsche Bank AG		—		(8,554	)		(8,554	)
8/6/14	United States Dollar 235,145	Paraguayan Guarani 1,112,000,000	Citibank NA		23,564		—			23,564
8/6/14	United States Dollar 1,035,315	Philippine Peso 45,148,000	Bank of America NA		2,250		—			2,250
8/6/14	United States Dollar 1,235,416	Philippine Peso 53,874,000	Citibank NA		2,685		—			2,685
8/6/14	United States Dollar 1,430,150	Philippine Peso 62,366,000	Standard Chartered Bank		3,108		—			3,108
8/8/14	New Turkish Lira 2,191,000	United States Dollar 1,019,971	Standard Chartered Bank		—		(968	)		(968	)
8/8/14	United States Dollar 3,514,713	New Turkish Lira 7,525,000	Standard Chartered Bank		—		(8,293	)		(8,293	)
8/11/14	United States Dollar 1,656,125	Yuan Offshore Renminbi 10,290,000	Citibank NA		7,904		—			7,904
8/12/14	United States Dollar 1,927,081	Indian Rupee 117,487,000	Deutsche Bank AG		8,910		—			8,910
8/12/14	United States Dollar 804,947	Mexican Peso 10,506,979	Standard Chartered Bank		—		(10,641	)		(10,641	)
8/13/14	Euro 1,868,000	United States Dollar 2,571,489	Deutsche Bank AG		70,073		—			70,073
8/13/14	United States Dollar 163,220	Paraguayan Guarani 742,000,000	Citibank NA		9,376		—			9,376
8/18/14	Euro 3,505,372	Polish Zloty 14,574,899	Citibank NA		—		(27,243	)		(27,243	)
8/20/14	Indonesian Rupiah 2,459,351,000	United States Dollar 211,303	Standard Chartered Bank		1,832		—			1,832
8/20/14	United States Dollar 3,760,504	Indonesian Rupiah 44,618,381,000	Deutsche Bank AG		39,778		—			39,778
8/21/14	Euro 28,800	United States Dollar 38,925	Bank of America NA		358		—			358
8/21/14	Euro 14,805	United States Dollar 20,094	Bank of America NA		268		—			268

5

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net  Unrealized Appreciation (Depreciation)
8/21/14	Euro 7,405	United States Dollar 10,067	Bank of America NA	$	150	$	—		$	150
8/25/14	Euro 312,654	United States Dollar 426,253	Bank of America NA		7,565		—			7,565
8/27/14	Argentine Peso 460,000	United States Dollar 52,571	Bank of America NA		—		(1,768	)		(1,768	)
8/27/14	Argentine Peso 390,000	United States Dollar 43,870	Bank of America NA		—		(2,201	)		(2,201	)
8/27/14	United States Dollar 89,947	Argentine Peso 850,000	Bank of America NA		10,463		—			10,463
8/28/14	United States Dollar 1,837,114	Indian Rupee 109,909,000	Standard Chartered Bank		—		(35,686	)		(35,686	)
9/3/14	United States Dollar 1,119,655	Brazilian Real 2,519,000	Standard Chartered Bank		—		(19,093	)		(19,093	)
9/4/14	Euro 2,410,706	British Pound Sterling 1,960,000	Deutsche Bank AG		79,875		—			79,875
9/4/14	Euro 761,236	British Pound Sterling 609,000	Morgan Stanley & Co. International PLC		8,486		—			8,486
9/8/14	Argentine Peso 1,234,000	United States Dollar 137,264	Bank of America NA		—		(6,335	)		(6,335	)
9/8/14	United States Dollar 130,169	Argentine Peso 1,234,000	Bank of America NA		13,430		—			13,430
9/9/14	Zambian Kwacha 3,370,000	United States Dollar 563,545	Standard Chartered Bank		25,343		—			25,343
9/11/14	United States Dollar 2,211,979	New Zealand Dollar 2,530,000	Bank of America NA		—		(70,694	)		(70,694	)
9/12/14	Euro 768,249	United States Dollar 1,041,016	Citibank NA		12,165		—			12,165
9/15/14	Euro 2,400,221	Norwegian Krone 19,545,000	Deutsche Bank AG		—		(109,945	)		(109,945	)
9/15/14	Norwegian Krone 13,383,000	Euro 1,587,394	Citibank NA		147		—			147
9/15/14	Norwegian Krone 6,162,000	Euro 735,481	Deutsche Bank AG		6,214		—			6,214
9/15/14	United States Dollar 252,525	Azerbaijani Manat 205,000	VTB Capital PLC		7,924		—			7,924
9/16/14	South Korean Won 55,631,000	United States Dollar 54,503	Standard Chartered Bank		746		—			746
9/16/14	United States Dollar 478,873	Armenian Dram 209,052,000	VTB Capital PLC		40,300		—			40,300
9/16/14	United States Dollar 2,452,201	South Korean Won 2,505,659,000	Bank of America NA		—		(30,953	)		(30,953	)
9/23/14	Zambian Kwacha 1,239,000	United States Dollar 207,538	Citibank NA		11,325		—			11,325
9/24/14	Euro 776,632	United States Dollar 1,051,898	Deutsche Bank AG		11,779		—			11,779
9/24/14	United States Dollar 1,045,914	Euro 776,632	BNP Paribas		—		(5,796	)		(5,796	)
9/29/14	United States Dollar 1,661,273	Israeli Shekel 5,680,209	BNP Paribas		—		(2,490	)		(2,490	)
9/29/14	United States Dollar 4,181,357	Peruvian New Sol 11,745,433	BNP Paribas		—		(15,225	)		(15,225	)
9/30/14	United States Dollar 692,112	Malaysian Ringgit 2,234,000	Citibank NA		1,218		—			1,218
10/3/14	Sri Lankan Rupee 60,852,000	United States Dollar 461,840	Standard Chartered Bank		—		(3,659	)		(3,659	)

6

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net  Unrealized Appreciation (Depreciation)
10/9/14	United States Dollar 416,461	Azerbaijani Manat 337,000	VTB Capital PLC	$	10,500	$	—		$	10,500
10/9/14	United States Dollar 122,775	Azerbaijani Manat 100,000	VTB Capital PLC		3,920		—			3,920
10/9/14	United States Dollar 84,663	Azerbaijani Manat 69,000	VTB Capital PLC		2,757		—			2,757
10/14/14	United States Dollar 1,806,831	Colombian Peso 3,398,649,658	Citibank NA		—		(9,460	)		(9,460	)
10/14/14	United States Dollar 612,241	Indian Rupee 37,163,000	Standard Chartered Bank		—		(8,227	)		(8,227	)
10/22/14	United States Dollar 786,292	Indonesian Rupiah 9,297,900,000	BNP Paribas		—		(12,047	)		(12,047	)
10/24/14	United States Dollar 2,174,974	Singapore Dollar 2,696,000	Deutsche Bank AG		—		(13,813	)		(13,813	)
10/28/14	United States Dollar 2,207,357	Mexican Peso 28,774,000	Citibank NA		—		(44,006	)		(44,006	)
11/3/14	United States Dollar 1,036,350	Chilean Peso 595,901,296	Citibank NA		—		(3,904	)		(3,904	)
1/12/15	United States Dollar 106,464	Ugandan Shilling 291,180,000	Citibank NA		711		—			711
1/12/15	United States Dollar 421,375	Ugandan Shilling 1,150,355,000	Standard Chartered Bank		2,039		—			2,039
2/5/15	United States Dollar 1,049,355	Kazakhstani Tenge 174,193,000	Deutsche Bank AG		—		(127,730	)		(127,730	)
2/6/15	United States Dollar 322,581	Uruguayan Peso 8,000,000	Citibank NA		4,709		—			4,709
2/13/15	United States Dollar 321,932	Uruguayan Peso 8,000,000	Citibank NA		4,636		—			4,636
2/23/15	Argentine Peso 1,000,000	United States Dollar 96,432	Citibank NA		—		(2,173	)		(2,173	)
2/23/15	Argentine Peso 1,000,000	United States Dollar 96,395	Citibank NA		—		(2,210	)		(2,210	)
2/23/15	United States Dollar 172,414	Argentine Peso 2,000,000	Citibank NA		24,795		—			24,795
2/24/15	Argentine Peso 390,000	United States Dollar 37,346	Citibank NA		—		(1,083	)		(1,083	)
2/24/15	Argentine Peso 610,000	United States Dollar 58,329	Citibank NA		—		(1,777	)		(1,777	)
2/24/15	United States Dollar 86,207	Argentine Peso 1,000,000	Citibank NA		12,327		—			12,327
2/25/15	Argentine Peso 1,000,000	United States Dollar 95,841	Citibank NA		—		(2,622	)		(2,622	)
2/25/15	Argentine Peso 1,000,000	United States Dollar 95,547	Citibank NA		—		(2,915	)		(2,915	)
2/25/15	Argentine Peso 2,000,000	United States Dollar 192,604	Citibank NA		—		(4,322	)		(4,322	)
2/25/15	United States Dollar 346,320	Argentine Peso 4,000,000	Citibank NA		47,531		—			47,531
3/19/15	Euro 1,453,724	Serbian Dinar 183,460,000	Deutsche Bank AG		65,483		—			65,483

7

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net  Unrealized Appreciation (Depreciation)
3/31/15	Euro 818,937	Romanian Leu 3,650,000	BNP Paribas	$	—	$	(6,143	)	$	(6,143	)
4/30/15	United States Dollar 394,945	Uruguayan Peso 10,000,000	Citibank NA		3,721		—			3,721
6/11/15	United States Dollar 213,664	Zambian Kwacha 1,595,000	Standard Chartered Bank		9,148		—			9,148
6/12/15	United States Dollar 132,468	Zambian Kwacha 969,000	Citibank NA		2,834		—			2,834
6/12/15	United States Dollar 98,779	Zambian Kwacha 703,800	Citibank NA		—		(507	)		(507	)
6/12/15	United States Dollar 241,334	Zambian Kwacha 1,697,300	Citibank NA		—		(4,340	)		(4,340	)
6/15/15	United States Dollar 1,715,509	Ugandan Shilling 4,757,107,045	Citibank NA		—		(43,475	)		(43,475	)
6/17/15	United States Dollar 238,275	Zambian Kwacha 1,755,000	Standard Chartered Bank		6,218		—			6,218
6/18/15	United States Dollar 327,144	Zambian Kwacha 2,393,700	Standard Chartered Bank		6,177		—			6,177
6/18/15	United States Dollar 139,483	Zambian Kwacha 1,017,000	Standard Chartered Bank		2,133		—			2,133
6/18/15	United States Dollar 672,464	Zambian Kwacha 4,766,200	Standard Chartered Bank		—		(8,774	)		(8,774	)
				$	733,017	$	(694,330	)	$	38,687

At July 31, 2014, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective and its use of derivatives, the Portfolio is subject to the following risks:

Commodity Risk: During the fiscal year to date ended July 31, 2014, the Portfolio invested in commodity futures contracts that provided exposure to the investment returns of certain commodities. Commodity futures contracts were used to enhance total return and/or as a substitute for the purchase or sale of commodities.

Foreign Exchange Risk: During the fiscal year to date ended July 31, 2014, the Portfolio engaged in forward foreign currency exchange contracts and total return swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at July 31, 2014 was as follows:

	Fair Value
Derivative	Asset Derivative	Liability Derivative
Forward foreign currency exchange contracts	$    733,017	$	(694,330	)

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	53,487,364
Gross unrealized appreciation	$	898,045
Gross unrealized depreciation		(672,144	)
Net unrealized appreciation	$	225,901

8

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Foreign Government Bonds	$	—	$	21,457,308		$	—	$	21,457,308
Foreign Corporate Bonds		—		548,906			—		548,906
Short-Term Investments -
Foreign Government Securities		—		21,620,188			—		21,620,188
U.S. Treasury Obligations		—		5,299,962			—		5,299,962
Other		—		4,786,901			—		4,786,901
Total Investments	$	—	$	53,713,265		$	—	$	53,713,265
Forward Foreign Currency Exchange Contracts	$	—	$	733,017		$	—	$	733,017
Total	$	—	$	54,446,282		$	—	$	54,446,282
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(694,330	)	$	—	$	(694,330	)
Total	$	—	$	(694,330	)	$	—	$	(694,330	)

The Portfolio held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

9

Eaton Vance

Diversified Currency Income Fund

July 31, 2014 (Unaudited)

Eaton Vance Diversified Currency Income Fund (the Fund), a 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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $678,626,332 and the Fund owned 95.7% of the Portfolio’s outstanding interests. The Portfolio’s Consolidated Portfolio of Investments is set forth below.

International Income Portfolio

July 31, 2014

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 32.7%

Security	Principal Amount (000’s omitted)		Value
Bangladesh — 3.0%
Bangladesh Treasury Bond, 11.25%, 2/8/17	BDT	220,000	$	2,976,524
Bangladesh Treasury Bond, 11.30%, 3/7/17	BDT	138,000		1,869,353
Bangladesh Treasury Bond, 11.40%, 5/9/17	BDT	143,000		1,943,832
Bangladesh Treasury Bond, 11.45%, 6/6/17	BDT	175,000		2,383,640
Bangladesh Treasury Bond, 11.50%, 8/8/17	BDT	309,600		4,230,421
Bangladesh Treasury Bond, 11.52%, 12/5/17	BDT	122,000		1,669,550
Bangladesh Treasury Bond, 11.55%, 9/5/17	BDT	306,500		4,190,960
Bangladesh Treasury Bond, 11.55%, 10/3/17	BDT	142,900		1,955,498
Total Bangladesh			$	21,219,778
Bosnia and Herzegovina — 1.4%
Republic of Srpska, 1.50%, 6/30/23	BAM	2,941	$	1,444,928
Republic of Srpska, 1.50%, 10/30/23	BAM	6,951		3,454,565
Republic of Srpska, 1.50%, 12/15/23	BAM	1,536		752,189
Republic of Srpska, 1.50%, 6/15/24	BAM	1,085		510,415
Republic of Srpska, 1.50%, 5/31/25	BAM	4,696		2,106,233
Republic of Srpska, 1.50%, 6/9/25	BAM	346		153,433
Republic of Srpska, 1.50%, 12/24/25	BAM	2,201		971,890
Republic of Srpska, 1.50%, 9/25/26	BAM	1,639		734,918
Total Bosnia and Herzegovina			$	10,128,571
Brazil — 0.8%
Nota do Tesouro Nacional, 6.00%, 5/15/15(1)	BRL	12,744	$	5,781,277
Total Brazil			$	5,781,277
Chile — 0.8%
Government of Chile, 6.00%, 1/1/15	CLP	3,270,000	$	5,776,432
Total Chile			$	5,776,432
Colombia — 1.9%
Titulos De Tesoreria B, 7.25%, 6/15/16	COP	13,092,200	$	7,236,289
Titulos De Tesoreria B, 13.50%, 9/12/14	COP	11,529,700		6,220,495
Total Colombia			$	13,456,784
Costa Rica — 0.6%
Costa Rica Titulos de Propiedad Bond, 10.58%, 6/22/16	CRC	1,645,000	$	3,223,004
Titulo Propiedad UD, 1.00%, 1/12/22(1)	CRC	526,513		831,134
Titulo Propiedad UD, 1.63%, 7/13/16(1)	CRC	291,872		533,913
Total Costa Rica			$	4,588,051
Dominican Republic — 2.0%
Dominican Republic Central Bank Note, 12.00%, 4/5/19(2)	DOP	56,710	$	1,378,350
Dominican Republic International Bond, 11.50%, 5/10/24(2)	DOP	56,000		1,371,763
Dominican Republic International Bond, 14.00%, 4/30/21(2)	DOP	32,100		835,132
Dominican Republic International Bond, 14.50%, 2/10/23(2)	DOP	8,600		231,694
Dominican Republic International Bond, 14.50%, 2/10/23(3)	DOP	99,300		2,675,255

1

Security	Principal Amount (000’s omitted)		Value
Dominican Republic International Bond, 15.95%, 6/4/21(2)	DOP	33,500	$	995,130
Dominican Republic International Bond, 18.50%, 2/4/28(2)	DOP	3,900		127,625
Dominican Republic International Bond, 18.50%, 2/4/28(3)	DOP	195,600		6,400,905
Total Dominican Republic			$	14,015,854
Georgia — 0.4%
Georgia Treasury Bond, 6.10%, 3/7/15	GEL	2,193	$	1,279,487
Georgia Treasury Bond, 8.50%, 7/26/17	GEL	516		301,785
Georgia Treasury Bond, 9.80%, 4/26/17	GEL	490		296,521
Georgia Treasury Bond, 11.30%, 1/26/17	GEL	500		312,512
Georgia Treasury Bond, 12.00%, 9/15/14	GEL	1,000		586,221
Georgia Treasury Bond, 12.00%, 9/15/15	GEL	500		306,924
Total Georgia			$	3,083,450
Iceland — 1.3%
Republic of Iceland, 6.25%, 2/5/20	ISK	216,350	$	1,614,027
Republic of Iceland, 7.25%, 10/26/22	ISK	247,064		1,912,447
Republic of Iceland, 8.75%, 2/26/19	ISK	703,072		5,796,367
Total Iceland			$	9,322,841
Jordan — 2.0%
Jordan Government Bond, 6.511%, 5/15/16	JOD	2,000	$	2,959,006
Jordan Government Bond, 7.77%, 7/4/15	JOD	2,000		2,939,179
Jordan Government Bond, 7.792%, 7/11/15	JOD	3,000		4,412,735
Jordan Government Bond, 7.95%, 2/5/15	JOD	2,500		3,623,179
Total Jordan			$	13,934,099
Mexico — 0.9%
Mexican Bonos, 6.00%, 6/18/15	MXN	78,200	$	6,076,921
Total Mexico			$	6,076,921
Peru — 1.8%
Republic of Peru, 9.91%, 5/5/15	PEN	31,641	$	11,863,624
Republic of Peru, 9.91%, 5/5/15(3)	PEN	3,174		1,190,075
Total Peru			$	13,053,699
Philippines — 0.4%
Republic of the Philippines, 4.95%, 1/15/21	PHP	106,000	$	2,645,029
Total Philippines			$	2,645,029
Romania — 1.2%
Romania Government Bond, 5.75%, 1/27/16	RON	26,440	$	8,427,902
Total Romania			$	8,427,902
Serbia — 4.6%
Serbia Treasury Bill, 0.00%, 1/29/15	RSD	330,000	$	3,640,464
Serbia Treasury Bill, 0.00%, 6/4/15	RSD	401,490		4,297,514
Serbia Treasury Bond, 10.00%, 1/10/15	RSD	153,020		1,770,930
Serbia Treasury Bond, 10.00%, 4/4/15	RSD	56,710		657,271
Serbia Treasury Bond, 10.00%, 9/14/15	RSD	300,080		3,488,550
Serbia Treasury Bond, 10.00%, 12/12/15	RSD	121,900		1,416,472
Serbia Treasury Bond, 10.00%, 2/21/16	RSD	283,030		3,286,175
Serbia Treasury Bond, 10.00%, 10/17/16	RSD	117,300		1,354,997

2

Security	Principal Amount (000’s omitted)		Value
Serbia Treasury Bond, 10.00%, 4/1/17	RSD	890,500	$	10,205,833
Serbia Treasury Bond, 10.00%, 5/8/17	RSD	97,600		1,115,622
Serbia Treasury Bond, 11.50%, 10/26/15	RSD	91,480		1,080,832
Total Serbia			$	32,314,660
Sri Lanka — 2.5%
Sri Lanka Government Bond, 7.50%, 8/15/18	LKR	520,215	$	3,998,208
Sri Lanka Government Bond, 8.50%, 4/1/18	LKR	595,640		4,734,420
Sri Lanka Government Bond, 8.50%, 7/15/18	LKR	1,084,210		8,623,896
Sri Lanka Government Bond, 10.60%, 7/1/19	LKR	14,980		128,796
Total Sri Lanka			$	17,485,320
Uganda — 0.6%
Uganda Government Bond, 13.375%, 2/25/16	UGX	1,310,300	$	508,588
Uganda Government Bond, 14.00%, 3/24/16	UGX	1,567,700		613,031
Uganda Government Bond, 14.125%, 12/1/16	UGX	2,841,000		1,100,270
Uganda Government Bond, 14.625%, 11/1/18	UGX	5,080,100		2,008,055
Total Uganda			$	4,229,944
Uruguay — 3.1%
Monetary Regulation Bill, 0.00%, 8/29/14	UYU	18,968	$	810,967
Monetary Regulation Bill, 0.00%, 3/26/15(1)	UYU	38,953		1,615,451
Monetary Regulation Bill, 0.00%, 8/20/15	UYU	68,775		2,571,857
Monetary Regulation Bill, 0.00%, 10/8/15	UYU	37,000		1,361,173
Monetary Regulation Bill, 0.00%, 1/14/16	UYU	3,000		106,909
Monetary Regulation Bill, 0.00%, 4/21/16	UYU	7,299		252,169
Republic of Uruguay, 4.375%, 12/15/28 (1)	UYU	8,089		389,248
Uruguay Notas Del Tesoro, 2.25%, 8/23/17(1)	UYU	104,225		4,178,597
Uruguay Notas Del Tesoro, 2.75%, 6/16/16(1)	UYU	52,184		2,159,724
Uruguay Notas Del Tesoro, 4.00%, 6/14/15(1)	UYU	97,519		4,144,095
Uruguay Notas Del Tesoro, 4.25%, 1/5/17(1)	UYU	77,441		3,288,876
Uruguay Notas Del Tesoro, 10.25%, 8/22/15	UYU	25,036		1,037,071
Total Uruguay			$	21,916,137
Vietnam — 3.4%
Vietnam Government Bond, 6.30%, 3/15/17	VND	20,000,000	$	961,056
Vietnam Government Bond, 6.70%, 2/28/17	VND	50,000,000		2,424,926
Vietnam Government Bond, 8.20%, 3/15/15	VND	100,000,000		4,818,059
Vietnam Government Bond, 9.10%, 12/15/14	VND	121,116,200		5,805,774
Vietnam Government Bond, 10.80%, 4/15/15	VND	47,866,000		2,351,978
Vietnam Government Bond, 11.33%, 5/13/15	VND	80,000,000		3,950,267
Vietnam Government Bond, 12.10%, 1/16/15	VND	80,000,000		3,882,957
Total Vietnam			$	24,195,017
Total Foreign Government Bonds (identified cost $232,695,409)			$	231,651,766
Foreign Corporate Bonds — 0.2%
Supranational — 0.2%
International Bank for Reconstruction & Development, 3.40%, 4/15/17(1)	UYU	37,847	$	1,665,368
Total Supranational			$	1,665,368
Total Foreign Corporate Bonds (identified cost $1,686,248)			$	1,665,368

3

Collateralized Mortgage Obligations — 0.2%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
Series 2127, Class PG, 6.25%, 2/15/29	$	245,095	$	270,892
Federal National Mortgage Association:
Series 2009-62, Class WA, 5.56%, 8/25/39 (4)		674,395		751,848
Total Collateralized Mortgage Obligations (identified cost $952,651)			$	1,022,740
Mortgage Pass-Throughs — 1.0%
Security	Principal Amount		Value
Federal National Mortgage Association:
1.932%, with maturity at 2035(5)(6)	$	1,083,286	$	1,121,184
3.922%, with maturity at 2035(5)		952,915		1,036,071
6.50%, with various maturities to 2036(6)		1,626,424		1,867,642
7.00%, with maturity at 2033		602,130		696,109
7.50%, with maturity at 2035		351,739		418,689
8.50%, with maturity at 2032		302,168		366,972
			$	5,506,667
Government National Mortgage Association:
7.00%, with maturity at 2035(6)	$	934,933	$	1,092,844
8.00%, with maturity at 2016		75,851		78,213
9.00%, with various maturities to 2024		569,378		658,783
			$	1,829,840
Total Mortgage Pass-Throughs (identified cost $6,888,685)			$	7,336,507
U.S. Treasury Obligations — 14.7%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bond, 11.25%, 2/15/15(6)	$	98,200	$	104,107,319
Total U.S. Treasury Obligations (identified cost $104,032,819)			$	104,107,319
Short-Term Investments — 48.5%
Foreign Government Securities — 30.3%
Security	Principal Amount (000’s omitted)		Value
Georgia — 1.0%
Georgia Treasury Bill, 0.00%, 1/22/15	GEL	3,700	$	2,101,542
Georgia Treasury Bill, 0.00%, 2/19/15	GEL	8,749		4,942,536
Total Georgia			$	7,044,078
Israel — 0.7%
Israel Treasury Bill, 0.00%, 1/7/15	ILS	16,567	$	4,825,061
Total Israel			$	4,825,061

4

Security	Principal Amount (000’s omitted)		Value
Kenya — 3.0%
Kenya Treasury Bill, 0.00%, 8/18/14	KES	70,000	$	794,820
Kenya Treasury Bill, 0.00%, 9/22/14	KES	187,100		2,107,028
Kenya Treasury Bill, 0.00%, 9/29/14	KES	15,000		168,646
Kenya Treasury Bill, 0.00%, 10/20/14	KES	101,200		1,132,241
Kenya Treasury Bill, 0.00%, 3/16/15	KES	316,600		3,396,481
Kenya Treasury Bill, 0.00%, 4/13/15	KES	502,800		5,353,548
Kenya Treasury Bill, 0.00%, 4/20/15	KES	406,800		4,323,239
Kenya Treasury Bill, 0.00%, 4/27/15	KES	396,900		4,210,088
Total Kenya			$	21,486,091
Lebanon — 4.6%
Lebanon Treasury Bill, 0.00%, 8/28/14	LBP	2,138,110	$	1,409,581
Lebanon Treasury Bill, 0.00%, 11/6/14	LBP	9,432,000		6,165,578
Lebanon Treasury Bill, 0.00%, 12/4/14	LBP	3,742,800		2,436,967
Lebanon Treasury Bill, 0.00%, 1/1/15	LBP	5,283,500		3,425,643
Lebanon Treasury Bill, 0.00%, 6/11/15	LBP	17,930,200		11,346,924
Lebanon Treasury Bill, 0.00%, 7/9/15	LBP	7,431,600		4,682,573
Lebanon Treasury Note, 6.50%, 4/2/15	LBP	2,847,810		1,901,235
Lebanon Treasury Note, 6.50%, 5/28/15	LBP	2,281,990		1,525,936
Total Lebanon			$	32,894,437
Malaysia — 3.0%
Bank Negara Monetary Note, 0.00%, 9/11/14	MYR	68,236	$	21,280,753
Total Malaysia			$	21,280,753
Mauritius — 1.2%
Mauritius Treasury Bill, 0.00%, 2/13/15	MUR	121,200	$	3,941,636
Mauritius Treasury Bill, 0.00%, 2/13/15	MUR	95,600		3,109,080
Mauritius Treasury Bill, 0.00%, 4/24/15	MUR	37,100		1,201,661
Total Mauritius			$	8,252,377
Mexico — 2.1%
Mexico Cetes, 0.00%, 8/21/14	MXN	36,351	$	2,746,082
Mexico Cetes, 0.00%, 4/1/15	MXN	160,505		11,904,566
Total Mexico			$	14,650,648
Nigeria — 2.0%
Nigeria Treasury Bill, 0.00%, 11/6/14	NGN	1,390,800	$	8,364,242
Nigeria Treasury Bill, 0.00%, 12/4/14	NGN	993,300		5,928,036
Total Nigeria			$	14,292,278
Philippines — 2.0%
Philippine Treasury Bill, 0.00%, 8/6/14	PHP	176,600	$	4,060,910
Philippine Treasury Bill, 0.00%, 10/8/14	PHP	161,170		3,698,064
Philippine Treasury Bill, 0.00%, 11/5/14	PHP	277,770		6,367,935
Philippine Treasury Bill, 0.00%, 1/7/15	PHP	8,220		187,730
Total Philippines			$	14,314,639
Singapore — 2.0%
Monetary Authority of Singapore, 0.00%, 10/17/14	SGD	17,653	$	14,142,621
Total Singapore			$	14,142,621

5

Security	Principal Amount (000’s omitted)		Value
South Korea — 1.4%
Korea Monetary Stabilization Bond, 0.00%, 9/23/14	KRW	10,381,000	$	10,064,779
Total South Korea			$	10,064,779
Sri Lanka — 4.4%
Sri Lanka Treasury Bill, 0.00%, 10/3/14	LKR	59,530	$	452,345
Sri Lanka Treasury Bill, 0.00%, 10/10/14	LKR	44,850		340,390
Sri Lanka Treasury Bill, 0.00%, 11/7/14	LKR	63,800		481,911
Sri Lanka Treasury Bill, 0.00%, 12/5/14	LKR	301,460		2,265,156
Sri Lanka Treasury Bill, 0.00%, 12/12/14	LKR	361,400		2,712,132
Sri Lanka Treasury Bill, 0.00%, 12/19/14	LKR	140,090		1,049,981
Sri Lanka Treasury Bill, 0.00%, 12/26/14	LKR	212,400		1,589,943
Sri Lanka Treasury Bill, 0.00%, 1/2/15	LKR	110,770		828,135
Sri Lanka Treasury Bill, 0.00%, 1/9/15	LKR	171,900		1,283,677
Sri Lanka Treasury Bill, 0.00%, 1/30/15	LKR	224,100		1,667,869
Sri Lanka Treasury Bill, 0.00%, 2/20/15	LKR	73,730		546,567
Sri Lanka Treasury Bill, 0.00%, 2/27/15	LKR	1,018,700		7,541,345
Sri Lanka Treasury Bill, 0.00%, 3/6/15	LKR	1,009,540		7,463,420
Sri Lanka Treasury Bill, 0.00%, 3/13/15	LKR	81,780		603,832
Sri Lanka Treasury Bill, 0.00%, 4/24/15	LKR	148,600		1,089,005
Sri Lanka Treasury Bill, 0.00%, 5/8/15	LKR	44,970		328,738
Sri Lanka Treasury Bill, 0.00%, 6/26/15	LKR	88,270		639,659
Total Sri Lanka			$	30,884,105
Turkey — 0.5%
Turkey Government Bond, 6.50%, 1/7/15	TRY	7,835	$	3,642,171
Total Turkey			$	3,642,171
Uganda — 0.7%
Uganda Treasury Bill, 0.00%, 11/13/14	UGX	1,135,800	$	420,860
Uganda Treasury Bill, 0.00%, 11/27/14	UGX	1,336,300		493,098
Uganda Treasury Bill, 0.00%, 12/26/14	UGX	619,000		226,422
Uganda Treasury Bill, 0.00%, 1/22/15	UGX	619,000		224,548
Uganda Treasury Bill, 0.00%, 2/19/15	UGX	10,372,300		3,729,693
Total Uganda			$	5,094,621
Uruguay — 0.3%
Monetary Regulation Bill, 0.00%, 10/15/14	UYU	912	$	38,303
Monetary Regulation Bill, 0.00%, 1/16/15	UYU	31,500		1,278,379
Monetary Regulation Bill, 0.00%, 2/20/15	UYU	10,660		427,016
Monetary Regulation Bill, 0.00%, 2/20/15(1)	UYU	7,027		292,994
Total Uruguay			$	2,036,692
Vietnam — 0.5%
Vietnam Treasury Bill, 0.00%, 7/21/15	VND	81,737,000	$	3,853,762
Total Vietnam			$	3,853,762
Zambia — 0.9%
Zambia Treasury Bill, 0.00%, 9/8/14	ZMW	13,755	$	2,226,257
Zambia Treasury Bill, 0.00%, 9/22/14	ZMW	15,260		2,461,882

6

Security	Principal Amount (000’s omitted)		Value
Zambia Treasury Bill, 0.00%, 6/15/15	ZMW	10,190	$	1,400,906
Total Zambia			$	6,089,045
Total Foreign Government Securities (identified cost $215,453,791)			$	214,848,158
U.S. Treasury Obligations — 13.5%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 10/9/14	$	71,000	$	70,999,290
U.S. Treasury Note, 4.25%, 8/15/14		25,000		25,041,025
Total U.S. Treasury Obligations (identified cost $96,036,117)			$	96,040,315
Other — 4.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(7)	$	33,006	$	33,006,248
Total Other (identified cost $33,006,248)			$	33,006,248
Total Short-Term Investments (identified cost $344,496,156)			$	343,894,721
Total Investments — 97.3% (identified cost $690,751,968)			$	689,678,421
Other Assets, Less Liabilities — 2.7%			$	19,288,595
Net Assets — 100.0%			$	708,967,016

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

BAM	-	Bosnia-Herzegovina Convertible Mark
BDT	-	Bangladesh Taka
BRL	-	Brazilian Real
CLP	-	Chilean Peso
COP	-	Colombian Peso
CRC	-	Costa Rican Colon
DOP	-	Dominican Peso
GEL	-	Georgian Lari
ILS	-	Israeli Shekel
ISK	-	Icelandic Krona
JOD	-	Jordanian Dinar
KES	-	Kenyan Shilling

7

KRW	-	South Korean Won
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
MUR	-	Mauritian Rupee
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NGN	-	Nigerian Naira
PEN	-	Peruvian New Sol
PHP	-	Philippine Peso
RON	-	Romanian Leu
RSD	-	Serbian Dinar
SGD	-	Singapore Dollar
TRY	-	New Turkish Lira
UGX	-	Ugandan Shilling
UYU	-	Uruguayan Peso
VND	-	Vietnamese Dong
ZMW	-	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 (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $4,939,694 or 0.7% 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. At July 31, 2014, the aggregate value of these securities is $10,266,235 or 1.4% of the Portfolio’s net assets.

(4) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at July 31, 2014.

(5) Adjustable rate mortgage security. Rate shown is the rate at July 31, 2014.

(6) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

(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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $62,675.

Basis for Consolidation

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance IIP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at July 31, 2014 were $1,302,396 or 0.2% of the Portfolio’s consolidated net assets. The Consolidated Portfolio of Investments includes positions of the Portfolio and the Subsidiary.

8

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/4/14	Chilean Peso 672,017,000	United States Dollar 1,177,944	Citibank NA	$	3,151	$	—		$	3,151
8/4/14	United States Dollar 1,188,569	Chilean Peso 672,017,000	Citibank NA		—		(13,776	)		(13,776	)
8/5/14	Euro 17,640,103	Romanian Leu 78,913,000	Bank of America		244,161		—			244,161
8/6/14	Euro 8,519,296	United States Dollar 11,818,819	Deutsche Bank		410,983		—			410,983
8/6/14	United States Dollar 6,300,308	Euro 4,650,951	Deutsche Bank		—		(72,413	)		(72,413	)
8/6/14	United States Dollar 2,237,048	Paraguayan Guarani 10,579,000,000	Citibank NA		224,180		—			224,180
8/6/14	United States Dollar 3,194,850	Philippine Peso 139,321,000	Bank of America		6,943		—			6,943
8/6/14	United States Dollar 2,464,410	Philippine Peso 107,468,000	Citibank NA		5,356		—			5,356
8/6/14	United States Dollar 2,908,251	Philippine Peso 126,823,000	Goldman Sachs International		6,320		—			6,320
8/6/14	United States Dollar 2,852,871	Philippine Peso 124,408,000	Standard Chartered Bank		6,200		—			6,200
8/8/14	New Turkish Lira 19,777,000	United States Dollar 9,206,741	Standard Chartered Bank		—		(8,736	)		(8,736	)
8/8/14	United States Dollar 38,948,371	New Turkish Lira 83,388,462	Standard Chartered Bank		—		(91,901	)		(91,901	)
8/11/14	United States Dollar 10,692,225	Yuan Renminbi Offshore 66,434,000	Citibank NA		51,030		—			51,030
8/12/14	Indian Rupee 382,911,000	United States Dollar 6,402,123	Nomura International PLC		92,386		—			92,386
8/12/14	United States Dollar 8,470,237	Indian Rupee 516,399,000	Deutsche Bank		39,161		—			39,161
8/12/14	United States Dollar 9,736,806	Indian Rupee 593,471,000	Goldman Sachs International		42,610		—			42,610
8/13/14	Euro 25,255,549	United States Dollar 34,768,304	UBS AG		948,903		—			948,903
8/13/14	United States Dollar 2,622,277	Euro 1,914,334	BNP Paribas		—		(58,816	)		(58,816	)
8/13/14	United States Dollar 1,552,794	Paraguayan Guarani 7,059,000,000	Citibank NA		89,198		—			89,198
8/14/14	United States Dollar 18,449,518	Indonesian Rupiah 209,586,522,521	Barclays Bank PLC		—		498,525	)		(498,525	)
8/18/14	Euro 12,498,576	Polish Zloty 51,967,517	BNP Paribas		—		(97,136	)		(97,136	)
8/18/14	Euro 11,436,409	Polish Zloty 47,551,159	Citibank NA		—		(88,881	)		(88,881	)
8/18/14	Euro 738,787	United States Dollar 1,012,729	Goldman Sachs International		23,413		—			23,413
8/20/14	Indonesian Rupiah 17,333,881,000	United States Dollar 1,489,293	Standard Chartered Bank		12,914		—			12,914
8/21/14	Euro 227,110	United States Dollar 308,243	Bank of America		4,115		—			4,115
8/21/14	Euro 113,555	United States Dollar 154,372	Bank of America		2,308		—			2,308
8/21/14	Euro 66,703	United States Dollar 90,152	Bank of America		829		—			829
8/25/14	Euro 4,726,358	United States Dollar 6,443,610	Bank of America		114,362		—			114,362

9

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/25/14	Euro 565,611	United States Dollar 771,061	Goldman Sachs International	$	13,629	$	—		$	13,629
8/27/14	Argentine Peso 4,738,000	United States Dollar 541,486	Bank of America		—		(18,213	)		(18,213	)
8/27/14	Argentine Peso 4,012,000	United States Dollar 451,294	Bank of America		—		(22,643	)		(22,643	)
8/27/14	United States Dollar 925,926	Argentine Peso 8,750,000	Bank of America		107,710		—			107,710
8/28/14	United States Dollar 3,941,359	Indian Rupee 235,780,000	BNP Paribas		—		(76,885	)		(76,885	)
8/28/14	United States Dollar 4,082,277	Indian Rupee 244,210,000	JPMorgan Chase Bank		—		(79,634	)		(79,634	)
8/28/14	United States Dollar 4,330,419	Indian Rupee 259,076,000	Standard Chartered Bank		—		(84,120	)		(84,120	)
9/3/14	United States Dollar 2,652,680	Brazilian Real 5,968,000	Standard Chartered Bank		—		(45,235	)		(45,235	)
9/4/14	Euro 15,497,393	British Pound Sterling 12,600,000	Deutsche Bank		513,480		—			513,480
9/4/14	Euro 5,002,411	British Pound Sterling 4,002,000	Morgan Stanley & Co. International PLC		55,763		—			55,763
9/8/14	Argentine Peso 8,667,000	United States Dollar 964,071	Bank of America		—		(44,496	)		(44,496	)
9/8/14	United States Dollar 914,241	Argentine Peso 8,667,000	Bank of America		94,327		—			94,327
9/9/14	Zambian Kwacha 8,140,000	United States Dollar 1,360,976	Standard Bank		60,987		—			60,987
9/9/14	Zambian Kwacha 5,220,000	United States Dollar 872,910	Standard Chartered Bank		39,256		—			39,256
9/11/14	United States Dollar 14,279,068	New Zealand Dollar 16,332,000	Bank of America		—		(456,353	)		(456,353	)
9/12/14	Euro 6,015,640	United States Dollar 8,151,493	Citibank NA		95,257		—			95,257
9/15/14	Euro 15,427,810	Norwegian Krone 125,628,653	Deutsche Bank		—		(706,689	)		(706,689	)
9/15/14	Norwegian Krone 86,482,653	Euro 10,257,941	Citibank NA		949		—			949
9/15/14	Norwegian Krone 39,146,000	Euro 4,672,368	Deutsche Bank		39,474		—			39,474
9/15/14	United States Dollar 1,553,289	Azerbaijani Manat 1,260,960	VTB Capital PLC		48,744		—			48,744
9/16/14	South Korean Won 2,368,311,000	United States Dollar 2,320,281	Standard Chartered Bank		31,754		—			31,754
9/16/14	United States Dollar 9,773,007	South Korean Won 9,986,059,000	Bank of America		—		(123,359	)		(123,359	)
9/16/14	United States Dollar 1,340,989	Zambian Kwacha 8,787,500	Barclays Bank PLC		56,494		—			56,494
9/23/14	United States Dollar 1,314,353	Zambian Kwacha 8,379,000	Barclays Bank PLC		12,574		—			12,574
9/23/14	Zambian Kwacha 4,840,000	United States Dollar 813,445	Barclays Bank PLC		46,966		—			46,966
9/23/14	Zambian Kwacha 5,808,000	United States Dollar 954,478	Barclays Bank PLC		34,703		—			34,703
9/23/14	Zambian Kwacha 4,251,000	United States Dollar 698,030	Barclays Bank PLC		24,827		—			24,827
9/24/14	Euro 6,391,730	United States Dollar 8,657,183	Deutsche Bank		96,945		—			96,945
9/29/14	United States Dollar 5,849,609	Israeli Shekel 20,000,926	BNP Paribas		—		(8,769	)		(8,769	)
9/29/14	United States Dollar 7,943,827	Peruvian New Sol 22,494,536	BNP Paribas		35,036		—			35,036

10

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
9/29/14	United States Dollar 7,576,704	Peruvian New Sol 21,434,495	Morgan Stanley & Co. International PLC	$	26,161	$	—		$	26,161
9/30/14	United States Dollar 410,976	Azerbaijani Manat 337,000	Standard Bank		17,778		—			17,778
10/2/14	United States Dollar 1,830,369	Euro 1,342,961	Morgan Stanley & Co. International PLC		—		(31,737	)		(31,737	)
10/3/14	Sri Lankan Rupee 65,068,000	United States Dollar 494,927	Standard Chartered Bank		—		(2,824	)		(2,824	)
10/3/14	Sri Lankan Rupee 1,614,085,000	United States Dollar 12,250,190	Standard Chartered Bank		—		(97,063	)		(97,063	)
10/8/14	Euro 10,245,375	United States Dollar 13,927,358	Bank of America		205,408		—			205,408
10/9/14	United States Dollar 3,950,816	Azerbaijani Manat 3,197,000	VTB Capital PLC		99,609		—			99,609
10/9/14	United States Dollar 859,423	Azerbaijani Manat 700,000	VTB Capital PLC		27,439		—			27,439
10/9/14	United States Dollar 815,951	Azerbaijani Manat 665,000	VTB Capital PLC		26,568		—			26,568
10/14/14	United States Dollar 3,987,018	Indian Rupee 242,012,000	Standard Chartered Bank		—		(53,573	)		(53,573	)
10/22/14	United States Dollar 3,213,022	Indonesian Rupiah 38,167,484,000	Bank of America		—		(34,782	)		(34,782	)
10/22/14	United States Dollar 5,304,140	Indonesian Rupiah 62,721,450,000	BNP Paribas		—		(81,269	)		(81,269	)
10/22/14	United States Dollar 3,320,841	Indonesian Rupiah 39,471,515,000	Deutsche Bank		—		(34,013	)		(34,013	)
10/28/14	United States Dollar 179,947	Mexican Peso 2,372,000	BNP Paribas		—		(1,610	)		(1,610	)
11/3/14	United States Dollar 1,168,725	Chilean Peso 672,017,000	Citibank NA		—		(4,402	)		(4,402	)
12/9/14	Ghanaian Cedi 7,051,000	United States Dollar 2,568,670	Citibank NA		713,501		—			713,501
12/9/14	Ghanaian Cedi 7,000,000	United States Dollar 2,568,807	Standard Bank		727,057		—			727,057
12/9/14	Ghanaian Cedi 7,044,500	United States Dollar 2,568,642	Standard Bank		715,183		—			715,183
12/9/14	United States Dollar 2,355,594	Ghanaian Cedi 7,051,000	Citibank NA		—		(500,425	)		(500,425	)
12/9/14	United States Dollar 4,691,979	Ghanaian Cedi 14,044,500	Standard Bank		—		(996,769	)		(996,769	)
12/12/14	Ghanaian Cedi 7,126,000	United States Dollar 2,568,854	Standard Bank		697,847		—			697,847
12/12/14	United States Dollar 2,377,314	Ghanaian Cedi 7,126,000	Standard Bank		—		(506,308	)		(506,308	)
12/19/14	Ghanaian Cedi 7,167,000	United States Dollar 2,568,817	Standard Bank		696,126		—			696,126
12/19/14	United States Dollar 2,383,042	Ghanaian Cedi 7,167,000	Standard Bank		—		(510,351	)		(510,351	)
12/22/14	United States Dollar 1,854,458	Azerbaijani Manat 1,503,038	VTB Capital PLC		31,412		—			31,412
1/12/15	United States Dollar 566,358	Ugandan Shilling 1,548,990,000	Citibank NA		3,783		—			3,783
1/12/15	United States Dollar 345,819	Ugandan Shilling 944,087,000	Standard Chartered Bank		1,673		—			1,673
1/20/15	United States Dollar 806,388	Ugandan Shilling 2,196,600,000	Barclays Bank PLC		560		—			560
1/23/15	United States Dollar 376,619	Ugandan Shilling 1,018,000,000	Citibank NA		—		(2,915	)		(2,915	)

11

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
1/29/15	United States Dollar 669,704	Ugandan Shilling 1,801,504,000	Barclays Bank PLC	$	—	$	(9,335	)	$	(9,335	)
2/5/15	United States Dollar 6,044,753	Kazakhstani Tenge 1,003,429,000	Deutsche Bank		—		(735,778	)		(735,778	)
2/6/15	United States Dollar 1,250,000	Uruguayan Peso 31,000,000	Citibank NA		18,247		—			18,247
2/13/15	United States Dollar 1,247,485	Uruguayan Peso 31,000,000	Citibank NA		17,966		—			17,966
2/23/15	Argentine Peso 3,000,000	United States Dollar 287,494	Citibank NA		—		(8,320	)		(8,320	)
2/23/15	Argentine Peso 7,000,000	United States Dollar 675,024	Citibank NA		—		(15,208	)		(15,208	)
2/23/15	Argentine Peso 7,000,000	United States Dollar 674,764	Citibank NA		—		(15,468	)		(15,468	)
2/23/15	United States Dollar 1,465,517	Argentine Peso 17,000,000	Citibank NA		210,761		—			210,761
2/24/15	Argentine Peso 3,090,000	United States Dollar 295,892	Citibank NA		—		(8,577	)		(8,577	)
2/24/15	Argentine Peso 4,910,000	United States Dollar 469,497	Citibank NA		—		(14,303	)		(14,303	)
2/24/15	United States Dollar 689,655	Argentine Peso 8,000,000	Citibank NA		98,614		—			98,614
2/25/15	Argentine Peso 5,000,000	United States Dollar 477,737	Citibank NA		—		(14,577	)		(14,577	)
2/25/15	Argentine Peso 8,000,000	United States Dollar 766,724	Citibank NA		—		(20,978	)		(20,978	)
2/25/15	Argentine Peso 11,000,000	United States Dollar 1,059,322	Citibank NA		—		(23,769	)		(23,769	)
2/25/15	United States Dollar 2,077,922	Argentine Peso 24,000,000	Citibank NA		285,185		—			285,185
3/12/15	Russian Ruble 893,980,000	United States Dollar 22,869,788	Bank of America		—		(834,506	)		(834,506	)
3/12/15	United States Dollar 22,721,566	Russian Ruble 893,980,000	Credit Suisse International		982,728		—			982,728
3/31/15	Euro 334,306	Romanian Leu 1,490,000	BNP Paribas		—		(2,508	)		(2,508	)
4/30/15	United States Dollar 2,014,218	Uruguayan Peso 51,000,000	Citibank NA		18,976		—			18,976
6/11/15	United States Dollar 1,373,208	Zambian Kwacha 10,251,000	Standard Chartered Bank		58,793		—			58,793
6/12/15	United States Dollar 851,811	Zambian Kwacha 6,231,000	Citibank NA		18,224		—			18,224
6/12/15	United States Dollar 565,081	Zambian Kwacha 4,026,200	Citibank NA		—		(2,902	)		(2,902	)
6/12/15	United States Dollar 1,380,421	Zambian Kwacha 9,708,500	Citibank NA		—		(24,822	)		(24,822	)
6/15/15	United States Dollar 8,774,741	Ugandan Shilling 24,332,358,157	Citibank NA		—		(222,374	)		(222,374	)
6/17/15	United States Dollar 1,363,394	Zambian Kwacha 10,042,000	Standard Chartered Bank		35,582		—			35,582
6/18/15	United States Dollar 1,871,294	Zambian Kwacha 13,692,200	Standard Chartered Bank		35,333		—			35,333
6/18/15	United States Dollar 798,031	Zambian Kwacha 5,818,600	Standard Chartered Bank		12,205		—			12,205
6/25/15	United States Dollar 2,655,837	Zambian Kwacha 18,883,000	Barclays Bank PLC		—		(34,740	)		(34,740	)
				$	9,520,117	$	(7,442,786	)	$	2,077,331

12

Futures Contracts

Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net  Unrealized Appreciation (Depreciation)
9/14	34 U.S. 5-Year Treasury Note	Short	$	(4,065,957	)	$	(4,040,422	)	$	25,535
9/14	14 U.S. 10-Year Treasury Note	Short		(1,749,641	)		(1,744,531	)		5,110
9/14	7 U.S. Long Treasury Bond	Short		(953,374	)		(961,844	)		(8,470	)
									$	22,175

At July 31, 2014, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: During the fiscal year to date ended July 31, 2014, the Portfolio invested in commodities-linked derivative investments, including commodity futures contracts, that provided exposure to the investment returns of certain commodities. Commodities-linked derivative instruments were used to enhance total return and/or as a substitute for the purchase or sale of commodities.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts and total return swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes futures contracts to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2014 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Foreign Exchange	Forward Foreign Currency Exchange Contracts	$	9,520,117	$	(7,442,786	)
		$	9,520,117	$	(7,442,786	)
Interest Rate	Futures Contracts*	$	30,645	$	(8,470	)
		$	30,645	$	(8,470	)

* 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 July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	705,773,268
Gross unrealized appreciation	$	8,661,945
Gross unrealized depreciation		(24,756,792	)
Net unrealized depreciation	$	(16,094,847	)

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)

13

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	231,651,766		$	—	$	231,651,766
Foreign Corporate Bonds		—			1,665,368			—		1,665,368
Collateralized Mortgage Obligations		—			1,022,740			—		1,022,740
Mortgage Pass-Throughs		—			7,336,507			—		7,336,507
U.S. Treasury Obligations		—			104,107,319			—		104,107,319
Short-Term Investments -
Foreign Government Securities		—			214,848,158			—		214,848,158
U.S. Treasury Obligations		—			96,040,315			—		96,040,315
Other		—			33,006,248			—		33,006,248
Total Investments	$	—		$	689,678,421		$	—	$	689,678,421
Forward Foreign Currency Exchange Contracts	$	—		$	9,520,117		$	—	$	9,520,117
Futures Contracts		30,645			—			—		30,645
Total	$	30,645		$	699,198,538		$	—	$	699,229,183
Liability Description
Forward Foreign Currency Exchange Contracts	$	—		$	(7,442,786	)	$	—	$	(7,442,786	)
Futures Contracts		(8,470	)		—			—		(8,470	)
Total	$	(8,470	)	$	(7,442,786	)	$	—	$	(7,451,256	)

The Portfolio held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

14

Eaton Vance

Emerging Markets Local Income Fund

July 31, 2014 (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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $370,557,436 and the Fund owned 81.5% of the Portfolio’s outstanding interests. The Portfolio’s Consolidated Portfolio of Investments is set forth below.

Emerging Markets Local Income Portfolio

July 31, 2014

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 78.6%

Security	Principal Amount (000’s omitted)		Value
Albania — 0.5%
Republic of Albania, 7.50%, 11/4/15(1)	EUR	1,500	$	2,119,047
Total Albania			$	2,119,047
Argentina — 3.8%
Republic of Argentina, 7.00%, 10/3/15	USD	13,803	$	12,958,188
Republic of Argentina, 8.75%, 5/7/24	USD	4,607		4,282,589
Total Argentina			$	17,240,777
Bangladesh — 1.9%
Bangladesh Treasury Bond, 11.37%, 4/4/17	BDT	75,500	$	1,025,107
Bangladesh Treasury Bond, 11.40%, 5/9/17	BDT	125,000		1,699,154
Bangladesh Treasury Bond, 11.45%, 6/6/17	BDT	301,600		4,108,033
Bangladesh Treasury Bond, 11.70%, 6/5/18	BDT	140,000		1,928,971
Total Bangladesh			$	8,761,265
Barbados — 0.4%
Barbados Government International Bond, 6.625%, 12/5/35(1)	USD	2,202	$	1,794,630
Total Barbados			$	1,794,630
Bosnia and Herzegovina — 0.8%
Bosnia & Herzegovina Government Bond, 2.50%, 8/31/14	BAM	17	$	11,294
Bosnia & Herzegovina Government Bond, 2.50%, 9/30/14	BAM	86		58,679
Bosnia & Herzegovina Government Bond, 2.50%, 3/31/15	BAM	76		52,087
Bosnia & Herzegovina Government Bond, 2.50%, 8/31/15	BAM	120		81,985
Republic of Srpska, 1.50%, 6/30/23	BAM	292		143,646
Republic of Srpska, 1.50%, 10/30/23	BAM	315		156,451
Republic of Srpska, 1.50%, 12/15/23	BAM	48		23,482
Republic of Srpska, 1.50%, 5/31/25	BAM	5,562		2,494,634
Republic of Srpska, 1.50%, 6/9/25	BAM	534		236,637
Republic of Srpska, 1.50%, 12/24/25	BAM	581		256,542
Republic of Srpska, 1.50%, 9/25/26	BAM	361		162,061
Total Bosnia and Herzegovina			$	3,677,498
Brazil — 1.6%
Brazil Nota do Tesouro Nacional, 10.00%, 1/1/17	BRL	12,490	$	5,336,457
Brazil Nota do Tesouro Nacional, 10.00%, 1/1/21	BRL	5,127		2,086,084
Total Brazil			$	7,422,541
Colombia — 6.6%
Republic of Colombia, 7.75%, 4/14/21	COP	6,301,000	$	3,794,543
Titulos De Tesoreria B, 8.00%, 10/28/15	COP	727,000		402,690
Titulos De Tesoreria B, 10.00%, 7/24/24	COP	21,845,500		14,410,095
Titulos De Tesoreria B, 11.25%, 10/24/18	COP	17,661,000		11,217,435
Total Colombia			$	29,824,763
Costa Rica — 0.0%(2)
Titulo Propiedad UD, 1.00%, 1/12/22(3)	CRC	61,586	$	97,217
Titulo Propiedad UD, 1.63%, 7/13/16(3)	CRC	6,919		12,657
Total Costa Rica			$	109,874
Cyprus — 0.8%
Republic of Cyprus, 3.75%, 11/1/15(1)(4)	EUR	2,829	$	3,808,250
Total Cyprus			$	3,808,250
Dominican Republic — 1.0%
Dominican Republic Central Bank Note, 12.00%, 4/5/19(4)	DOP	15,020	$	365,065

1

Security	Principal Amount (000’s omitted)		Value
Dominican Republic International Bond, 11.50%, 5/10/24(4)	DOP	28,000	$	685,882
Dominican Republic International Bond, 14.00%, 4/30/21(4)	DOP	8,500		221,141
Dominican Republic International Bond, 14.50%, 2/10/23(4)	DOP	2,300		61,965
Dominican Republic International Bond, 14.50%, 2/10/23(1)	DOP	26,400		711,246
Dominican Republic International Bond, 15.95%, 6/4/21(4)	DOP	17,000		504,991
Dominican Republic International Bond, 18.50%, 2/4/28(4)	DOP	1,000		32,724
Dominican Republic International Bond, 18.50%, 2/4/28(1)	DOP	52,700		1,724,579
Total Dominican Republic			$	4,307,593
Ecuador — 1.3%
Republic of Ecuador, 7.95%, 6/20/24(4)	USD	5,640	$	5,950,200
Total Ecuador			$	5,950,200
Fiji — 0.4%
Republic of Fiji, 9.00%, 3/15/16	USD	1,737	$	1,792,809
Total Fiji			$	1,792,809
Finland — 0.3%
Municipality Finance PLC, 0.50%, 12/6/16	TRY	2,961	$	1,130,942
Total Finland			$	1,130,942
Hungary — 2.5%
Hungary Government Bond, 5.50%, 2/12/16	HUF	1,100,000	$	4,915,037
Hungary Government Bond, 6.50%, 6/24/19(5)	HUF	274,340		1,307,709
Hungary Government Bond, 6.75%, 11/24/17(5)	HUF	1,123,980		5,321,562
Total Hungary			$	11,544,308
Indonesia — 7.7%
Indonesia Government Bond, 7.00%, 5/15/27	IDR	31,377,000	$	2,432,503
Indonesia Government Bond, 7.875%, 4/15/19	IDR	56,433,000		4,884,117
Indonesia Government Bond, 8.25%, 7/15/21	IDR	4,730,000		415,066
Indonesia Government Bond, 8.25%, 6/15/32	IDR	30,296,000		2,538,741
Indonesia Government Bond, 8.375%, 3/15/24	IDR	41,346,000		3,668,553
Indonesia Government Bond, 8.375%, 9/15/26	IDR	14,100,000		1,222,932
Indonesia Government Bond, 9.50%, 7/15/23	IDR	35,245,000		3,305,471
Indonesia Government Bond, 9.50%, 7/15/31	IDR	63,823,000		5,967,471
Indonesia Government Bond, 9.50%, 5/15/41	IDR	5,702,000		527,549
Indonesia Government Bond, 10.00%, 9/15/24	IDR	22,100,000		2,147,874
Indonesia Government Bond, 10.00%, 2/15/28	IDR	8,560,000		830,541
Indonesia Government Bond, 10.25%, 7/15/27	IDR	22,325,000		2,211,368
Indonesia Government Bond, 10.50%, 7/15/38	IDR	10,900,000		1,096,826
Indonesia Government Bond, 11.00%, 11/15/20	IDR	14,560,000		1,451,284
Indonesia Government Bond, 11.50%, 9/15/19	IDR	25,200,000		2,511,293
Total Indonesia			$	35,211,589
Iraq — 0.2%
Republic of Iraq, 5.80%, 1/15/28(1)	USD	1,250	$	1,121,875
Total Iraq			$	1,121,875
Jordan — 2.1%
Jordan Government Bond, 7.387%, 8/30/14	JOD	800	$	1,134,438
Kingdom of Jordan, 3.875%, 11/12/15(1)	USD	8,300		8,372,625
Total Jordan			$	9,507,063
Kenya — 0.4%
Kenya Treasury Bond, 11.855%, 5/22/17	KES	172,850	$	2,013,124
Total Kenya			$	2,013,124
Lebanon — 1.1%
Lebanese Republic, 4.10%, 6/12/15(1)	USD	400	$	403,906
Lebanese Republic, 8.50%, 1/19/16(1)	USD	4,065		4,359,712
Lebanon Treasury Bill, 0.00%, 7/23/15	LBP	373,300		234,695
Lebanon Treasury Note, 8.38%, 8/28/14	LBP	326,560		216,494
Total Lebanon			$	5,214,807

2

Security	Principal Amount (000’s omitted)		Value
Macedonia — 1.6%
Republic of Macedonia, 3.975%, 7/24/21(4)	EUR	5,480	$	7,327,841
Total Macedonia			$	7,327,841
Malaysia — 3.2%
Malaysia Government Bond, 3.394%, 3/15/17	MYR	14,591	$	4,558,500
Malaysia Government Bond, 3.502%, 5/31/27	MYR	4,125		1,201,622
Malaysia Government Bond, 4.16%, 7/15/21	MYR	8,297		2,655,640
Malaysia Government Bond, 4.181%, 7/15/24	MYR	12,100		3,877,732
Malaysia Government Bond, 4.392%, 4/15/26	MYR	4,047		1,304,957
Malaysia Government Bond, 4.498%, 4/15/30	MYR	3,480		1,125,032
Total Malaysia			$	14,723,483
Mexico — 3.5%
Mexican Bonos, 4.75%, 6/14/18	MXN	46,060	$	3,506,549
Mexican Bonos, 7.25%, 12/15/16	MXN	20,800		1,705,526
Mexican Bonos, 8.00%, 6/11/20	MXN	15,748		1,369,832
Mexican Bonos, 8.50%, 5/31/29	MXN	39,000		3,560,255
Mexican Bonos, 8.50%, 11/18/38	MXN	36,100		3,288,243
Mexican Bonos, 10.00%, 11/20/36	MXN	22,074		2,300,067
Total Mexico			$	15,730,472
Montenegro — 0.2%
Republic of Montenegro, 5.375%, 5/20/19(4)	EUR	760	$	1,059,997
Total Montenegro			$	1,059,997
Netherlands — 0.2%
Republic of Mozambique, 6.305%, 9/11/20(1)	USD	793	$	802,706
Total Netherlands			$	802,706
Pakistan — 0.5%
Islamic Republic of Pakistan, 7.25%, 4/15/19(4)	USD	1,075	$	1,123,375
Islamic Republic of Pakistan, 8.25%, 4/15/24(4)	USD	995		1,064,849
Total Pakistan			$	2,188,224
Peru — 1.3%
Republic of Peru, 6.90%, 8/12/37	PEN	2,700	$	1,023,879
Republic of Peru, 6.90%, 8/12/37(1)	PEN	4,730		1,795,002
Republic of Peru, 7.84%, 8/12/20	PEN	1,782		738,554
Republic of Peru, 8.20%, 8/12/26	PEN	5,775		2,550,505
Total Peru			$	6,107,940
Philippines — 2.3%
Republic of the Philippines, 4.95%, 1/15/21	PHP	90,000	$	2,245,779
Republic of the Philippines, 6.25%, 1/14/36	PHP	286,000		7,205,986
Republic of the Philippines, 9.125%, 9/4/16	PHP	29,510		769,643
Total Philippines			$	10,221,408
Romania — 1.6%
Romania Government Bond, 5.75%, 1/27/16	RON	7,820	$	2,492,670
Romania Government Bond, 5.90%, 7/26/17	RON	9,800		3,225,142
Romania Government Bond, 6.00%, 4/30/15	RON	1,510		471,338
Romania Government Bond, 6.00%, 4/30/16(5)	RON	3,000		968,126
Romania Government Bond, 6.25%, 10/25/14	RON	560		171,021
Total Romania			$	7,328,297
Russia — 8.1%
Russia Foreign Bond, 3.625%, 4/29/15(1)	USD	4,900	$	4,979,625
Russia Foreign Bond, 7.85%, 3/10/18(1)	RUB	250,000		6,724,277
Russia Foreign Bond, 7.85%, 3/10/18(4)	RUB	430,000		11,565,756
Russia Government Bond, 7.00%, 8/16/23	RUB	126,860		3,103,261
Russia Government Bond, 7.40%, 6/14/17	RUB	103,974		2,784,610
Russia Government Bond, 7.50%, 3/15/18	RUB	102,246		2,721,504
Russia Government Bond, 7.60%, 4/14/21	RUB	150,035		3,871,736

3

Security	Principal Amount (000’s omitted)		Value
Russia Government Bond, 8.15%, 2/3/27	RUB	46,345	$	1,201,795
Total Russia			$	36,952,564
Rwanda — 0.1%
Republic of Rwanda, 6.625%, 5/2/23(4)	USD	230	$	241,500
Total Rwanda			$	241,500
Serbia — 5.1%
Serbia Treasury Bond, 4.50%, 6/2/17	EUR	1,485	$	1,986,741
Serbia Treasury Bond, 10.00%, 4/4/15	RSD	46,780		542,182
Serbia Treasury Bond, 10.00%, 4/27/15	RSD	109,590		1,272,741
Serbia Treasury Bond, 10.00%, 12/12/15	RSD	454,900		5,285,915
Serbia Treasury Bond, 10.00%, 1/30/16	RSD	75,400		875,856
Serbia Treasury Bond, 10.00%, 2/21/16	RSD	96,150		1,116,368
Serbia Treasury Bond, 10.00%, 5/22/16	RSD	700,500		8,127,008
Serbia Treasury Bond, 10.00%, 6/12/16	RSD	169,090		1,961,169
Serbia Treasury Bond, 10.00%, 5/8/17	RSD	105,310		1,203,751
Serbia Treasury Bond, 10.00%, 6/5/21	RSD	87,280		905,807
Total Serbia			$	23,277,538
Slovenia — 1.8%
Republic of Slovenia, 4.125%, 1/26/20(1)	EUR	826	$	1,218,044
Republic of Slovenia, 4.375%, 1/18/21(1)	EUR	1,123		1,683,602
Republic of Slovenia, 4.625%, 9/9/24(1)	EUR	640		967,004
Republic of Slovenia, 5.85%, 5/10/23(4)	USD	3,739		4,187,680
Total Slovenia			$	8,056,330
South Africa — 2.6%
Republic of South Africa, 6.25%, 3/31/36	ZAR	64,175	$	4,469,628
Republic of South Africa, 6.75%, 3/31/21	ZAR	45,745		4,027,659
Republic of South Africa, 7.00%, 2/28/31	ZAR	25,285		2,001,526
Republic of South Africa, 10.50%, 12/21/26	ZAR	13,176		1,435,641
Total South Africa			$	11,934,454
Sri Lanka — 1.1%
Republic of Sri Lanka, 5.875%, 7/25/22(1)	USD	800	$	834,000
Republic of Sri Lanka, 7.40%, 1/22/15(4)	USD	100		103,000
Sri Lanka Government Bond, 7.50%, 8/15/18	LKR	101,810		782,479
Sri Lanka Government Bond, 8.50%, 11/1/15	LKR	155,110		1,213,944
Sri Lanka Government Bond, 8.50%, 2/1/18	LKR	235,540		1,869,792
Sri Lanka Government Bond, 8.50%, 4/1/18	LKR	29,410		233,764
Total Sri Lanka			$	5,036,979
Tanzania — 0.9%
United Republic of Tanzania, 6.332%, 3/9/20(1)(6)	USD	3,783	$	4,076,183
Total Tanzania			$	4,076,183
Thailand — 2.1%
Kingdom of Thailand, 3.85%, 12/12/25	THB	62,668	$	1,991,984
Kingdom of Thailand, 3.875%, 6/13/19	THB	132,066		4,257,676
Kingdom of Thailand, 5.67%, 3/13/28	THB	92,500		3,481,814
Total Thailand			$	9,731,474
Turkey — 3.4%
Turkey Government Bond, 6.30%, 2/14/18	TRY	7,829	$	3,437,153
Turkey Government Bond, 9.00%, 1/27/16	TRY	5,100		2,411,004
Turkey Government Bond, 9.00%, 3/8/17	TRY	4,455		2,116,479
Turkey Government Bond, 9.50%, 1/12/22	TRY	2,858		1,395,732
Turkey Government Bond, 10.40%, 3/27/19	TRY	2,300		1,153,327
Turkey Government Bond, 10.50%, 1/15/20	TRY	9,342		4,736,917
Total Turkey			$	15,250,612

4

Security	Principal Amount (000’s omitted)		Value
Uganda — 0.5%
Uganda Government Bond, 14.125%, 12/1/16	UGX	3,099,700	$	1,200,460
Uganda Government Bond, 14.625%, 11/1/18	UGX	2,818,800		1,114,211
Total Uganda			$	2,314,671
Uruguay — 0.9%
Monetary Regulation Bill, 0.00%, 3/26/15(3)	UYU	39,670	$	1,645,188
Monetary Regulation Bill, 0.00%, 7/2/15(3)	UYU	21,512		880,797
Monetary Regulation Bill, 0.00%, 8/20/15	UYU	4,080		152,573
Monetary Regulation Bill, 0.00%, 4/21/16(3)	UYU	12,634		497,308
Monetary Regulation Bill, 0.00%, 4/21/16	UYU	1,069		36,932
Monetary Regulation Bill, 0.00%, 7/28/16	UYU	6,755		226,426
Republic of Uruguay, 5.00%, 9/14/18(3)	UYU	2,980		140,135
Uruguay Notas Del Tesoro, 10.25%, 8/22/15	UYU	8,206		339,919
Total Uruguay			$	3,919,278
Venezuela — 1.7%
Bolivarian Republic of Venezuela, 5.75%, 2/26/16(1)	USD	8,034	$	7,572,045
Total Venezuela			$	7,572,045
Vietnam — 1.8%
Republic of Vietnam, 7.00%, 7/15/16	VND	92,157,600	$	4,486,629
Republic of Vietnam, 7.20%, 10/31/15	VND	50,000,000		2,423,705
Republic of Vietnam, 12.15%, 1/16/17	VND	20,000,000		1,084,970
Total Vietnam			$	7,995,304
Zambia — 0.7%
Republic of Zambia, 8.50%, 4/14/24(4)	USD	2,630	$	2,987,798
Total Zambia			$	2,987,798
Total Foreign Government Bonds (identified cost $377,826,129)			$	357,390,053
Foreign Corporate Bonds — 1.8%
Security	Principal Amount (000’s omitted)		Value
Azerbaijan — 0.1%
International Bank of Azerbaijan OJSC Via Rubrika Finance Co., Ltd., 6.17%, 5/10/17(1)(6)	USD	400	$	394,000
Total Azerbaijan			$	394,000
Colombia — 0.1%
Emgesa SA ESP, 8.75%, 1/25/21(1)	COP	697,000	$	399,592
Total Colombia			$	399,592
Georgia — 0.2%
Bank of Georgia JSC, 7.75%, 7/5/17(1)	USD	908	$	978,370
Total Georgia			$	978,370
Mexico — 0.2%
America Movil SAB de CV, 6.00%, 6/9/19	MXN	6,000	$	460,733
Petroleos Mexicanos, 7.19%, 9/12/24(4)	MXN	2,300		178,279
Petroleos Mexicanos, 7.65%, 11/24/21	MXN	5,900		483,372
Total Mexico			$	1,122,384
Netherlands — 0.1%
Rabobank Nederland, 0.50%, 11/26/21	ZAR	9,400	$	462,286
Total Netherlands			$	462,286
South Korea — 0.1%
Export-Import Bank of Korea, 0.50%, 1/25/17	TRY	880	$	324,770
Total South Korea			$	324,770

5

Security	Principal Amount (000’s omitted)		Value
Supranational — 0.7%
African Development Bank, 0.50%, 10/26/21	ZAR	9,300	$	472,469
Asian Development Bank, 6.64%, 6/18/15	TRY	440		201,325
International Bank for Reconstruction & Development, 3.40%, 4/15/17(3)	UYU	40,422		1,778,644
International Finance Corp., 4.45%, 2/26/16	RUB	11,600		298,365
International Finance Corp., 4.50%, 3/29/16	RUB	12,800		328,097
Total Supranational			$	3,078,900
Sweden — 0.3%
Svensk Exportkredit AB, 0.50%, 6/26/15	TRY	2,550	$	1,111,181
Svensk Exportkredit AB, 0.50%, 2/27/17	IDR	400,000		27,909
Svensk Exportkredit AB, 5.15%, 1/30/17(1)	RUB	12,100		304,501
Total Sweden			$	1,443,591
Total Foreign Corporate Bonds (identified cost $8,155,446)			$	8,203,893

Currency Put Options Purchased — 0.0%(2)
Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Russian Ruble	Credit Suisse International	RUB	632,926	RUB	37.85		10/27/14	$	183,256
Yuan Renminbi	Goldman Sachs International	CNY	9,463	CNY	6.35		9/30/14		241
Yuan Renminbi	JPMorgan Chase Bank	CNY	8,777	CNY	6.35		9/30/14		157
Yuan Renminbi Offshore	Citibank NA	CNH	18,240	CNH	6.35		10/6/14		1,089
Total Currency Put Options Purchased (identified cost $636,114)								$	184,743

Short-Term Investments — 17.0%
Foreign Government Securities — 12.4%
Security	Principal Amount (000’s omitted)		Value
Brazil — 0.2%
Letra Tesouro Nacional Bill, 0.00%, 7/1/15	BRL	2,577	$	1,032,633
Total Brazil			$	1,032,633
Georgia — 1.0%
Bank of Georgia Promissory Note, 4.00%, 1/8/15	USD	4,734	$	4,782,164
Total Georgia			$	4,782,164
Kenya — 0.4%
Kenya Treasury Bill, 0.00%, 12/15/14	KES	125,300	$	1,379,780
Kenya Treasury Bill, 0.00%, 4/13/15	KES	55,300		588,805
Total Kenya			$	1,968,585
Lebanon — 4.7%
Lebanon Treasury Bill, 0.00%, 10/9/14	LBP	364,200	$	238,898
Lebanon Treasury Bill, 0.00%, 10/16/14	LBP	521,000		341,464
Lebanon Treasury Bill, 0.00%, 10/23/14	LBP	693,800		454,335
Lebanon Treasury Bill, 0.00%, 11/6/14	LBP	217,010		141,857
Lebanon Treasury Bill, 0.00%, 11/20/14	LBP	655,700		427,790

6

Security	Principal Amount (000’s omitted)		Value
Lebanon Treasury Bill, 0.00%, 12/4/14	LBP	9,880,600	$	6,433,339
Lebanon Treasury Bill, 0.00%, 1/1/15	LBP	556,900		361,075
Lebanon Treasury Bill, 0.00%, 1/15/15	LBP	1,808,000		1,169,657
Lebanon Treasury Bill, 0.00%, 4/16/15	LBP	369,400		235,765
Lebanon Treasury Bill, 0.00%, 7/9/15	LBP	273,900		172,582
Lebanon Treasury Note, 5.94%, 3/5/15	LBP	8,778,970		5,836,339
Lebanon Treasury Note, 7.84%, 12/4/14	LBP	8,170,730		5,456,565
Total Lebanon			$	21,269,666
Nigeria — 1.8%
Nigeria Treasury Bill, 0.00%, 11/6/14	NGN	784,300	$	4,716,764
Nigeria Treasury Bill, 0.00%, 12/4/14	NGN	560,200		3,343,285
Total Nigeria			$	8,060,049
Philippines — 0.0%(3)
Philippine Treasury Bill, 0.00%, 8/6/14	PHP	8,910	$	204,885
Total Philippines			$	204,885
Sri Lanka — 3.6%
Republic of Sri Lanka, 7.40%, 1/22/15(1)	USD	4,000	$	4,105,000
Sri Lanka Treasury Bill, 0.00%, 10/3/14	LKR	63,570		483,044
Sri Lanka Treasury Bill, 0.00%, 10/31/14	LKR	202,990		1,535,170
Sri Lanka Treasury Bill, 0.00%, 11/7/14	LKR	8,920		67,377
Sri Lanka Treasury Bill, 0.00%, 12/26/14	LKR	130,030		973,353
Sri Lanka Treasury Bill, 0.00%, 1/9/15	LKR	128,850		962,197
Sri Lanka Treasury Bill, 0.00%, 2/20/15	LKR	6,040		44,775
Sri Lanka Treasury Bill, 0.00%, 2/27/15	LKR	666,910		4,937,075
Sri Lanka Treasury Bill, 0.00%, 3/6/15	LKR	187,710		1,387,720
Sri Lanka Treasury Bill, 0.00%, 3/13/15	LKR	6,700		49,470
Sri Lanka Treasury Bill, 0.00%, 3/27/15	LKR	162,550		1,197,203
Sri Lanka Treasury Bill, 0.00%, 4/10/15	LKR	55,790		409,873
Sri Lanka Treasury Bill, 0.00%, 6/26/15	LKR	49,890		361,534
Total Sri Lanka			$	16,513,791
Uganda — 0.2%
Uganda Treasury Bill, 0.00%, 11/27/14	UGX	1,207,800	$	445,681
Uganda Treasury Bill, 0.00%, 12/26/14	UGX	336,000		122,905
Uganda Treasury Bill, 0.00%, 1/22/15	UGX	336,000		121,887
Total Uganda			$	690,473
Uruguay — 0.1%
Monetary Regulation Bill, 0.00%, 10/3/14	UYU	4,400	$	185,785
Monetary Regulation Bill, 0.00%, 10/15/14	UYU	417		17,513
Monetary Regulation Bill, 0.00%, 1/16/15	UYU	3,100		125,809
Monetary Regulation Bill, 0.00%, 2/20/15(3)	UYU	5,134		214,065
Total Uruguay			$	543,172
Vietnam — 0.1%
Vietnam Treasury Bill, 0.00%, 7/21/15	VND	8,263,000	$	389,586
Total Vietnam			$	389,586
Zambia — 0.3%
Zambia Treasury Bill, 0.00%, 9/8/14	ZMW	290	$	46,937
Zambia Treasury Bill, 0.00%, 9/22/14	ZMW	2,800		451,721
Zambia Treasury Bill, 0.00%, 6/15/15	ZMW	4,890		672,270
Total Zambia			$	1,170,928
Total Foreign Government Securities (identified cost $56,588,047)			$	56,625,932

7

U.S. Treasury Obligations — 0.4%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 10/9/14(7)	$	1,600	$	1,599,984
Total U.S. Treasury Obligations (identified cost $1,599,917)			$	1,599,984
Repurchase Agreements — 2.2%
Description	Principal Amount (000’s omitted)		Value
JPMorgan Chase Bank:
Dated 5/21/2014 with an interest rate of 2.50%, collateralized by RON 2,910,000 Romanian Government Bond 5.75%, due 4/29/2020 and a market value, including accrued interest, of $988,577.(8)	RON	3,155	$	954,044
Dated 7/25/2014 with an interest rate of 2.30%, collateralized by HUF 277,600,000 Hungary Government Bond 5.50%, due 6/24/25 and a market value, including accrued interest, of $1,311,452.(8)	HUF	309,555		1,320,599
Dated 7/31/2014 with an interest rate of 1.80%, collateralized by HUF 1,217,560,000 Hungary Government Bond 5.50%, due 6/24/25 and a market value, including accrued interest, of $5,752,059.(8)	HUF	1,301,569		5,552,650
Nomura International PLC:
Dated 7/7/14 with a maturity date of 8/8/14, an interest rate of 0.05% payable by the Portfolio and repurchase proceeds of EUR 1,520,373, collateralized by EUR 1,500,000 Bundesrepublik Deutschland 0.50%, due 4/7/17 and a market value, including accrued interest, of $2,035,458.	EUR	1,520		2,035,940
Total Repurchase Agreements (identified cost $9,944,814)			$	9,863,233
Other — 2.0%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(9)	$	9,073	$	9,072,891
Total Other (identified cost $9,072,891)			$	9,072,891
Total Short-Term Investments (identified cost $77,205,669)			$	77,162,040
Total Investments — 97.4% (identified cost $463,823,358)			$	442,940,729

8

Currency Put Options Written — (0.0)%⁽²⁾

Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Yuan Renminbi	Goldman Sachs International	CNY	9,463	CNY	6.35		9/30/14	$	(241	)
Yuan Renminbi	Goldman Sachs International	CNY	8,777	CNY	6.35		9/30/14		(158	)
Yuan Renminbi Offshore	Citibank NA	CNH	18,240	CNH	6.35		10/6/14		(1,089	)
Total Currency Put Options Written (premiums received $18,958)								$	(1,488	)
Other Assets, Less Liabilities — 2.6%								$	11,967,989
Net Assets — 100.0%								$	454,907,230

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

BAM	-	Bosnia - Herzegovina Convertible Mark
BDT	-	Bangladesh Taka
BRL	-	Brazilian Real
CNH	-	Yuan Renminbi Offshore
CNY	-	Yuan Renminbi
COP	-	Colombian Peso
CRC	-	Costa Rican Colon
DOP	-	Dominican Peso
EUR	-	Euro
HUF	-	Hungarian Forint
IDR	-	Indonesian Rupiah
JOD	-	Jordanian Dinar
KES	-	Kenyan Shilling
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
NGN	-	Nigerian Naira
PEN	-	Peruvian New Sol
PHP	-	Philippine Peso
RON	-	Romanian Leu
RSD	-	Serbian Dinar
RUB	-	Russian Ruble
THB	-	Thai Baht
TRY	-	New Turkish Lira
UGX	-	Ugandan Shilling
USD	-	United States Dollar

9

UYU	-	Uruguayan Peso
VND	-	Vietnamese Dong
ZAR	-	South African Rand
ZMW	-	Zambian Kwacha

(1) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2014, the aggregate value of these securities is $61,249,821 or 13.5% of the Portfolio’s net assets.

(2) Amount is less than 0.05% or (0.05)%, as applicable.

(3) 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.

(4) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $41,470,293 or 9.1% of the Portfolio’s net assets.

(5) Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

(6) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(7) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts and/or securities sold short.

(8) Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

(9) 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $15,110.

Securities Sold Short — (0.4)%
Foreign Government Bonds — (0.4)%
Security	Principal Amount (000’s omitted)			Value
Germany — (0.4)%
Bundesrepublik Deutschland, 0.50%, 4/7/17	EUR	(1,500	)	$	(2,032,266	)
Total Germany				$	(2,032,266	)
Total Foreign Government Bonds (proceeds $1,830,393)				$	(2,032,266	)
Total Securities Sold Short (proceeds $1,830,393)				$	(2,032,266	)

EUR - Euro

Basis for Consolidation

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance EMLIP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at July 31, 2014 were $5,730,660 or 1.3% of the Portfolio’s consolidated net assets. The Consolidated Portfolio of Investments includes positions of the Portfolio and the Subsidiary.

10

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/5/14	Euro 3,635,840	Romanian Leu 16,264,928	Bank of America	$	50,325	$	—		$	50,325
8/5/14	New Turkish Lira 558,155	United States Dollar 258,815	Goldman Sachs International		—		(1,438	)		(1,438	)
8/8/14	New Turkish Lira 10,759,000	United States Dollar 5,022,238	Deutsche Bank		8,873		—			8,873
8/8/14	New Turkish Lira 21,450,000	United States Dollar 10,015,376	Standard Chartered Bank		20,332		—			20,332
8/8/14	Thai Baht 24,290,000	United States Dollar 745,778	Goldman Sachs International		—		(10,542	)		(10,542	)
8/8/14	United States Dollar 8,927,730	New Turkish Lira 19,198,191	Morgan Stanley & Co. International PLC		18,039		—			18,039
8/8/14	United States Dollar 1,230,998	New Turkish Lira 2,644,306	Standard Chartered Bank		1,168		—			1,168
8/8/14	United States Dollar 15,145,545	New Turkish Lira 32,426,611	Standard Chartered Bank		—		(35,737	)		(35,737	)
8/8/14	United States Dollar 738,747	Thai Baht 24,290,000	Goldman Sachs International		17,573		—			17,573
8/12/14	United States Dollar 152,658	Indian Rupee 9,307,000	Deutsche Bank		706		—			706
8/12/14	United States Dollar 175,468	Indian Rupee 10,695,000	Goldman Sachs International		768		—			768
8/12/14	United States Dollar 8,913,484	Indian Rupee 530,798,000	Standard Chartered Bank		—		(166,815	)		(166,815	)
8/12/14	United States Dollar 10,201,333	Mexican Peso 133,158,000	Standard Chartered Bank		—		(134,860	)		(134,860	)
8/12/14	United States Dollar 19,433,736	Mexican Peso 253,668,562	Standard Chartered Bank		—		(256,912	)		(256,912	)
8/13/14	Euro 8,426,547	United States Dollar 11,609,633	Standard Chartered Bank		325,746		—			325,746
8/13/14	Euro 5,639,467	United States Dollar 7,728,833	Standard Chartered Bank		177,091		—			177,091
8/13/14	Euro 1,479,069	United States Dollar 2,016,746	Standard Chartered Bank		36,143		—			36,143
8/13/14	Euro 701,693	United States Dollar 957,157	Standard Chartered Bank		17,528		—			17,528
8/18/14	Euro 3,401,973	Polish Zloty 14,144,980	BNP Paribas		—		(26,439	)		(26,439	)
8/18/14	Euro 3,112,863	Polish Zloty 12,942,897	Citibank NA		—		(24,192	)		(24,192	)
8/18/14	Euro 2,722,791	United States Dollar 3,734,866	Goldman Sachs International		88,752		—			88,752
8/18/14	Thai Baht 339,621,129	United States Dollar 10,366,945	Goldman Sachs International		—		(202,907	)		(202,907	)
8/18/14	United States Dollar 10,774,555	Euro 7,854,863	Goldman Sachs International		—		(256,038	)		(256,038	)
8/18/14	United States Dollar 2,887,207	Hungarian Forint 649,148,000	Deutsche Bank		—		(119,425	)		(119,425	)
8/18/14	United States Dollar 10,278,154	Hungarian Forint 2,289,692,054	JPMorgan Chase Bank		—		(515,562	)		(515,562	)
8/18/14	United States Dollar 13,741,209	Thai Baht 450,162,000	Goldman Sachs International		268,950		—			268,950
8/20/14	Euro 755,942	United States Dollar 1,036,061	JPMorgan Chase Bank		23,766		—			23,766

11

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/20/14	Indonesian Rupiah 1,791,351,000	United States Dollar 150,978	Deutsche Bank	$	—	$	(1,597	)	$	(1,597	)
8/20/14	Indonesian Rupiah 20,598,080,000	United States Dollar 1,746,340	Standard Chartered Bank		—		(8,061	)		(8,061	)
8/20/14	United States Dollar 1,769,747	Indonesian Rupiah 20,598,080,000	Standard Chartered Bank		—		(15,346	)		(15,346	)
8/22/14	Russian Ruble 139,193,607	United States Dollar 3,947,523	Deutsche Bank		63,499		—			63,499
8/22/14	Thai Baht 40,305,000	United States Dollar 1,227,314	Standard Chartered Bank		—		(26,842	)		(26,842	)
8/22/14	United States Dollar 3,744,773	Thai Baht 122,978,358	Standard Chartered Bank		81,900		—			81,900
8/26/14	United States Dollar 2,029,702	Euro 1,485,025	Goldman Sachs International		—		(41,042	)		(41,042	)
8/27/14	Argentine Peso 10,370,000	United States Dollar 1,185,143	Bank of America		—		(39,863	)		(39,863	)
8/27/14	Argentine Peso 8,781,000	United States Dollar 987,739	Bank of America		—		(49,559	)		(49,559	)
8/27/14	Euro 2,838,544	United States Dollar 3,893,106	Goldman Sachs International		91,879		—			91,879
8/27/14	United States Dollar 2,026,561	Argentine Peso 19,151,000	Bank of America		235,742		—			235,742
8/27/14	United States Dollar 6,288,180	Malaysian Ringgit 20,290,700	Nomura International PLC		29,069		—			29,069
8/28/14	United States Dollar 1,706,088	Indian Rupee 102,280,000	Bank of America		—		(29,702	)		(29,702	)
8/28/14	United States Dollar 812,912	Indian Rupee 48,630,000	BNP Paribas		—		(15,858	)		(15,858	)
8/28/14	United States Dollar 841,998	Indian Rupee 50,370,000	JPMorgan Chase Bank		—		(16,425	)		(16,425	)
8/28/14	United States Dollar 893,192	Indian Rupee 53,437,000	Standard Chartered Bank		—		(17,351	)		(17,351	)
9/3/14	United States Dollar 3,715,079	Brazilian Real 8,353,354	Bank of America		—		(65,462	)		(65,462	)
9/3/14	United States Dollar 26,697,269	Brazilian Real 60,063,515	Standard Chartered Bank		—		(455,259	)		(455,259	)
9/3/14	United States Dollar 4,648,045	Brazilian Real 10,400,000	State Street Bank and Trust Co.		—		(104,240	)		(104,240	)
9/8/14	Argentine Peso 19,342,000	United States Dollar 2,151,502	Bank of America		—		(99,302	)		(99,302	)
9/8/14	South African Rand 5,082,267	United States Dollar 471,067	Citibank NA		—		(181	)		(181	)
9/8/14	South African Rand 5,170,055	United States Dollar 479,204	Citibank NA		—		(184	)		(184	)
9/8/14	United States Dollar 2,040,295	Argentine Peso 19,342,000	Bank of America		210,508		—			210,508
9/8/14	United States Dollar 10,229,810	South African Rand 110,978,095	Goldman Sachs International		60,517		—			60,517
9/9/14	Zambian Kwacha 283,000	United States Dollar 47,324	Standard Chartered Bank		2,128		—			2,128
9/10/14	Euro 2,867,912	United States Dollar 3,909,853	Deutsche Bank		69,127		—			69,127
9/15/14	Euro 213,871	Hungarian Forint 66,506,493	Goldman Sachs International		—		(3,167	)		(3,167	)
9/16/14	United States Dollar 640,012	Zambian Kwacha 4,194,000	Barclays Bank PLC		26,963		—			26,963
9/23/14	United States Dollar 627,294	Zambian Kwacha 3,999,000	Barclays Bank PLC		6,001		—			6,001
9/23/14	Zambian Kwacha 1,455,000	United States Dollar 244,538	Barclays Bank PLC		14,119		—			14,119

12

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
9/23/14	Zambian Kwacha 1,278,000	United States Dollar 209,852	Barclays Bank PLC	$	7,464	$	—		$	7,464
9/29/14	United States Dollar 600,547	Peruvian New Sol 1,700,569	BNP Paribas		2,649		—			2,649
9/29/14	United States Dollar 572,793	Peruvian New Sol 1,620,431	Morgan Stanley & Co. International PLC		1,978		—			1,978
9/30/14	United States Dollar 123,171	Azerbaijani Manat 101,000	Standard Bank		5,328		—			5,328
9/30/14	United States Dollar 11,038,941	Malaysian Ringgit 35,690,000	Australia and New Zealand Banking Group Limited		37,579		—			37,579
9/30/14	United States Dollar 17,011,537	Malaysian Ringgit 55,000,000	Barclays Bank PLC		57,910		—			57,910
10/2/14	Euro 8,429,378	United States Dollar 11,488,694	Morgan Stanley & Co. International PLC		199,206		—			199,206
10/8/14	Euro 2,500,437	United States Dollar 3,399,044	Bank of America		50,131		—			50,131
10/8/14	United States Dollar 10,171,203	South African Rand 110,978,000	Standard Chartered Bank		67,701		—			67,701
10/9/14	United States Dollar 246,626	Azerbaijani Manat 201,000	VTB Capital PLC		8,030		—			8,030
10/9/14	United States Dollar 245,549	Azerbaijani Manat 200,000	VTB Capital PLC		7,840		—			7,840
10/14/14	Colombian Peso 9,412,566,940	United States Dollar 5,004,023	Citibank NA		26,200		—			26,200
10/16/14	Euro 3,253,139	Polish Zloty 13,549,000	BNP Paribas		—		(34,741	)		(34,741	)
10/16/14	Euro 3,040,561	Polish Zloty 12,665,000	JPMorgan Chase Bank		—		(32,034	)		(32,034	)
10/17/14	United States Dollar 349,519	Kazakhstani Tenge 57,758,000	Citibank NA		—		(38,088	)		(38,088	)
10/17/14	United States Dollar 394,270	Kazakhstani Tenge 65,094,000	Citibank NA		—		(43,284	)		(43,284	)
10/20/14	United States Dollar 278,619	Kazakhstani Tenge 46,000,000	Deutsche Bank		—		(30,719	)		(30,719	)
10/20/14	United States Dollar 22,873,577	Polish Zloty 70,283,023	BNP Paribas		—		(457,147	)		(457,147	)
10/22/14	Euro 1,644,000	United States Dollar 2,240,821	Australia and New Zealand Banking Group Limited		38,834		—			38,834
10/22/14	Indonesian Rupiah 35,587,056,000	United States Dollar 3,009,476	BNP Paribas		46,111		—			46,111
10/22/14	United States Dollar 3,009,476	Indonesian Rupiah 35,587,056,000	BNP Paribas		—		(46,111	)		(46,111	)
10/23/14	United States Dollar 182,094	Kazakhstani Tenge 30,000,000	JPMorgan Chase Bank		—		(20,506	)		(20,506	)
10/27/14	United States Dollar 257,654	Kazakhstani Tenge 42,500,000	HSBC Bank USA		—		(28,898	)		(28,898	)
10/28/14	Russian Ruble 302,560,000	United States Dollar 8,000,000	Barclays Bank PLC		—		(274,603	)		(274,603	)
10/28/14	United States Dollar 602,353	Mexican Peso 7,940,000	BNP Paribas		—		(5,390	)		(5,390	)
10/28/14	United States Dollar 7,982,692	Russian Ruble 302,560,000	Credit Suisse International		291,911		—			291,911
10/29/14	Euro 5,390,402	United States Dollar 7,289,818	Goldman Sachs International		69,660		—			69,660
11/12/14	United States Dollar 265,038	Kazakhstani Tenge 43,400,000	Deutsche Bank		—		(32,086	)		(32,086	)

13

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
11/14/14	United States Dollar 5,000,000	Armenian Dram 2,166,700,000	VTB Capital PLC	$	305,993	$	—		$	305,993
11/14/14	United States Dollar 3,000,000	Armenian Dram 1,300,020,000	VTB Capital PLC		183,596		—			183,596
12/30/14	United States Dollar 1,023,113	Uruguayan Peso 24,125,000	Citibank NA		—		(23,883	)		(23,883	)
1/2/15	Euro 1,476,499	United States Dollar 2,009,220	Goldman Sachs International		30,986		—			30,986
1/8/15	United States Dollar 11,516,194	Kazakhstani Tenge 1,900,172,000	Citibank NA		—		(1,415,160	)		(1,415,160	)
1/12/15	United States Dollar 307,009	Ugandan Shilling 839,670,000	Citibank NA		2,051		—			2,051
1/12/15	United States Dollar 188,969	Ugandan Shilling 515,885,000	Standard Chartered Bank		914		—			914
1/16/15	United States Dollar 723,128	Uruguayan Peso 17,290,000	Citibank NA		—		(10,955	)		(10,955	)
1/20/15	United States Dollar 440,639	Ugandan Shilling 1,200,300,000	Barclays Bank PLC		306		—			306
1/23/15	United States Dollar 205,697	Ugandan Shilling 556,000,000	Citibank NA		—		(1,592	)		(1,592	)
1/23/15	United States Dollar 723,122	Uruguayan Peso 17,326,000	Citibank NA		—		(11,086	)		(11,086	)
1/29/15	United States Dollar 365,177	Ugandan Shilling 982,325,000	Barclays Bank PLC		—		(5,090	)		(5,090	)
2/6/15	United States Dollar 403,226	Uruguayan Peso 10,000,000	Citibank NA		5,886		—			5,886
2/13/15	United States Dollar 402,414	Uruguayan Peso 10,000,000	Citibank NA		5,795		—			5,795
2/27/15	United States Dollar 323,102	Uruguayan Peso 8,000,000	Citibank NA		2,032		—			2,032
3/13/15	Euro 188,402	Serbian Dinar 23,880,000	Citibank NA		10,218		—			10,218
3/31/15	Euro 729,190	Romanian Leu 3,250,000	BNP Paribas		—		(5,470	)		(5,470	)
3/31/15	United States Dollar 360,288	Uruguayan Peso 9,000,000	Citibank NA		1,853		—			1,853
3/31/15	United States Dollar 1,023,121	Uruguayan Peso 24,780,000	Citibank NA		—		(26,026	)		(26,026	)
4/30/15	United States Dollar 434,439	Uruguayan Peso 11,000,000	Citibank NA		4,093		—			4,093
6/11/15	United States Dollar 655,727	Zambian Kwacha 4,895,000	Standard Chartered Bank		28,075		—			28,075
6/12/15	United States Dollar 406,699	Zambian Kwacha 2,975,000	Citibank NA		8,701		—			8,701
6/12/15	United States Dollar 269,642	Zambian Kwacha 1,921,200	Citibank NA		—		(1,385	)		(1,385	)
6/12/15	United States Dollar 658,766	Zambian Kwacha 4,633,100	Citibank NA		—		(11,845	)		(11,845	)
6/17/15	United States Dollar 651,013	Zambian Kwacha 4,795,000	Standard Chartered Bank		16,990		—			16,990
6/18/15	United States Dollar 892,979	Zambian Kwacha 6,533,900	Standard Chartered Bank		16,861		—			16,861
6/18/15	United States Dollar 380,733	Zambian Kwacha 2,776,000	Standard Chartered Bank		5,823		—			5,823
6/23/15	United States Dollar 202,557	Uruguayan Peso 5,070,000	Citibank NA		—		(3,752	)		(3,752	)

14

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
6/25/15	United States Dollar 1,267,342	Zambian Kwacha 9,010,800	Barclays Bank PLC	$	—	$	(16,577	)	$	(16,577	)
7/24/15	United States Dollar 9,375,613	Azerbaijani Manat 7,643,000	Standard Bank		—		(12,634	)		(12,634	)
				$	3,495,917	$	(5,329,370	)	$	(1,833,453	)

Futures Contracts

Expiration Month/ Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
Commodity Futures
12/14	9 LME Copper	Long	$	1,636,875		$	1,599,863		$	(37,012	)
12/14	9 LME Copper	Short		(1,648,207	)		(1,599,863	)		48,344
Interest Rate Futures
9/14	130 Euro-Bobl	Short		(22,265,928	)		(22,346,203	)		(80,275	)
9/14	15 Euro-Bund	Short		(2,924,887	)		(2,972,491	)		(47,604	)
9/14	44 IMM 10-Year Interest Rate Swap	Long		4,215,226			4,200,886			(14,340	)
9/14	75 U.S. 2-Year Deliverable Interest Rate Swap	Short		(7,536,914	)		(7,526,953	)		9,961
9/14	38 U.S. 5-Year Deliverable Interest Rate Swap	Short		(3,860,886	)		(3,853,437	)		7,449
9/14	121 U.S. 10-Year Deliverable Interest Rate Swap	Short		(12,580,212	)		(12,663,406	)		(83,194	)
									$	(196,671	)

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.

LME: London Metal Exchange

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Termination Date		Net  Unrealized Appreciation (Depreciation)
CME	MXN	67,771	Pays	Mexico Interbank TIIE 28 Days		6.08	%		6/27/24	$	(28,064	)
LCH.Clearnet	HUF	319,000	Receives	6-month HUF BUBOR		4.57			11/14/18		(116,658	)
LCH.Clearnet	HUF	409,000	Receives	6-month HUF BUBOR		4.43			11/15/18		(138,440	)
LCH.Clearnet	PLN	16,000	Pays	6-month PLN WIBOR		3.44			5/9/19		136,610
LCH.Clearnet	PLN	21,430	Pays	6-month PLN WIBOR		3.25			6/5/19		117,673
										$	(28,879	)

HUF	-	Hungarian Forint
MXN	-	Mexican Peso
PLN	-	Polish Zloty

Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
Bank of America	BRL	27,769	Pays	Brazil CETIP Interbank Deposit Rate		13.10	%		1/2/23	$	1,526,408
Bank of America	MXN	26,000	Pays	Mexico Interbank TIIE 28 Day		6.46			9/24/20		100,430

15

Counterparty

Notional Amount (000’s omitted)

Portfolio Pays/Receives Floating Rate

Floating Rate Index

Annual Fixed Rate

Termination Date

Net Unrealized Appreciation (Depreciation)

Bank of America

PLN

10,700

Pays

6-month PLN WIBOR

4.88

%

9/14/14

$

122,014

Bank of America

PLN

1,553

Pays

6-month PLN WIBOR

4.34

7/30/17

24,202

Bank of America

PLN

1,553

Receives

6-month PLN WIBOR

3.35

7/30/17

(10,209

)

Bank of America

PLN

1,820

Pays

6-month PLN WIBOR

4.31

8/10/17

45,401

Bank of America

PLN

2,950

Pays

6-month PLN WIBOR

4.35

8/23/17

74,702

Bank of America

PLN

2,970

Pays

6-month PLN WIBOR

4.30

9/18/17

72,953

Bank of America

PLN

4,840

Pays

6-month PLN WIBOR

3.83

11/14/17

89,537

Bank of America

PLN

4,840

Receives

6-month PLN WIBOR

3.61

11/14/17

(76,058

)

Bank of America

PLN

5,470

Receives

6-month PLN WIBOR

3.52

11/16/17

(79,877

)

Bank of America

PLN

3,600

Pays

6-month PLN WIBOR

4.95

9/14/20

162,151

Bank of America

PLN

8,765

Pays

6-month PLN WIBOR

5.45

6/7/21

421,724

Bank of Nova Scotia

MXN

90,100

Pays

Mexico Interbank TIIE 28 Day

5.25

12/4/17

159,599

Barclays Bank PLC

MXN

48,400

Pays

Mexico Interbank TIIE 28 Day

7.11

5/21/21

301,207

Barclays Bank PLC

MYR

18,000

Pays

3-month MYR KLIBOR

3.70

10/19/15

(1,564

)

Barclays Bank PLC

MYR

21,700

Pays

3-month MYR KLIBOR

3.96

7/26/16

21,878

Barclays Bank PLC

MYR

10,000

Pays

3-month MYR KLIBOR

4.13

10/19/20

(9,284

)

Barclays Bank PLC

PLN

3,893

Pays

6-month PLN WIBOR

4.32

8/2/17

97,868

Barclays Bank PLC

PLN

2,200

Pays

6-month PLN WIBOR

4.35

8/27/17

55,578

Barclays Bank PLC

PLN

5,470

Pays

6-month PLN WIBOR

3.81

11/16/17

99,651

Barclays Bank PLC

PLN

9,170

Pays

6-month PLN WIBOR

3.82

11/19/17

168,806

Barclays Bank PLC

PLN

9,170

Receives

6-month PLN WIBOR

3.53

11/19/17

(134,939

)

Barclays Bank PLC

PLN

5,240

Pays

6-month PLN WIBOR

3.80

11/20/17

94,941

Barclays Bank PLC

PLN

2,300

Pays

6-month PLN WIBOR

5.36

7/30/20

94,166

Barclays Bank PLC

THB

143,000

Pays

6-month THBFIX

3.34

2/16/15

47,363

Barclays Bank PLC

THB

149,550

Pays

6-month THBFIX

3.21

10/4/20

24,143

BNP Paribas

PLN

3,946

Pays

6-month PLN WIBOR

4.25

8/7/17

95,497

BNP Paribas

PLN

3,946

Receives

6-month PLN WIBOR

3.60

8/7/17

(64,136

)

BNP Paribas

PLN

800

Pays

6-month PLN WIBOR

3.85

11/13/17

15,000

BNP Paribas

PLN

800

Receives

6-month PLN WIBOR

3.38

11/13/17

(10,399

)

16

Counterparty

Notional Amount (000’s omitted)

Portfolio Pays/Receives Floating Rate

Floating Rate Index

Annual Fixed Rate

Termination Date

Net Unrealized Appreciation (Depreciation)

BNP Paribas

ZAR

142,000

Pays

3-month ZAR JIBAR

5.88

%

12/4/17

$

(492,614

)

Citibank NA

BRL

27,651

Pays

Brazil CETIP Interbank Deposit Rate

10.38

1/4/16

(49,154

)

Citibank NA

PLN

2,983

Pays

6-month PLN WIBOR

4.33

7/30/17

46,419

Citibank NA

PLN

2,427

Pays

6-month PLN WIBOR

4.31

8/2/17

60,863

Citibank NA

PLN

1,780

Pays

6-month PLN WIBOR

4.30

8/10/17

44,182

Citibank NA

PLN

1,320

Pays

6-month PLN WIBOR

4.40

8/20/17

34,198

Citibank NA

PLN

1,700

Pays

6-month PLN WIBOR

3.81

11/13/17

31,038

Citibank NA

PLN

1,340

Pays

6-month PLN WIBOR

3.82

11/14/17

24,625

Citibank NA

PLN

3,980

Pays

6-month PLN WIBOR

3.82

11/19/17

72,825

Citibank NA

PLN

3,980

Receives

6-month PLN WIBOR

3.60

11/19/17

(62,093

)

Citibank NA

THB

69,000

Pays

6-month THBFIX

3.40

1/14/15

15,833

Credit Suisse International

MXN

42,000

Pays

Mexico Interbank TIIE 28 Day

6.24

7/31/15

97,208

Credit Suisse International

MYR

25,230

Pays

3-month MYR KLIBOR

3.43

4/4/18

(141,994

)

Credit Suisse International

PLN

1,670

Pays

6-month PLN WIBOR

4.40

8/20/17

43,266

Deutsche Bank

BRL

1,970

Pays

Brazil CETIP Interbank Deposit Rate

12.98

1/2/23

99,300

Deutsche Bank

MXN

85,500

Pays

Mexico Interbank TIIE 28 Day

6.38

6/17/16

314,457

Deutsche Bank

MYR

10,800

Pays

3-month MYR KLIBOR

4.38

11/23/20

41,021

Deutsche Bank

PLN

3,100

Pays

6-month PLN WIBOR

5.11

4/23/17

71,217

Deutsche Bank

PLN

1,764

Pays

6-month PLN WIBOR

4.34

7/30/17

27,571

Deutsche Bank

PLN

5,339

Pays

6-month PLN WIBOR

4.36

8/1/17

137,124

Deutsche Bank

PLN

2,880

Pays

6-month PLN WIBOR

4.28

8/6/17

70,750

Deutsche Bank

PLN

2,174

Pays

6-month PLN WIBOR

4.24

8/7/17

52,478

Deutsche Bank

PLN

1,550

Pays

6-month PLN WIBOR

4.33

8/17/17

38,660

Deutsche Bank

PLN

1,040

Pays

6-month PLN WIBOR

3.79

11/16/17

18,691

Deutsche Bank

PLN

1,040

Receives

6-month PLN WIBOR

3.60

11/16/17

(16,235

)

Goldman Sachs International

PLN

1,061

Pays

6-month PLN WIBOR

4.35

8/1/17

27,092

Goldman Sachs International

PLN

17,000

Pays

6-month PLN WIBOR

5.32

7/11/18

522,670

Goldman Sachs International

PLN

11,000

Pays

6-month PLN WIBOR

5.54

5/10/21

555,577

HSBC Bank USA

MXN

44,030

Pays

Mexico Interbank TIIE 28 Day

7.28

12/23/20

314,320

HSBC Bank USA

PLN

11,250

Pays

6-month PLN WIBOR

3.44

5/9/19

96,245

17

Counterparty

Notional Amount (000’s omitted)

Portfolio Pays/Receives Floating Rate

Floating Rate Index

Annual Fixed Rate

Termination Date

Net Unrealized Appreciation (Depreciation)

HSBC Bank USA

THB

94,300

Pays

6-month THBFIX

3.26

%

8/19/20

$

35,724

JPMorgan Chase Bank

BRL

11,100

Pays

Brazil CETIP Interbank Deposit Rate

9.19

1/2/17

(211,099

)

JPMorgan Chase Bank

MYR

27,300

Pays

3-month MYR KLIBOR

3.25

9/8/14

4,560

JPMorgan Chase Bank

MYR

4,750

Pays

3-month MYR KLIBOR

4.44

4/8/19

25,324

JPMorgan Chase Bank

PLN

1,210

Pays

6-month PLN WIBOR

4.33

8/17/17

30,180

JPMorgan Chase Bank

PLN

16,200

Pays

6-month PLN WIBOR

4.93

10/13/17

522,490

JPMorgan Chase Bank

PLN

9,900

Pays

6-month PLN WIBOR

4.91

10/11/18

362,751

JPMorgan Chase Bank

THB

108,000

Pays

6-month THBFIX

3.22

10/21/20

23,927

JPMorgan Chase Bank

ZAR

36,500

Pays

3-month ZAR JIBAR

9.05

10/12/15

110,487

Morgan Stanley & Co. International PLC

MXN

118,400

Pays

Mexico Interbank TIIE 28 Day

4.82

9/4/14

21,270

Morgan Stanley & Co. International PLC

MXN

29,200

Pays

Mexico Interbank TIIE 28 Day

7.95

12/3/31

286,457

Nomura International PLC

BRL

4,440

Pays

Brazil CETIP Interbank Deposit Rate

12.83

1/2/23

197,593

Nomura International PLC

BRL

10,506

Pays

Brazil CETIP Interbank Deposit Rate

12.90

1/2/23

495,646

Standard Bank

ZAR

62,500

Pays

3-month ZAR JIBAR

7.98

5/20/19

146,065

Standard Bank

ZAR

22,000

Pays

3-month ZAR JIBAR

7.93

6/2/21

21,210

$

7,696,878

BRL	-	Brazilian Real
MXN	-	Mexican Peso
MYR	-	Malaysian Ringgit
PLN	-	Polish Zloty
THB	-	Thai Baht
ZAR	-	South African Rand

Credit Default Swaps — Sell Protection

Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
Romania	BNP Paribas	$	280		1.00	%(1)		9/20/18		1.14	%	$	(1,210	)	$	8,609	$	7,399
Romania	Goldman Sachs International		310		1.00	(1)		9/20/18		1.14			(1,340	)		9,517		8,177
Russia	Deutsche Bank		4,800		1.00	(1)		3/20/19		2.30			(262,005	)		260,368		(1,637	)
South Africa	Bank of America		775		1.00	(1)		12/20/15		0.74			3,665			1,733		5,398
South Africa	Bank of America		525		1.00	(1)		12/20/15		0.74			2,483			1,230		3,713
South Africa	Bank of America		2,600		1.00	(1)		9/20/17		1.32			(22,358	)		53,500		31,142
South Africa	Bank of America		920		1.00	(1)		9/20/17		1.32			(7,911	)		9,871		1,960

18

Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
South Africa	Bank of America	$	680		1.00	%(1)		9/20/17		1.32	%	$	(5,848	)	$	6,504	$	656
South Africa	Bank of America		3,040		1.00	(1)		9/20/17		1.32			(26,142	)		24,559		(1,583	)
South Africa	Barclays Bank PLC		750		1.00	(1)		12/20/15		0.74			3,547			1,952		5,499
South Africa	Barclays Bank PLC		565		1.00	(1)		12/20/15		0.74			2,672			1,483		4,155
South Africa	Barclays Bank PLC		450		1.00	(1)		9/20/17		1.32			(3,870	)		7,183		3,313
South Africa	Barclays Bank PLC		431		1.00	(1)		9/20/17		1.32			(3,706	)		6,415		2,709
South Africa	BNP Paribas		1,140		1.00	(1)		9/20/17		1.32			(9,803	)		15,954		6,151
South Africa	BNP Paribas		750		1.00	(1)		9/20/17		1.32			(6,450	)		12,406		5,956
South Africa	Credit Suisse International		840		1.00	(1)		12/20/15		0.74			3,972			4,907		8,879
South Africa	Credit Suisse International		790		1.00	(1)		12/20/15		0.74			3,736			2,260		5,996
South Africa	Credit Suisse International		775		1.00	(1)		12/20/15		0.74			3,665			2,037		5,702
South Africa	Credit Suisse International		1,300		1.00	(1)		9/20/17		1.32			(11,179	)		28,983		17,804
South Africa	Deutsche Bank		500		1.00	(1)		9/20/15		0.60			2,846			2,712		5,558
South Africa	Deutsche Bank		610		1.00	(1)		12/20/15		0.74			2,885			1,601		4,486
South Africa	Deutsche Bank		2,000		1.00	(1)		9/20/17		1.32			(17,199	)		41,154		23,955
South Africa	Deutsche Bank		810		1.00	(1)		9/20/17		1.32			(6,965	)		18,513		11,548
South Africa	Goldman Sachs International		820		1.00	(1)		12/20/15		0.74			3,878			2,346		6,224
South Africa	Goldman Sachs International		815		1.00	(1)		12/20/15		0.74			3,855			2,245		6,100
South Africa	Goldman Sachs International		510		1.00	(1)		9/20/17		1.32			(4,386	)		11,074		6,688
South Africa	JPMorgan Chase Bank		1,500		1.00	(1)		9/20/15		0.60			8,539			4,955		13,494
South Africa	Nomura International PLC		5,000		1.00	(1)		9/20/17		1.32			(42,997	)		47,931		4,934
South Africa	Nomura International PLC		400		1.00	(1)		9/20/17		1.32			(3,440	)		4,903		1,463
Turkey	Bank of America		6,387		1.00	(1)		12/20/17		1.38			(73,558	)		102,752		29,194
Total		$	41,073									$	(464,624	)	$	699,657	$	235,033

Credit Default Swaps — Buy Protection

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Lebanon	Barclays Bank PLC	$	200		1.00	%(1)		12/20/14	$	(101	)	$	(1,190	)	$	(1,291	)
Lebanon	Citibank NA		250		3.30			9/20/14		(3,810	)		—			(3,810	)
Lebanon	Citibank NA		100		1.00	(1)		12/20/14		(51	)		(595	)		(646	)
Lebanon	Citibank NA		150		1.00	(1)		12/20/14		(77	)		(874	)		(951	)
Lebanon	Citibank NA		200		1.00	(1)		12/20/14		(102	)		(1,207	)		(1,309	)
Lebanon	Credit Suisse International		100		1.00	(1)		3/20/15		(9	)		(899	)		(908	)
Lebanon	Credit Suisse International		300		1.00	(1)		3/20/15		(28	)		(2,680	)		(2,708	)
Lebanon	Credit Suisse International		350		1.00	(1)		12/20/15		2,763			(8,250	)		(5,487	)
Lebanon	Credit Suisse International		840		1.00	(1)		12/20/15		6,631			(20,801	)		(14,170	)
Lebanon	Credit Suisse International		1,000		1.00	(1)		12/20/15		7,895			(23,625	)		(15,730	)
Lebanon	Deutsche Bank		100		1.00	(1)		3/20/15		(9	)		(830	)		(839	)
Lebanon	Deutsche Bank		865		1.00	(1)		12/20/15		6,829			(21,308	)		(14,479	)
Lebanon	Deutsche Bank		1,140		1.00	(1)		12/20/15		8,999			(27,966	)		(18,967	)
Lebanon	Goldman Sachs International		2,471		1.00	(1)		6/20/18		177,913			(259,050	)		(81,137	)

19

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Lebanon	Goldman Sachs International	$	215		5.00	%(1)		12/20/18	$	(16,873	)	$	10,650		$	(6,223	)
Lebanon	Goldman Sachs International		199		5.00	(1)		12/20/18		(15,617	)		9,117			(6,500	)
Lebanon	HSBC Bank USA		1,250		1.00	(1)		12/20/17		71,622			(120,650	)		(49,028	)
Russia	Bank of America		1,210		1.00	(1)		9/20/17		35,143			(28,474	)		6,669
Russia	Bank of America		2,220		1.00	(1)		9/20/17		64,477			(74,058	)		(9,581	)
Russia	Barclays Bank PLC		800		1.00	(1)		9/20/17		23,234			(28,448	)		(5,214	)
Russia	Citibank NA		730		1.00	(1)		9/20/17		21,202			(15,937	)		5,265
Russia	Credit Suisse International		1,330		1.00	(1)		9/20/17		38,628			(44,734	)		(6,106	)
Russia	Deutsche Bank		1,962		1.00	(1)		6/20/18		80,841			(27,356	)		53,485
Russia	Deutsche Bank		1,580		1.00	(1)		6/20/18		65,101			(21,761	)		43,340
Russia	JPMorgan Chase Bank		900		1.00	(1)		9/20/17		26,139			(19,655	)		6,484
Russia	JPMorgan Chase Bank		420		1.00	(1)		9/20/17		12,198			(9,290	)		2,908
Russia	JPMorgan Chase Bank		1,163		1.00	(1)		6/20/18		47,920			(15,833	)		32,087
Russia	JPMorgan Chase Bank		870		1.00	(1)		6/20/18		35,847			(12,157	)		23,690
Russia	JPMorgan Chase Bank		500		1.00	(1)		6/20/18		20,602			(6,305	)		14,297
Russia	Morgan Stanley & Co. International PLC		480		1.00	(1)		9/20/17		13,941			(10,755	)		3,186
South Africa	Bank of America		300		1.00	(1)		12/20/19		13,469			(7,497	)		5,972
South Africa	Bank of America		775		1.00	(1)		12/20/20		47,446			(19,072	)		28,374
South Africa	Bank of America		525		1.00	(1)		12/20/20		32,141			(14,172	)		17,969
South Africa	Barclays Bank PLC		300		1.00	(1)		12/20/19		13,469			(8,666	)		4,803
South Africa	Barclays Bank PLC		100		1.00	(1)		3/20/20		4,907			(2,252	)		2,655
South Africa	Barclays Bank PLC		750		1.00	(1)		12/20/20		45,915			(19,490	)		26,425
South Africa	Barclays Bank PLC		565		1.00	(1)		12/20/20		34,590			(13,853	)		20,737
South Africa	Citibank NA		150		1.00	(1)		12/20/19		6,734			(4,926	)		1,808
South Africa	Citibank NA		100		1.00	(1)		3/20/20		4,908			(3,515	)		1,393
South Africa	Credit Suisse International		100		1.00	(1)		3/20/20		4,908			(2,470	)		2,438
South Africa	Credit Suisse International		100		1.00	(1)		3/20/20		4,908			(3,005	)		1,903
South Africa	Credit Suisse International		775		1.00	(1)		12/20/20		47,446			(20,278	)		27,168
South Africa	Credit Suisse International		790		1.00	(1)		12/20/20		48,364			(21,722	)		26,642
South Africa	Credit Suisse International		840		1.00	(1)		12/20/20		51,425			(28,387	)		23,038
South Africa	Deutsche Bank		500		1.00	(1)		9/20/20		28,640			(17,454	)		11,186
South Africa	Deutsche Bank		610		1.00	(1)		12/20/20		37,345			(15,587	)		21,758
South Africa	Goldman Sachs International		815		1.00	(1)		12/20/20		49,894			(21,245	)		28,649
South Africa	Goldman Sachs International		820		1.00	(1)		12/20/20		50,200			(21,722	)		28,478
South Africa	JPMorgan Chase Bank		100		1.00	(1)		12/20/19		4,490			(3,425	)		1,065
South Africa	JPMorgan Chase Bank		100		1.00	(1)		12/20/19		4,490			(4,110	)		380
South Africa	JPMorgan Chase Bank		100		1.00	(1)		3/20/20		4,907			(2,426	)		2,481
South Africa	JPMorgan Chase Bank		100		1.00	(1)		3/20/20		4,907			(2,513	)		2,394
South Africa	JPMorgan Chase Bank		100		1.00	(1)		3/20/20		4,907			(3,473	)		1,434
Spain	Barclays Bank PLC		167		1.00	(1)		9/20/20		(1,876	)		(10,004	)		(11,880	)
Spain	Barclays Bank PLC		300		1.00	(1)		12/20/20		(3,010	)		(19,579	)		(22,589	)
Spain	Barclays Bank PLC		700		1.00	(1)		12/20/20		(7,023	)		(45,519	)		(52,542	)
Spain	Barclays Bank PLC		690		1.00	(1)		12/20/20		(6,922	)		(45,713	)		(52,635	)
Spain	Citibank NA		300		1.00	(1)		3/20/20		(4,114	)		(4,635	)		(8,749	)
Spain	Citibank NA		300		1.00	(1)		3/20/20		(4,115	)		(9,545	)		(13,660	)
Spain	Deutsche Bank		300		1.00	(1)		3/20/20		(4,114	)		(4,377	)		(8,491	)
Spain	Deutsche Bank		300		1.00	(1)		3/20/20		(4,114	)		(9,545	)		(13,659	)
Spain	Deutsche Bank		550		1.00	(1)		6/20/20		(6,855	)		(22,937	)		(29,792	)
Spain	Deutsche Bank		670		1.00	(1)		12/20/20		(6,722	)		(44,388	)		(51,110	)

20

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Spain	Deutsche Bank	$	3,265		1.00	%(1)		12/20/20	$	(32,756	)	$	(185,506	)	$	(218,262	)
Spain	Goldman Sachs International		193		1.00	(1)		9/20/20		(2,168	)		(11,808	)		(13,976	)
									$	1,197,869		$	(1,459,737	)	$	(261,868	)

* 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 July 31, 2014, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $41,073,000.

** 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.

Cross-Currency Swaps

Counterparty	Notional Amount on Floating Rate (Currency Received) (000’s omitted)*		Notional Amount on Fixed Rate (Currency Delivered) (000’s  omitted)*			Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation
Deutsche Bank	$	9,981		TRY	21,450	3-month USD- LIBOR-BBA		10.54	%		4/3/19	$	1,180,991
Deutsche Bank		5,062		TRY	10,759	3-month USD- LIBOR-BBA		8.86			7/14/24		6,507
												$	1,187,498

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 options activity for the fiscal year to date ended July 31, 2014 was as follows:

	Principal Amount of Contracts (000’s Omitted)			Principal Amount of Contracts (000’s Omitted)			Principal Amount of Contracts (000’s Omitted)		Principal Amount of Contracts (000’s Omitted)		Premiums Received
Outstanding, beginning of period	INR	1,198,251		COP	—		CNH	—	CNY	—	$	324,746
Options written		566,662			3,195,079			18,240		18,240		58,494
Options expired		(1,764,913	)		(3,195,079	)		—		—		(364,282	)
Outstanding, end of period	INR	—		COP	—		CNH	18,240	CNY	18,240	$	18,958

CNH	-	Yuan Renminbi Offshore
CNY	-	Yuan Renminbi
COP	-	Colombian Peso
INR	-	Indian Rupee

21

At July 31, 2014, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative investments, including commodity futures contracts, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative investments are used to enhance total return and/or as a substitute for the purchase or sale of commodities.

Credit Risk: The Portfolio enters into credit default swap contracts to manage certain investment risks and/or to enhance total return.

Equity Price Risk: The Portfolio enters into equity futures contracts and total return swaps to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, options on currencies, total return swaps and cross currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates and/or to change the effective duration of its portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2014 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Commodity	Futures Contracts*	$	48,344	$	(37,012	)
Total		$	48,344	$	(37,012	)
Credit	Credit Default Swaps	$	1,364,078	$	(630,833	)
Total		$	1,364,078	$	(630,833	)
Foreign Exchange	Currency Options Purchased	$	184,743	$	—
Foreign Exchange	Currency Options Written		—		(1,488	)
Foreign Exchange	Forward Foreign Currency Exchange Contracts		3,495,917		(5,329,370	)
Total		$	3,680,660	$	(5,330,858	)
Interest Rate	Cross-Currency Swaps	$	1,187,498	$	—
Interest Rate	Futures Contracts*		17,410		(225,413	)
Interest Rate	Interest Rate Swaps		9,056,533		(1,359,655	)
Interest Rate	Interest Rate Swaps (centrally cleared)		254,283		(283,162	)
Total		$	10,515,724	$	(1,868,230	)

* Amount represents cumulative unrealized appreciation or (depreciation) on futures contracts and centrally cleared swap contracts in the Futures Contracts and Centrally Cleared Swaps tables above.

Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of July 31, 2014 were as follows:

Counterparty	Trade Date		Maturity Date(1)		Interest Rate Paid (Received)			Principal Amount		Value Including Accrued Interest
JPMorgan Chase Bank		5/21/14		Open		2.00	%	RON	3,154,500	$	957,830
JPMorgan Chase Bank		7/25/14		Open		1.80	%	HUF	309,555,000		1,320,796
JPMorgan Chase Bank		7/31/14		Open		1.50	%	HUF	1,301,568,840		5,552,650

HUF	-	Hungarian Forint
RON	-	Romanian Leu

22

(1) Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at July 31, 2014. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy at July 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	468,621,022
Gross unrealized appreciation	$	6,860,350
Gross unrealized depreciation		(32,540,643	)
Net unrealized depreciation	$	(25,680,293	)

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	357,390,053		$	—	$	357,390,053
Foreign Corporate Bonds		—			8,203,893			—		8,203,893
Currency Put Options Purchased		—			184,743			—		184,743
Short-Term Investments -
Foreign Government Securities		—			56,625,932			—		56,625,932
U.S. Treasury Obligations		—			1,599,984			—		1,599,984
Repurchase Agreements		—			9,863,233			—		9,863,233
Other		—			9,072,891			—		9,072,891
Total Investments	$	—		$	442,940,729		$	—	$	442,940,729
Forward Foreign Currency Exchange Contracts	$	—		$	3,495,917		$	—	$	3,495,917
Swap Contracts		—			11,862,392			—		11,862,392
Futures Contracts		65,754			—			—		65,754
Total	$	65,754		$	458,299,038		$	—	$	458,364,792
Liability Description
Currency Put Options Written	$	—		$	(1,488	)	$	—	$	(1,488	)
Securities Sold Short		—			(2,032,266	)		—		(2,032,266	)
Forward Foreign Currency Exchange Contracts		—			(5,329,370	)		—		(5,329,370	)
Swap Contracts		—			(2,273,650	)		—		(2,273,650	)
Futures Contracts		(262,425	)		—			—		(262,425	)
Total	$	(262,425	)	$	(9,636,774	)	$	—	$	(9,899,199	)

The Portfolio held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

Floating-Rate & High Income Fund

July 31, 2014 (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. The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At July 31, 2014, the Fund owned 14.0% of Eaton Vance Floating Rate Portfolio’s outstanding interests and 35.9% of High Income Opportunities Portfolio’s outstanding interests. The Fund’s Schedule of Investments at July 31, 2014 is set forth below.

Investments in Affiliated Portfolios	Value			% of Net Assets
Eaton Vance Floating Rate Portfolio (identified cost, $2,185,140,790)	$	2,161,538,143			84.9	%
High Income Opportunities Portfolio (identified cost, $376,961,111)		388,031,691			15.2
Total Investments in Affiliated Portfolios (identified cost $2,562,101,901)	$	2,549,569,834			100.1	%
Other Assets, Less Liabilities	$	(4,717,108	)		(0.1	)%
Net Assets	$	2,544,852,726			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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At July 31, 2014 and October 31, 2013, 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 Eaton Vance Floating Rate Portfolio’s Portfolio of Investments is included herein. A copy of the Form N-Q (containing a Portfolio of Investments) for High Income Opportunities Portfolio at July 31, 2014 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, D.C. (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

Floating-Rate Fund

July 31, 2014 (Unaudited)

Eaton Vance Floating-Rate Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Eaton Vance Floating Rate Portfolio (formerly, Floating Rate Portfolio) (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At July 31, 2014, the value of the Fund’s investment in the Portfolio was $13,152,517,720 and the Fund owned 85.2% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Eaton Vance

Floating Rate Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior Floating-Rate Interests — 91.7%⁽¹⁾

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.5%
Alliant Techsystems Inc.
Term Loan, 3.50%, Maturing November 1, 2020		1,186	$	1,187,157
Atlantic Aviation FBO Inc.
Term Loan, 3.25%, Maturing June 1, 2020		7,496		7,494,712
DAE Aviation Holdings, Inc.
Term Loan, 5.00%, Maturing November 2, 2018		4,197		4,221,791
Term Loan, 5.00%, Maturing November 2, 2018		9,258		9,312,774
Ducommun Incorporated
Term Loan, 4.75%, Maturing June 28, 2017		4,395		4,417,438
IAP Worldwide Services, Inc.
Revolving Loan, Maturing July 18, 2018(2)		5,347		5,346,553
Term Loan - Second Lien, 9.25%, Maturing July 18, 2019(3)		7,364		5,891,268
Silver II US Holdings, LLC
Term Loan, 4.00%, Maturing December 13, 2019		71,873		71,710,531
Transdigm, Inc.
Term Loan, 3.75%, Maturing February 28, 2020		86,795		86,392,052
Term Loan, 3.75%, Maturing June 4, 2021		34,900		34,603,350
			$	230,577,626
Automotive — 3.7%
Affinia Group Intermediate Holdings Inc.
Term Loan, 4.75%, Maturing April 27, 2020		18,044	$	18,133,774
Allison Transmission, Inc.
Term Loan, 3.75%, Maturing August 23, 2019		61,984		62,081,341
ASP HHI Acquisition Co., Inc.
Term Loan, 5.00%, Maturing October 5, 2018		42,490		42,742,565
Autoparts Holdings Limited
Term Loan, 6.50%, Maturing July 28, 2017		5,799		5,821,158
Chrysler Group LLC
Term Loan, 3.50%, Maturing May 24, 2017		34,967		35,021,117
Term Loan, 3.25%, Maturing December 31, 2018		44,314		44,183,211
CS Intermediate Holdco 2 LLC
Term Loan, 4.00%, Maturing April 4, 2021		16,950		16,928,812
Dayco Products, LLC
Term Loan, 5.25%, Maturing December 12, 2019		18,454		18,522,952
Federal-Mogul Holdings Corporation
Term Loan, 4.75%, Maturing April 15, 2021		73,262		73,316,559
Ford Motor Company
Revolving Loan, 0.25%, Maturing April 30, 2017(4)		1,213		1,158,512
Revolving Loan, 0.25%, Maturing April 30, 2019(4)		3,639		3,439,143
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 4.75%, Maturing April 30, 2019		76,025		76,690,219
INA Beteiligungsgesellschaft GmbH
Term Loan, 2.85%, Maturing April 22, 2016	EUR	5,296		7,145,068
Term Loan, 3.75%, Maturing May 15, 2020	EUR	958		1,293,849
Term Loan, 3.75%, Maturing May 15, 2020		13,775		13,807,523
Metaldyne, LLC
Term Loan, 4.25%, Maturing December 18, 2018		24,187		24,318,029
Term Loan, 4.75%, Maturing December 18, 2018	EUR	5,418		7,295,110

1

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Remy International, Inc.
Term Loan, 4.25%, Maturing March 5, 2020		5,182	$	5,188,830
TI Group Automotive Systems, LLC
Term Loan, 4.25%, Maturing July 1, 2021		14,925		14,957,656
Tower Automotive Holdings USA, LLC
Term Loan, 4.00%, Maturing April 23, 2020		21,641		21,573,187
UCI International, Inc.
Term Loan, 5.50%, Maturing July 26, 2017		7,310		7,334,769
Veyance Technologies, Inc.
Term Loan, 5.25%, Maturing September 8, 2017		48,985		49,084,619
Visteon Corporation
Term Loan, 3.50%, Maturing April 9, 2021		15,675		15,633,367
			$	565,671,370
Brokerage/Securities Dealers/Investment Houses — 0.1%
American Beacon Advisors, Inc.
Term Loan, 4.75%, Maturing November 22, 2019		8,356	$	8,439,137
			$	8,439,137
Building and Development — 1.1%
ABC Supply Co., Inc.
Term Loan, 3.50%, Maturing April 16, 2020		22,207	$	22,108,051
Capital Automotive L.P.
Term Loan, 4.00%, Maturing April 10, 2019		7,091		7,121,424
CPG International Inc.
Term Loan, 4.75%, Maturing September 30, 2020		16,035		16,055,137
Gates Global, Inc.
Term Loan, 4.25%, Maturing July 5, 2021		25,775		25,643,831
Ply Gem Industries, Inc.
Term Loan, 4.00%, Maturing February 1, 2021		13,944		13,852,965
Quikrete Holdings, Inc.
Term Loan, 4.00%, Maturing September 28, 2020		21,289		21,321,442
Term Loan - Second Lien, 7.00%, Maturing March 26, 2021		1,750		1,789,375
RE/MAX International, Inc.
Term Loan, 4.00%, Maturing July 31, 2020		19,439		19,451,474
Realogy Corporation
Term Loan, 4.40%, Maturing October 10, 2016		424		423,248
Term Loan, 3.75%, Maturing March 5, 2020		25,126		25,165,040
Summit Materials Companies I, LLC
Term Loan, 5.00%, Maturing January 30, 2019		8,366		8,395,172
WireCo WorldGroup, Inc.
Term Loan, 6.00%, Maturing February 15, 2017		6,642		6,702,964
			$	168,030,123
Business Equipment and Services — 8.2%
Acosta, Inc.
Term Loan, 4.25%, Maturing March 2, 2018		70,402	$	70,555,823
Allied Security Holdings, LLC
Term Loan, 3.25%, Maturing February 12, 2021(4)		1,587		1,582,219
Term Loan, 4.25%, Maturing February 12, 2021		4,266		4,253,046
Altisource Solutions S.a.r.l.
Term Loan, 5.75%, Maturing December 9, 2020		30,594		30,593,512
AVSC Holding Corp.
Term Loan, 4.50%, Maturing January 24, 2021		8,204		8,217,261
BakerCorp International, Inc.
Term Loan, 4.25%, Maturing February 14, 2020		20,926		20,624,751
Brickman Group Ltd. LLC
Term Loan, 4.00%, Maturing December 18, 2020		15,423		15,242,566
Brock Holdings III, Inc.
Term Loan, 6.00%, Maturing March 16, 2017		15,629		15,682,683

2

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
CCC Information Services, Inc.
Term Loan, 4.00%, Maturing December 20, 2019		17,502	$	17,505,210
Ceridian LLC
Term Loan, 4.41%, Maturing May 9, 2017		27,195		27,267,528
ClientLogic Corporation
Term Loan, 6.85%, Maturing January 30, 2017	EUR	2,912		3,840,411
Term Loan, 6.98%, Maturing January 30, 2017		9,682		9,754,967
Corporate Capital Trust, Inc.
Term Loan, 4.00%, Maturing May 15, 2019		18,130		18,163,555
CPM Acquisition Corp.
Term Loan, 6.25%, Maturing August 29, 2017		7,452		7,507,458
Crossmark Holdings, Inc.
Term Loan, 4.50%, Maturing December 20, 2019		40,410		40,258,212
Education Management LLC
Revolving Loan, 4.16%, Maturing June 1, 2015(4)		12,500		9,031,250
Term Loan, 4.25%, Maturing June 1, 2016		11,148		7,339,135
Term Loan, 8.25%, Maturing March 29, 2018		27,962		18,198,672
EIG Investors Corp.
Term Loan, 5.00%, Maturing November 9, 2019		59,410		59,707,061
Emdeon Business Services, LLC
Term Loan, 3.75%, Maturing November 2, 2018		35,763		35,776,073
Expert Global Solutions, Inc.
Term Loan, 8.50%, Maturing April 3, 2018		31,650		31,644,685
Extreme Reach, Inc.
Term Loan, 6.75%, Maturing February 10, 2020		14,688		14,890,150
Garda World Security Corporation
Term Loan, 4.00%, Maturing November 6, 2020		2,047		2,044,472
Term Loan, 4.00%, Maturing November 6, 2020		8,002		7,992,029
Term Loan, 4.75%, Maturing November 6, 2020	CAD	11,542		10,572,360
Genesys Telecom Holdings, U.S., Inc.
Term Loan, 4.00%, Maturing February 7, 2020		2,507		2,491,666
Genpact International, Inc.
Term Loan, 3.50%, Maturing August 30, 2019		33,384		33,550,460
IG Investment Holdings, LLC
Term Loan, 5.25%, Maturing October 31, 2019		17,162		17,279,966
IMS Health Incorporated
Term Loan, 3.50%, Maturing March 17, 2021		38,064		37,869,324
Term Loan, 3.75%, Maturing March 17, 2021	EUR	38,407		51,717,518
Information Resources, Inc.
Term Loan, 4.75%, Maturing September 30, 2020		22,506		22,595,206
ION Trading Technologies S.a.r.l.
Term Loan, 4.50%, Maturing June 10, 2021	EUR	22,350		30,111,079
Term Loan - Second Lien, 7.25%, Maturing May 15, 2022		5,500		5,526,356
KAR Auction Services, Inc.
Term Loan, 3.50%, Maturing March 11, 2021		32,874		32,848,061
Kronos Incorporated
Term Loan, 4.50%, Maturing October 30, 2019		66,080		66,410,505
Term Loan - Second Lien, 9.75%, Maturing April 30, 2020		20,494		21,249,513
Language Line, LLC
Term Loan, 6.25%, Maturing June 20, 2016		17,702		17,743,661
MCS AMS Sub-Holdings LLC
Term Loan, 7.00%, Maturing October 15, 2019		16,002		15,521,516
Monitronics International Inc.
Term Loan, 4.25%, Maturing March 23, 2018		25,781		25,800,763
National CineMedia, LLC
Term Loan, 2.91%, Maturing November 26, 2019		5,658		5,569,356
Nuance Communications, Inc.
Term Loan, 2.91%, Maturing August 7, 2019		6,930		6,860,700

3

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Quintiles Transnational Corp.
Term Loan, 3.75%, Maturing June 8, 2018		77,191	$	77,238,911
RCS Capital Corporation
Term Loan, 6.50%, Maturing April 29, 2019		20,375		20,744,297
Term Loan - Second Lien, 10.50%, Maturing April 29, 2021		1,500		1,539,375
Sensus USA Inc.
Term Loan, 4.75%, Maturing May 9, 2017		1,924		1,931,506
ServiceMaster Company
Term Loan, 4.25%, Maturing July 1, 2021		42,075		41,870,936
SunGard Data Systems, Inc.
Term Loan, 3.91%, Maturing February 28, 2017		13,776		13,827,718
Term Loan, 4.00%, Maturing March 8, 2020		86,355		86,651,296
TNS, Inc.
Term Loan, 5.00%, Maturing February 14, 2020		16,143		16,314,922
TransUnion, LLC
Term Loan, 4.00%, Maturing April 9, 2021		81,770		81,684,858
U.S. Security Holdings, Inc.
Term Loan, 6.00%, Maturing July 28, 2017		1,581		1,592,247
Term Loan, 6.00%, Maturing July 28, 2017		8,079		8,134,379
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.50%, Maturing February 21, 2019		5,826		5,833,533
Term Loan, 5.02%, Maturing February 21, 2019	CAD	4,938		4,539,683
West Corporation
Term Loan, 3.25%, Maturing June 30, 2018		29,698		29,469,784
			$	1,272,764,184
Cable and Satellite Television — 2.7%
Cequel Communications, LLC
Term Loan, 3.50%, Maturing February 14, 2019		31,843	$	31,710,534
Charter Communications Operating, LLC
Term Loan, 3.00%, Maturing July 1, 2020		20,889		20,451,647
Term Loan, 3.00%, Maturing January 3, 2021		17,784		17,427,176
Crown Media Holdings, Inc.
Term Loan, 4.00%, Maturing July 14, 2018		8,276		8,262,855
CSC Holdings, Inc.
Term Loan, 2.66%, Maturing April 17, 2020		7,541		7,416,959
ION Media Networks, Inc.
Term Loan, 5.00%, Maturing December 18, 2020		28,581		28,733,228
MCC Iowa LLC
Term Loan, 3.25%, Maturing January 29, 2021		14,350		14,284,060
Mediacom Illinois, LLC
Term Loan, 3.13%, Maturing October 23, 2017		10,091		10,103,440
Term Loan, Maturing June 13, 2021(2)		8,450		8,442,961
Numericable Group SA
Term Loan, Maturing April 23, 2020(2)	EUR	2,000		2,697,230
Numericable U.S. LLC
Term Loan, 4.50%, Maturing May 21, 2020		9,625		9,664,664
Term Loan, 4.50%, Maturing May 21, 2020		11,125		11,171,262
Sterling Entertainment Enterprises, LLC
Term Loan, 3.16%, Maturing December 28, 2017		11,344		11,006,598
UPC Financing Partnership
Term Loan, 3.85%, Maturing March 31, 2021	EUR	14,790		19,930,064
Term Loan, 3.25%, Maturing June 30, 2021		11,354		11,249,133
Virgin Media Bristol LLC
Term Loan, 3.50%, Maturing June 7, 2020		92,025		91,298,831
Virgin Media Investment Holdings Limited
Term Loan, 4.25%, Maturing June 30, 2023	GBP	10,575		17,950,998

4

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Ziggo B.V.
Term Loan, 0.00%, Maturing January 15, 2022(4)	EUR	594	$	792,003
Term Loan, 0.00%, Maturing January 15, 2022(4)	EUR	8,588		11,457,650
Term Loan, 0.00%, Maturing January 15, 2022(4)	EUR	12,150		16,209,670
Term Loan, 3.25%, Maturing January 15, 2022		11,009		10,836,361
Term Loan, 3.25%, Maturing January 15, 2022		17,084		16,815,710
Term Loan, 3.50%, Maturing January 15, 2022	EUR	633		844,804
Term Loan, 3.50%, Maturing January 15, 2022	EUR	6,787		9,055,239
Term Loan, 3.50%, Maturing January 15, 2022	EUR	10,824		14,440,863
Term Loan, Maturing January 15, 2022(2)		18,106		17,821,943
			$	420,075,883
Chemicals and Plastics — 4.0%
Allnex (Luxembourg) & Cy S.C.A.
Term Loan, 4.50%, Maturing October 3, 2019		10,366	$	10,392,323
Term Loan, 4.75%, Maturing October 4, 2019	EUR	6,410		8,615,209
Allnex USA, Inc.
Term Loan, 4.50%, Maturing October 3, 2019		5,379		5,392,077
Arysta LifeScience SPC, LLC
Term Loan, 4.50%, Maturing May 29, 2020		47,248		47,267,411
Axalta Coating Systems US Holdings Inc.
Term Loan, 4.00%, Maturing February 1, 2020		68,986		68,727,173
Term Loan, 4.25%, Maturing February 3, 2020	EUR	3,960		5,343,734
AZ Chem US Inc.
Term Loan, 4.50%, Maturing June 12, 2021		12,312		12,421,291
Chemtura Corporation
Term Loan, 3.50%, Maturing August 27, 2016		2,430		2,437,257
Emerald Performance Materials, LLC
Term Loan, Maturing August 1, 2021(2)		8,550		8,507,250
Huntsman International, LLC
Term Loan, 2.45%, Maturing June 30, 2016		276		275,350
Term Loan, Maturing October 15, 2020(2)		36,275		36,288,422
Ineos Finance PLC
Term Loan, 4.00%, Maturing May 4, 2018	EUR	18,458		24,899,408
Ineos US Finance LLC
Term Loan, 3.75%, Maturing May 4, 2018		78,727		78,453,194
Kronos Worldwide Inc.
Term Loan, 4.75%, Maturing February 18, 2020		8,254		8,311,061
MacDermid, Inc.
Term Loan, 4.00%, Maturing June 7, 2020		25,685		25,714,384
Minerals Technologies Inc.
Term Loan, 4.00%, Maturing May 9, 2021		38,400		38,591,693
Momentive Performance Materials USA Inc.
DIP Loan, 4.00%, Maturing April 15, 2015		4,850		4,869,642
OEP Pearl Dutch Acquisition B.V.
Term Loan, 6.50%, Maturing March 30, 2018		1,064		1,071,671
Omnova Solutions Inc.
Term Loan, 4.25%, Maturing May 31, 2018		9,833		9,888,631
OXEA Finance LLC
Term Loan, 4.25%, Maturing January 15, 2020		12,654		12,662,284
Term Loan - Second Lien, 8.25%, Maturing July 15, 2020		4,000		4,040,000
OXEA Finance S.a.r.l.
Term Loan, 4.50%, Maturing January 15, 2020	EUR	4,963		6,629,015
Polarpak Inc.
Term Loan, 4.50%, Maturing June 5, 2020		5,284		5,283,630
Term Loan, 5.52%, Maturing June 8, 2020	CAD	9,090		8,378,554
PQ Corporation
Term Loan, 4.00%, Maturing August 7, 2017		27,765		27,820,979

5

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Solenis International, LP
Term Loan, Maturing July 2, 2021(2)		5,200	$	5,162,082
Sonneborn LLC
Term Loan, 6.50%, Maturing March 30, 2018		6,028		6,072,800
Taminco Global Chemical Corporation
Term Loan, 3.50%, Maturing February 15, 2019	EUR	2,985		4,010,627
Tata Chemicals North America Inc.
Term Loan, 3.75%, Maturing August 7, 2020		19,800		19,768,815
Tronox Pigments (Netherlands) B.V.
Term Loan, 4.00%, Maturing March 19, 2020		45,289		45,349,976
Univar Inc.
Term Loan, 5.00%, Maturing June 30, 2017		65,485		65,648,568
WNA Holdings Inc.
Term Loan, 4.50%, Maturing June 7, 2020		2,747		2,747,360
			$	611,041,871
Conglomerates — 0.7%
Custom Sensors & Technologies, Inc.
Term Loan, Maturing May 30, 2021(2)		5,875	$	5,893,359
Deutsche Raststatten Holding GmbH
Term Loan, 3.41%, Maturing December 10, 2018	EUR	6,250		8,372,202
Term Loan, 3.66%, Maturing December 10, 2019	EUR	2,950		3,957,913
Financiere SPIE S.A.S.
Term Loan, 4.10%, Maturing August 30, 2018	EUR	1,478		1,986,757
Term Loan, 4.10%, Maturing August 30, 2018	EUR	5,867		7,887,420
RGIS Services, LLC
Term Loan, 5.50%, Maturing October 18, 2017		34,456		34,413,231
Spectrum Brands Europe GmbH
Term Loan, 3.75%, Maturing September 4, 2019	EUR	18,333		24,759,611
Spectrum Brands, Inc.
Term Loan, 3.50%, Maturing September 4, 2019		20,215		20,238,216
Term Loan, 5.03%, Maturing December 17, 2019	CAD	7,714		7,066,175
			$	114,574,884
Containers and Glass Products — 1.3%
Berry Plastics Holding Corporation
Term Loan, 3.50%, Maturing February 8, 2020		49,681	$	49,169,140
Term Loan, 3.75%, Maturing January 6, 2021		43,467		43,164,670
BWAY Holding Company, Inc.
Term Loan, 4.50%, Maturing August 7, 2017		30,166		30,288,188
Libbey Glass Inc.
Term Loan, 3.75%, Maturing April 9, 2021		7,875		7,845,469
Pelican Products, Inc.
Term Loan, 5.25%, Maturing March 20, 2020		2,547		2,562,415
Ranpak Corporation
Term Loan, 4.50%, Maturing April 23, 2019		5,714		5,743,066
Term Loan, 4.75%, Maturing April 23, 2019	EUR	2,857		3,854,035
Reynolds Group Holdings Inc.
Term Loan, 4.00%, Maturing December 1, 2018		49,174		49,140,193
TricorBraun, Inc.
Term Loan, 4.00%, Maturing May 3, 2018		3,475		3,483,983
			$	195,251,159
Cosmetics/Toiletries — 0.4%
Prestige Brands, Inc.
Term Loan, 3.75%, Maturing January 31, 2019		3,979	$	3,991,005
Revlon Consumer Products Corporation
Term Loan, 4.00%, Maturing October 8, 2019		27,462		27,534,939
Sun Products Corporation (The)
Term Loan, 5.50%, Maturing March 23, 2020		40,231		39,024,495
			$	70,550,439

6

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Drugs — 1.6%
Alkermes, Inc.
Term Loan, 3.50%, Maturing September 18, 2019		19,879	$	19,858,228
Auxilium Pharmaceuticals, Inc.
Term Loan, 6.25%, Maturing April 26, 2017		8,654		8,670,430
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 3.25%, Maturing February 28, 2021		7,357		7,338,171
Ikaria, Inc.
Term Loan, 5.00%, Maturing February 12, 2021		16,100		16,207,806
Par Pharmaceutical Companies, Inc.
Term Loan, 4.00%, Maturing September 30, 2019		36,599		36,579,007
Valeant Pharmaceuticals International, Inc.
Term Loan, 3.75%, Maturing February 13, 2019		22,274		22,274,147
Term Loan, 3.75%, Maturing December 11, 2019		41,979		41,989,644
Term Loan, 3.75%, Maturing August 5, 2020		51,936		51,896,439
VWR Funding, Inc.
Term Loan, 3.41%, Maturing April 3, 2017		37,528		37,559,470
Term Loan, 3.60%, Maturing April 3, 2017	EUR	2,955		3,971,740
			$	246,345,082
Ecological Services and Equipment — 0.5%
ADS Waste Holdings, Inc.
Term Loan, 3.75%, Maturing October 9, 2019		63,418	$	63,185,476
EnergySolutions, LLC
Term Loan, 6.75%, Maturing May 29, 2020		16,250		16,554,687
			$	79,740,163
Electronics/Electrical — 8.8%
Aeroflex Incorporated
Term Loan, 4.50%, Maturing November 11, 2019		22,693	$	22,782,530
Allflex Holdings III, Inc.
Term Loan, 4.25%, Maturing July 17, 2020		14,639		14,646,695
Answers Corporation
Term Loan, 6.50%, Maturing December 20, 2018		14,966		15,097,205
Attachmate Corporation
Term Loan, 7.25%, Maturing November 22, 2017		48,599		49,206,524
Term Loan - Second Lien, 11.00%, Maturing November 22, 2018		9,000		9,135,000
Avago Technologies Cayman Ltd.
Term Loan, 3.75%, Maturing May 6, 2021		109,400		109,314,230
Blue Coat Systems, Inc.
Term Loan, 4.00%, Maturing May 31, 2019		25,493		25,519,106
Term Loan - Second Lien, 9.50%, Maturing June 28, 2020		21,401		21,909,274
Campaign Monitor Finance Pty Limited
Term Loan, 6.25%, Maturing March 18, 2021		13,890		13,647,109
Cinedigm Digital Funding I, LLC
Term Loan, 3.75%, Maturing February 28, 2018		5,912		5,923,276
CompuCom Systems, Inc.
Term Loan, 4.25%, Maturing May 11, 2020		27,524		27,218,498
Dealertrack Technologies, Inc.
Term Loan, 3.50%, Maturing February 28, 2021		9,278		9,270,615
Dell Inc.
Term Loan, 4.50%, Maturing April 29, 2020		168,559		169,041,359
Term Loan, 4.75%, Maturing April 29, 2020	EUR	4,963		6,705,779
Eagle Parent, Inc.
Term Loan, 4.00%, Maturing May 16, 2018		36,182		36,231,483
Entegris, Inc.
Term Loan, 3.50%, Maturing April 30, 2021		9,500		9,432,711
Excelitas Technologies Corp.
Term Loan, 6.00%, Maturing October 30, 2020		18,117		18,223,090
Eze Castle Software Inc.
Term Loan, 4.00%, Maturing April 6, 2020		11,881		11,886,426

7

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
FIDJI Luxembourg (BC4) S.A.R.L.
Term Loan, 6.25%, Maturing December 24, 2020		14,936	$	15,085,297
Freescale Semiconductor, Inc.
Term Loan, 4.25%, Maturing February 28, 2020		11,135		11,094,746
Term Loan, 5.00%, Maturing January 15, 2021		6,944		6,963,302
Go Daddy Operating Company, LLC
Term Loan, 4.75%, Maturing May 13, 2021		61,723		61,602,134
Hyland Software, Inc.
Term Loan, 4.75%, Maturing February 19, 2021		11,188		11,255,457
Infor (US), Inc.
Term Loan, 3.75%, Maturing June 3, 2020		8,610		8,552,131
Term Loan, 3.75%, Maturing June 3, 2020		108,236		107,491,551
Term Loan, 4.00%, Maturing June 3, 2020	EUR	4,906		6,569,735
M/A-COM Technology Solutions Holdings, Inc.
Term Loan, 4.50%, Maturing May 7, 2021		9,900		9,986,625
Magic Newco LLC
Term Loan, 5.00%, Maturing December 12, 2018		58,502		58,946,792
MH Sub I, LLC
Term Loan, 2.00%, Maturing June 25, 2021(4)		1,515		1,518,729
Term Loan, 5.00%, Maturing July 8, 2021		13,935		13,972,306
Microsemi Corporation
Term Loan, 3.25%, Maturing February 19, 2020		17,337		17,272,089
NXP B.V.
Term Loan, 3.25%, Maturing January 11, 2020		36,102		35,882,181
Open Text Corporation
Term Loan, 3.25%, Maturing January 16, 2021		6,985		6,982,446
Renaissance Learning, Inc.
Term Loan, 4.50%, Maturing April 9, 2021		13,616		13,610,197
Term Loan - Second Lien, 8.00%, Maturing April 11, 2022		4,550		4,529,147
Rocket Software, Inc.
Term Loan, 5.75%, Maturing February 8, 2018		10,076		10,117,656
Term Loan - Second Lien, 10.25%, Maturing February 8, 2019		4,250		4,305,781
RP Crown Parent, LLC
Term Loan, 6.00%, Maturing December 21, 2018		113,300		113,848,703
Term Loan - Second Lien, 11.25%, Maturing December 20, 2019		11,350		11,423,775
Shield Finance Co. S.A.R.L.
Term Loan, 5.00%, Maturing January 29, 2021		15,137		15,196,975
Sirius Computer Solutions, Inc.
Term Loan, 7.00%, Maturing November 30, 2018		9,011		9,134,440
SkillSoft Corporation
Term Loan, 4.50%, Maturing April 28, 2021		28,150		28,132,406
Smart Technologies ULC
Term Loan, 10.50%, Maturing January 31, 2018		9,909		10,305,750
Sophia, L.P.
Term Loan, 4.00%, Maturing July 19, 2018		17,422		17,407,149
SumTotal Systems LLC
Term Loan, 6.25%, Maturing November 16, 2018		18,662		18,358,576
SunEdison Semiconductor B.V.
Term Loan, 6.50%, Maturing May 22, 2019		16,200		16,210,125
SurveyMonkey.com, LLC
Term Loan, 5.50%, Maturing February 5, 2019		14,691		14,838,201
Sybil Software LLC
Term Loan, 5.00%, Maturing March 20, 2020		18,318		18,356,282
Vantiv, LLC
Term Loan, 3.75%, Maturing May 12, 2021		15,650		15,728,250
Vertafore, Inc.
Term Loan, 4.25%, Maturing October 3, 2019		25,671		25,719,615

8

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Wall Street Systems Delaware, Inc.
Term Loan, 4.50%, Maturing April 30, 2021		28,050	$	28,067,531
Web.com Group, Inc.
Term Loan, 4.50%, Maturing October 27, 2017		19,369		19,490,020
Websense, Inc.
Term Loan, 4.50%, Maturing June 25, 2020		12,926		12,982,157
			$	1,356,129,167
Equipment Leasing — 0.5%
Delos Finance S.A.R.L.
Term Loan, 3.50%, Maturing March 6, 2021		47,925	$	47,916,421
Flying Fortress Inc.
Term Loan, 3.50%, Maturing June 30, 2017		33,604		33,614,685
			$	81,531,106
Financial Intermediaries — 3.9%
American Capital, Ltd.
Term Loan, 3.50%, Maturing August 22, 2017		9,919	$	9,918,750
Armor Holding II LLC
Term Loan, 5.75%, Maturing June 26, 2020		12,403		12,387,448
Term Loan - Second Lien, 10.25%, Maturing December 11, 2020		2,000		2,005,000
Citco Funding LLC
Term Loan, 4.25%, Maturing June 29, 2018		31,999		32,110,891
Clipper Acquisitions Corp.
Term Loan, 3.00%, Maturing February 6, 2020		17,773		17,699,420
First Data Corporation
Term Loan, 3.66%, Maturing March 24, 2017		5,000		4,988,395
Term Loan, 3.67%, Maturing March 23, 2018		41,018		40,650,078
Term Loan, 3.67%, Maturing September 24, 2018		41,428		41,057,293
Grosvenor Capital Management Holdings, LLP
Term Loan, 3.75%, Maturing January 4, 2021		34,825		34,661,775
Guggenheim Partners, LLC
Term Loan, 4.25%, Maturing July 22, 2020		37,184		37,207,253
Hamilton Lane Advisors, LLC
Term Loan, 4.00%, Maturing February 28, 2018		4,178		4,188,257
Harbourvest Partners, LLC
Term Loan, 3.25%, Maturing February 4, 2021		17,164		17,078,424
Home Loan Servicing Solutions, Ltd.
Term Loan, 4.50%, Maturing June 19, 2020		16,855		16,933,765
LPL Holdings, Inc.
Term Loan, 3.25%, Maturing March 29, 2019		22,671		22,653,849
MIP Delaware, LLC
Term Loan, 4.00%, Maturing March 9, 2020		9,071		9,105,162
Moneygram International, Inc
Term Loan, 4.25%, Maturing March 27, 2020		14,015		13,825,380
Nuveen Investments, Inc.
Term Loan, 4.16%, Maturing May 15, 2017		97,115		97,229,661
NXT Capital, Inc.
Term Loan, 6.25%, Maturing September 4, 2018		2,319		2,324,956
Term Loan, 6.25%, Maturing September 4, 2018		12,927		12,959,631
Ocwen Financial Corporation
Term Loan, 5.00%, Maturing February 15, 2018		46,276		46,472,817
Oz Management LP
Term Loan, 1.66%, Maturing November 15, 2016		26,638		25,684,715
Sesac Holdco II, LLC
Term Loan, 5.01%, Maturing February 8, 2019		7,127		7,162,239
Starwood Property Trust, Inc.
Term Loan, 3.50%, Maturing April 17, 2020		22,758		22,676,117

9

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Transfirst Holdings, Inc.
Term Loan, 4.00%, Maturing December 27, 2017		6,545	$	6,547,187
Walker & Dunlop, Inc.
Term Loan, 5.50%, Maturing December 11, 2020		12,164		12,346,333
Walter Investment Management Corp.
Term Loan, 4.75%, Maturing December 11, 2020		50,894		50,305,277
			$	600,180,073
Food Products — 4.4%
AdvancePierre Foods, Inc.
Term Loan, 5.75%, Maturing July 10, 2017		45,533	$	45,684,713
American Seafoods Group LLC
Term Loan, 4.50%, Maturing March 18, 2018		9,098		8,969,398
Autobar BV (Acorn 3 BV)
Term Loan, 5.95%, Maturing October 31, 2019	EUR	25,986		29,229,457
Big Heart Pet Brands
Term Loan, 3.50%, Maturing March 8, 2020		56,050		55,396,141
Blue Buffalo Company, Ltd.
Term Loan, 4.00%, Maturing August 8, 2019		28,521		28,592,371
Charger OpCo BV
Term Loan, Maturing May 29, 2021(2)		37,600		37,130,000
Term Loan, Maturing June 30, 2021(2)	EUR	12,525		16,521,522
Clearwater Seafoods Limited Partnership
Term Loan, 4.75%, Maturing June 24, 2019		10,222		10,306,928
CSM Bakery Solutions LLC
Term Loan, 4.75%, Maturing July 3, 2020		13,032		13,026,316
Del Monte Foods, Inc.
Term Loan, 4.25%, Maturing February 18, 2021		20,820		20,693,496
Diamond Foods, Inc.
Term Loan, 4.25%, Maturing August 20, 2018		12,239		12,241,046
Dole Food Company Inc.
Term Loan, 4.50%, Maturing November 1, 2018		23,053		23,071,986
H.J. Heinz Company
Term Loan, 3.50%, Maturing June 5, 2020		132,487		132,652,968
High Liner Foods Incorporated
Term Loan, 4.25%, Maturing April 24, 2021		15,359		15,359,000
JBS USA Holdings Inc.
Term Loan, 3.75%, Maturing May 25, 2018		37,088		36,902,934
Term Loan, 3.75%, Maturing September 18, 2020		27,840		27,743,578
NBTY, Inc.
Term Loan, 3.50%, Maturing October 1, 2017		100,070		100,057,533
Pinnacle Foods Finance LLC
Term Loan, 3.25%, Maturing April 29, 2020		12,133		12,058,559
Term Loan, 3.25%, Maturing April 29, 2020		38,714		38,474,416
Regentrealm Limited
Term Loan, 5.00%, Maturing July 29, 2020	GBP	9,603		16,324,101
			$	680,436,463
Food Service — 2.8%
Aramark Corporation
Term Loan, 3.73%, Maturing July 26, 2016		3,393	$	3,391,627
Term Loan, 3.73%, Maturing July 26, 2016		13,242		13,183,652
ARG IH Corporation
Term Loan, 5.00%, Maturing November 15, 2020		4,851		4,878,880
Buffets, Inc.
Term Loan, 0.11%, Maturing April 22, 2015(3)		898		898,479
Term Loan, 10.50%, Maturing July 18, 2017		2,522		2,547,157
Term Loan, 10.50%, Maturing July 19, 2017		1,388		1,401,375
Burger King Corporation
Term Loan, 3.75%, Maturing September 28, 2019		24,808		24,920,034

10

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
CEC Entertainment Concepts, L.P.
Term Loan, 4.25%, Maturing February 14, 2021		14,264	$	14,175,098
Centerplate, Inc.
Term Loan, 4.75%, Maturing November 26, 2019		9,775		9,786,850
Darling International Inc.
Term Loan, 3.25%, Maturing January 6, 2021		11,621		11,617,098
Term Loan, 3.50%, Maturing January 6, 2021	EUR	18,379		24,682,108
DineEquity, Inc.
Term Loan, 3.75%, Maturing October 19, 2017		2,785		2,795,893
Dunkin’ Brands, Inc.
Term Loan, 3.25%, Maturing February 7, 2021		66,058		65,082,329
Landry’s, Inc.
Term Loan, 4.00%, Maturing April 24, 2018		45,820		45,979,895
NPC International, Inc.
Term Loan, 4.00%, Maturing December 28, 2018		13,174		13,171,728
P.F. Chang’s China Bistro Inc.
Term Loan, 4.25%, Maturing July 2, 2019		9,083		8,919,891
Seminole Hard Rock Entertainment, Inc.
Term Loan, 3.50%, Maturing May 14, 2020		4,084		4,074,819
US Foods, Inc.
Term Loan, 4.50%, Maturing March 31, 2019		107,560		107,627,500
Weight Watchers International, Inc.
Term Loan, 4.00%, Maturing April 2, 2020		99,491		79,294,020
			$	438,428,433
Food/Drug Retailers — 2.3%
Albertson’s, Inc.
Term Loan, 4.75%, Maturing June 27, 2021		18,275	$	18,352,577
Albertson’s, LLC
Term Loan, 4.75%, Maturing March 21, 2019		40,685		40,942,562
Alliance Boots Holdings Limited
Term Loan, 3.56%, Maturing July 10, 2017	EUR	15,797		21,196,498
Term Loan, 3.98%, Maturing July 10, 2017	GBP	23,250		39,271,371
General Nutrition Centers, Inc.
Term Loan, 3.25%, Maturing March 4, 2019		74,376		73,911,046
Pantry, Inc. (The)
Term Loan, 4.75%, Maturing August 2, 2019		4,618		4,646,611
Rite Aid Corporation
Term Loan, 3.50%, Maturing February 21, 2020		73,919		73,826,149
Term Loan - Second Lien, 5.75%, Maturing August 21, 2020		32,500		33,182,500
Supervalu Inc.
Term Loan, 4.50%, Maturing March 21, 2019		53,025		53,028,731
			$	358,358,045
Forest Products — 0.1%
Expera Specialty Solutions, LLC
Term Loan, 7.50%, Maturing December 21, 2018		8,341	$	8,445,009
			$	8,445,009
Health Care — 9.4%
Akorn, Inc.
Term Loan, 4.50%, Maturing April 16, 2021		12,550	$	12,597,063
Term Loan, Maturing April 16, 2021(2)		6,700		6,725,125
Alere, Inc.
Term Loan, 4.25%, Maturing June 30, 2017		39,268		39,400,701
Alliance Healthcare Services, Inc.
Term Loan, 4.25%, Maturing June 3, 2019		31,831		31,851,005
Amneal Pharmaceuticals LLC
Term Loan, 4.75%, Maturing November 1, 2019		10,124		10,180,445
Amsurg Corp.
Term Loan, 3.75%, Maturing July 16, 2021		10,500		10,510,941

11

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Ardent Medical Services, Inc.
Term Loan, 6.75%, Maturing July 2, 2018		30,768	$	30,911,816
ATI Holdings, Inc.
Term Loan, 5.00%, Maturing December 20, 2019		9,461		9,567,586
Biomet Inc.
Term Loan, 3.66%, Maturing July 25, 2017		90,676		90,725,385
BioScrip, Inc.
Term Loan, 6.50%, Maturing July 31, 2020		2,892		2,931,730
Term Loan, 6.50%, Maturing July 31, 2020		4,820		4,886,217
CeramTec Acquisition Corporation
Term Loan, 4.25%, Maturing August 28, 2020		1,343		1,345,945
CHG Buyer Corporation
Term Loan, 4.25%, Maturing November 19, 2019		25,826		25,880,671
Community Health Systems, Inc.
Term Loan, 4.25%, Maturing January 27, 2021		108,610		109,017,597
Convatec Inc.
Term Loan, 4.00%, Maturing December 22, 2016		17,197		17,229,359
DaVita HealthCare Partners, Inc.
Term Loan, 3.50%, Maturing June 24, 2021		45,025		45,012,933
DJO Finance LLC
Term Loan, 4.25%, Maturing September 15, 2017		26,254		26,346,730
Drumm Investors LLC
Term Loan, 6.75%, Maturing May 4, 2018		9,609		9,629,677
Envision Healthcare Corporation
Term Loan, 4.00%, Maturing May 25, 2018		71,321		71,440,090
Faenza Acquisition GmbH
Term Loan, 4.25%, Maturing August 28, 2020		4,107		4,116,883
Term Loan, 4.75%, Maturing August 30, 2020	EUR	1,633		2,207,422
Term Loan, 4.75%, Maturing August 30, 2020	EUR	5,367		7,257,319
Term Loan, 4.25%, Maturing August 31, 2020		13,550		13,581,111
Generale De Sante
Term Loan, Maturing July 29, 2020(2)	EUR	5,000		6,720,358
Gentiva Health Services, Inc.
Term Loan, 6.50%, Maturing October 18, 2019		39,502		39,593,855
Grifols Worldwide Operations USA, Inc.
Term Loan, 3.16%, Maturing February 27, 2021		75,617		75,374,425
HCA, Inc.
Term Loan, 2.98%, Maturing May 1, 2018		23,509		23,511,246
Hologic Inc.
Term Loan, 3.25%, Maturing August 1, 2019		14,255		14,211,585
Iasis Healthcare LLC
Term Loan, 4.50%, Maturing May 3, 2018		22,374		22,454,113
inVentiv Health, Inc.
Term Loan, 7.75%, Maturing May 15, 2018		21,272		21,324,884
Term Loan, 7.76%, Maturing May 15, 2018		14,611		14,622,729
JLL/Delta Dutch Newco B.V.
Term Loan, 4.25%, Maturing March 11, 2021		20,775		20,645,156
Term Loan, 4.50%, Maturing March 11, 2021	EUR	2,075		2,786,779
Kindred Healthcare, Inc.
Term Loan, 4.00%, Maturing April 9, 2021		29,150		29,122,686
Kinetic Concepts, Inc.
Term Loan, 4.00%, Maturing May 4, 2018		69,174		69,248,165
LHP Hospital Group, Inc.
Term Loan, 9.00%, Maturing July 3, 2018		9,506		9,101,945
Mallinckrodt International Finance S.A.
Term Loan, 3.50%, Maturing March 19, 2021		27,032		26,930,879
MedAssets, Inc.
Term Loan, 4.00%, Maturing December 13, 2019		4,407		4,406,252

12

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Millennium Laboratories, Inc.
Term Loan, 5.25%, Maturing April 16, 2021		40,650	$	40,785,161
MMM Holdings, Inc.
Term Loan, 9.75%, Maturing December 12, 2017		12,303		12,410,375
MSO of Puerto Rico, Inc.
Term Loan, 9.75%, Maturing December 12, 2017		8,944		8,977,949
National Mentor Holdings, Inc.
Term Loan, 4.75%, Maturing January 31, 2021		11,247		11,298,357
Onex Carestream Finance LP
Term Loan, 5.00%, Maturing June 7, 2019		43,862		43,983,117
Opal Acquisition, Inc.
Term Loan, 5.00%, Maturing November 27, 2020		30,348		30,434,749
Ortho-Clinical Diagnostics, Inc.
Term Loan, 4.75%, Maturing June 30, 2021		56,550		56,608,925
Pharmaceutical Product Development LLC
Term Loan, 4.00%, Maturing December 5, 2018		79,956		80,127,075
PRA Holdings, Inc.
Term Loan, 4.50%, Maturing September 23, 2020		29,030		28,957,862
Radnet Management, Inc.
Term Loan, 4.27%, Maturing October 10, 2018		25,660		25,735,117
RegionalCare Hospital Partners, Inc.
Term Loan, 6.00%, Maturing April 19, 2019		8,400		8,439,379
Sage Products Holdings III, LLC
Term Loan, 4.25%, Maturing December 13, 2019		18,339		18,373,171
Salix Pharmaceuticals, Ltd.
Term Loan, 4.25%, Maturing January 2, 2020		15,913		16,004,915
Select Medical Corporation
Term Loan, 3.75%, Maturing June 1, 2018		21,728		21,727,600
Steward Health Care System LLC
Term Loan, 6.75%, Maturing April 12, 2020		16,206		16,105,097
TriZetto Corporation
Term Loan, 4.75%, Maturing May 2, 2018		31,247		31,384,034
Truven Health Analytics Inc.
Term Loan, 4.50%, Maturing June 6, 2019		17,981		17,946,954
U.S. Renal Care, Inc.
Term Loan, 4.25%, Maturing July 3, 2019		12,464		12,451,908
			$	1,445,160,553
Home Furnishings — 0.6%
Interline Brands, Inc.
Term Loan, 4.00%, Maturing March 17, 2021		4,638	$	4,617,117
Serta Simmons Holdings, LLC
Term Loan, 4.25%, Maturing October 1, 2019		49,286		49,371,750
Tempur-Pedic International Inc.
Term Loan, 3.50%, Maturing March 18, 2020		33,249		33,236,456
			$	87,225,323
Industrial Equipment — 2.6%
Alliance Laundry Systems LLC
Term Loan, 4.25%, Maturing December 10, 2018		6,518	$	6,555,039
Apex Tool Group, LLC
Term Loan, 4.50%, Maturing January 31, 2020		51,365		50,744,821
Doosan Infracore International, Inc.
Term Loan, 4.50%, Maturing May 28, 2021		21,225		21,339,785
Filtration Group Corporation
Term Loan, 4.50%, Maturing November 21, 2020		5,075		5,113,802
Gardner Denver, Inc.
Term Loan, 4.25%, Maturing July 30, 2020		30,759		30,655,263
Term Loan, 4.75%, Maturing July 30, 2020	EUR	6,529		8,813,324
Gemini HDPE LLC
Term Loan, Maturing August 4, 2021(2)		7,475		7,493,688

13

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Generac Power Systems, Inc.
Term Loan, 3.25%, Maturing May 31, 2020		18,838	$	18,689,131
Grede Holdings LLC
Term Loan, 4.75%, Maturing June 2, 2021		16,225		16,312,891
Husky Injection Molding Systems Ltd.
Term Loan, 4.25%, Maturing June 30, 2021		48,575		48,749,579
Manitowoc Company, Inc. (The)
Term Loan, 3.25%, Maturing January 3, 2021		3,915		3,924,928
Milacron LLC
Term Loan, 4.00%, Maturing March 30, 2020		24,455		24,447,611
Paladin Brands Holding, Inc.
Term Loan, 6.75%, Maturing August 16, 2019		14,043		14,130,401
Rexnord LLC
Term Loan, 4.00%, Maturing August 21, 2020		59,150		59,108,614
Signode Industrial Group US Inc.
Term Loan, 4.00%, Maturing May 1, 2021		26,375		26,281,580
Spansion LLC
Term Loan, 3.75%, Maturing December 19, 2019		14,876		14,863,205
STS Operating, Inc.
Term Loan, 4.75%, Maturing February 19, 2021		5,835		5,868,199
Tank Holding Corp.
Term Loan, 4.25%, Maturing July 9, 2019		14,980		14,975,365
Terex Corporation
Term Loan, 4.00%, Maturing April 28, 2017	EUR	5,631		7,596,952
Unifrax Corporation
Term Loan, 4.25%, Maturing November 28, 2018		3,939		3,940,004
Virtuoso US LLC
Term Loan, 4.75%, Maturing February 11, 2021		8,304		8,330,138
			$	397,934,320
Insurance — 2.7%
Alliant Holdings I, Inc.
Term Loan, 4.25%, Maturing December 20, 2019		22,037	$	22,087,569
AmWINS Group, LLC
Term Loan, 5.00%, Maturing September 6, 2019		6,751		6,770,200
Applied Systems, Inc.
Term Loan, 4.25%, Maturing January 25, 2021		13,375		13,366,909
Asurion LLC
Term Loan, 5.00%, Maturing May 24, 2019		152,774		153,642,499
Term Loan, 4.25%, Maturing July 8, 2020		19,082		19,052,443
Term Loan - Second Lien, 8.50%, Maturing March 3, 2021		20,075		20,752,531
CGSC of Delaware Holding Corporation
Term Loan, 5.00%, Maturing April 16, 2020		16,393		16,003,483
CNO Financial Group, Inc.
Term Loan, 3.75%, Maturing September 20, 2018		19,407		19,412,920
Cunningham Lindsey U.S. Inc.
Term Loan, 5.00%, Maturing December 10, 2019		27,479		27,414,087
Term Loan - Second Lien, 9.25%, Maturing June 10, 2020		4,700		4,709,546
Hub International Limited
Term Loan, 4.25%, Maturing October 2, 2020		57,603		57,526,001
USI, Inc.
Term Loan, 4.25%, Maturing December 27, 2019		59,410		59,496,244
			$	420,234,432
Leisure Goods/Activities/Movies — 3.9%
Activision Blizzard, Inc.
Term Loan, 3.25%, Maturing October 12, 2020		39,803	$	39,803,437
Amaya Holdings B.V.
Term Loan, Maturing August 1, 2021(2)		45,425		45,020,445
Term Loan - Second Lien, Maturing August 1, 2022(2)		12,200		12,357,587
AMC Entertainment, Inc.
Term Loan, 3.50%, Maturing April 30, 2020		36,340		36,302,969

14

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Bally Technologies, Inc.
Term Loan, 4.25%, Maturing November 25, 2020		22,953	$	23,028,401
Bombardier Recreational Products, Inc.
Term Loan, 4.00%, Maturing January 30, 2019		46,083		46,025,356
Bright Horizons Family Solutions, Inc.
Term Loan, 3.75%, Maturing January 30, 2020		5,269		5,262,826
ClubCorp Club Operations, Inc.
Term Loan, 4.00%, Maturing July 24, 2020		8,976		8,942,769
Dave & Buster’s, Inc.
Term Loan, 4.50%, Maturing July 25, 2020		2,950		2,958,759
Delta 2 (LUX) S.a.r.l.
Term Loan, 4.50%, Maturing April 30, 2019		46,210		46,325,143
Emerald Expositions Holding, Inc.
Term Loan, 5.50%, Maturing June 17, 2020		16,968		17,084,554
Equinox Holdings, Inc.
Term Loan, 4.25%, Maturing January 31, 2020		21,547		21,628,114
Fender Musical Instruments Corporation
Term Loan, 5.75%, Maturing April 3, 2019		6,612		6,650,442
Kasima, LLC
Term Loan, 3.25%, Maturing May 17, 2021		4,825		4,809,922
Live Nation Entertainment, Inc.
Term Loan, 3.50%, Maturing August 17, 2020		40,110		40,159,721
Merlin Entertainment Group Luxembourg 2 S.a.r.l.
Term Loan, 3.41%, Maturing June 28, 2019		15,527		15,569,087
Nord Anglia Education Limited
Term Loan, 4.50%, Maturing March 19, 2021		16,575		16,606,078
Sabre, Inc.
Term Loan, 4.25%, Maturing February 19, 2019		14,793		14,772,738
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.00%, Maturing May 14, 2020		34,914		34,438,004
Six Flags Theme Parks, Inc.
Term Loan, 3.50%, Maturing December 20, 2018		15,881		15,928,054
Sonifi Solutions, Inc.
Term Loan, 6.75%, Maturing March 31, 2018		6,224		2,668,719
SRAM, LLC
Term Loan, 4.00%, Maturing April 10, 2020		38,455		38,206,453
Steinway Musical Instruments, Inc.
Term Loan, 4.75%, Maturing September 19, 2019		2,978		2,981,222
Town Sports International Inc.
Term Loan, 4.50%, Maturing November 16, 2020		29,129		26,507,049
US Finco LLC
Term Loan, 4.00%, Maturing May 29, 2020		12,893		12,873,177
Term Loan - Second Lien, 8.25%, Maturing November 30, 2020		9,200		9,430,000
WMG Acquisition Corp.
Term Loan, 3.75%, Maturing July 1, 2020		27,542		27,036,950
Zuffa LLC
Term Loan, 3.75%, Maturing February 25, 2020		36,845		36,879,293
			$	610,257,269
Lodging and Casinos — 2.8%
Affinity Gaming, LLC
Term Loan, 5.25%, Maturing November 9, 2017		4,660	$	4,659,998
Boyd Gaming Corporation
Term Loan, 4.00%, Maturing August 14, 2020		11,934		11,960,526
Caesars Entertainment Operating Company
Revolving Loan, 4.97%, Maturing January 27, 2017(4)		15,000		13,668,750
Term Loan, 7.00%, Maturing March 1, 2017		25,675		23,974,275
CityCenter Holdings, LLC
Term Loan, 4.25%, Maturing October 16, 2020		14,503		14,511,836
Four Seasons Holdings Inc.
Term Loan, 3.50%, Maturing June 27, 2020		11,290		11,249,113

15

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Gala Group Ltd.
Term Loan, 5.50%, Maturing May 28, 2018	GBP	48,838	$	83,149,334
Golden Nugget, Inc.
Term Loan, 5.50%, Maturing November 21, 2019		3,127		3,195,186
Term Loan, 5.50%, Maturing November 21, 2019		7,296		7,455,434
Hilton Worldwide Finance, LLC
Term Loan, 3.50%, Maturing October 26, 2020		106,455		106,094,257
La Quinta Intermediate Holdings LLC
Term Loan, 4.00%, Maturing April 14, 2021		8,489		8,507,383
MGM Resorts International
Term Loan, 3.50%, Maturing December 20, 2019		42,867		42,670,838
Pinnacle Entertainment, Inc.
Term Loan, 3.75%, Maturing August 13, 2020		13,675		13,718,902
Playa Resorts Holding B.V.
Term Loan, 4.00%, Maturing August 6, 2019		6,754		6,760,185
Scandic Hotels Holding AB
Term Loan, 4.40%, Maturing January 27, 2017	EUR	4,725		6,380,474
Term Loan, 4.40%, Maturing January 27, 2017	EUR	4,725		6,380,474
Scientific Games International, Inc.
Term Loan, 4.25%, Maturing October 18, 2020		65,471		64,635,066
Tropicana Entertainment Inc.
Term Loan, 4.00%, Maturing November 27, 2020		3,307		3,311,553
			$	432,283,584
Nonferrous Metals/Minerals — 1.5%
Alpha Natural Resources, LLC
Term Loan, 3.50%, Maturing May 22, 2020		18,913	$	18,132,935
Arch Coal Inc.
Term Loan, 6.25%, Maturing May 16, 2018		40,639		39,978,702
Fairmount Minerals LTD.
Term Loan, 3.75%, Maturing March 15, 2017		4,454		4,472,710
Term Loan, 4.50%, Maturing September 5, 2019		36,971		37,286,428
Murray Energy Corporation
Term Loan, 5.25%, Maturing December 5, 2019		27,381		27,629,532
Noranda Aluminum Acquisition Corporation
Term Loan, 5.75%, Maturing February 28, 2019		15,235		14,847,463
Novelis, Inc.
Term Loan, 3.75%, Maturing March 10, 2017		29,361		29,408,428
Oxbow Carbon LLC
Term Loan, 4.25%, Maturing July 19, 2019		9,822		9,858,980
Term Loan - Second Lien, 8.00%, Maturing January 17, 2020		12,825		13,177,688
United Central Industrial Supply Company, L.L.C.
Term Loan, 7.50%, Maturing October 9, 2018		6,363		6,384,279
Term Loan - Second Lien, 12.50%, Maturing April 9, 2019		2,000		1,982,500
Walter Energy, Inc.
Term Loan, 7.25%, Maturing April 2, 2018		35,182		33,405,172
			$	236,564,817
Oil and Gas — 4.1%
Ameriforge Group, Inc.
Term Loan, 5.00%, Maturing December 19, 2019		42,398	$	42,663,249
Term Loan - Second Lien, 8.75%, Maturing December 19, 2020		19,167		19,646,308
Bronco Midstream Funding LLC
Term Loan, 5.00%, Maturing August 17, 2020		33,141		33,472,700
Citgo Petroleum Corporation
Revolving Loan, Maturing July 23, 2019(2)		12,500		12,250,000
Term Loan, 4.50%, Maturing July 29, 2021		16,250		16,351,563
Crestwood Holdings LLC
Term Loan, 7.00%, Maturing June 19, 2019		12,293		12,556,914
Drillships Ocean Ventures Inc.
Term Loan, 5.50%, Maturing July 18, 2021		17,650		17,771,344

16

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Energy Transfer Equity, L.P.
Term Loan, 3.25%, Maturing December 2, 2019		31,400	$	31,018,710
Fieldwood Energy LLC
Term Loan, 3.88%, Maturing September 28, 2018		18,570		18,614,343
Term Loan - Second Lien, 8.38%, Maturing September 30, 2020		12,176		12,491,932
Floatel International, Ltd.
Term Loan, 6.00%, Maturing June 27, 2020		17,232		17,339,511
MEG Energy Corp.
Term Loan, 3.75%, Maturing March 31, 2020		109,340		109,525,932
Obsidian Natural Gas Trust
Term Loan, 7.00%, Maturing November 2, 2015		12,312		12,419,974
Paragon Offshore Finance Company
Term Loan, 3.75%, Maturing July 18, 2021		14,450		14,391,304
Ruby Western Pipeline Holdings, LLC
Term Loan, 3.50%, Maturing March 27, 2020		6,006		6,002,361
Samson Investment Company
Term Loan - Second Lien, 5.00%, Maturing September 25, 2018		18,250		18,230,454
Seadrill Partners Finco LLC
Term Loan, 4.00%, Maturing February 21, 2021		80,708		79,906,873
Sheridan Investment Partners II, L.P.
Term Loan, 4.25%, Maturing December 16, 2020		673		673,168
Term Loan, 4.25%, Maturing December 16, 2020		1,804		1,805,006
Term Loan, 4.25%, Maturing December 16, 2020		12,970		12,975,643
Sheridan Production Partners I, LLC
Term Loan, 4.25%, Maturing September 25, 2019		2,527		2,533,092
Term Loan, 4.25%, Maturing September 25, 2019		4,137		4,147,133
Term Loan, 4.25%, Maturing October 1, 2019		31,219		31,297,175
Southcross Holdings Borrower LP
Term Loan, Maturing July 16, 2021(2)		6,650		6,687,326
Tallgrass Operations, LLC
Term Loan, 3.75%, Maturing November 13, 2017		15,000		15,032,820
Term Loan, 4.25%, Maturing November 13, 2018		23,165		23,232,823
Tervita Corporation
Term Loan, 6.25%, Maturing May 15, 2018		53,547		53,810,444
			$	626,848,102
Publishing — 3.0%
Advanstar Communications Inc.
Term Loan, 5.50%, Maturing April 29, 2019		11,825	$	11,914,002
American Greetings Corporation
Term Loan, 4.00%, Maturing August 9, 2019		20,315		20,391,540
Ascend Learning, LLC
Term Loan, 6.00%, Maturing July 31, 2019		24,427		24,709,702
Flint Group SA
Term Loan, 5.37%, Maturing December 30, 2016		1,739		1,739,043
Term Loan, 5.31%, Maturing December 31, 2016	EUR	714		955,863
Term Loan, 5.31%, Maturing December 31, 2016	EUR	853		1,142,775
Term Loan, 5.31%, Maturing December 31, 2016	EUR	2,418		3,238,452
Term Loan, 5.37%, Maturing December 31, 2016		7,221		7,221,389
Term Loan, 5.37%, Maturing December 31, 2016		9,672		9,672,327
Term Loan, 5.37%, Maturing December 31, 2016		12,976		12,975,802
Getty Images, Inc.
Term Loan, 4.75%, Maturing October 18, 2019		112,330		108,617,157
Interactive Data Corporation
Term Loan, 4.75%, Maturing May 2, 2021		30,245		30,405,378
Laureate Education, Inc.
Term Loan, 5.00%, Maturing June 15, 2018		104,093		101,230,428
McGraw-Hill Global Education Holdings, LLC
Term Loan, 5.75%, Maturing March 22, 2019		10,479		10,593,156
Media General, Inc.
Term Loan, 4.25%, Maturing July 31, 2020		20,177		20,281,031

17

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Merrill Communications, LLC
Term Loan, 5.75%, Maturing March 8, 2018		9,707	$	9,868,928
Multi Packaging Solutions, Inc.
Term Loan, 4.25%, Maturing September 30, 2020		6,060		6,072,435
Nelson Education Ltd.
Term Loan, 4.75%, Maturing July 7, 2015		259		216,167
Penton Media, Inc.
Term Loan, 5.50%, Maturing October 1, 2019		10,744		10,855,731
Rentpath, Inc.
Term Loan, 6.25%, Maturing May 29, 2020		20,601		20,806,691
Springer Science+Business Media Deutschland GmbH
Term Loan, 5.25%, Maturing July 23, 2020	EUR	3,226		4,347,958
Term Loan, 5.00%, Maturing August 14, 2020		20,700		20,728,948
Trader Media Corporation Limited
Term Loan, 4.99%, Maturing June 7, 2017	GBP	2,000		3,393,131
Term Loan, 4.75%, Maturing June 8, 2017	GBP	12,529		21,255,549
			$	462,633,583
Radio and Television — 2.2%
ALM Media Holdings, Inc.
Term Loan, Maturing July 29, 2020(2)		7,225	$	7,206,937
Clear Channel Communications, Inc.
Term Loan, 3.81%, Maturing January 29, 2016		5,292		5,252,495
Term Loan, 6.91%, Maturing January 30, 2019		16,740		16,476,471
Term Loan, 7.66%, Maturing July 30, 2019		5,384		5,386,680
Cumulus Media Holdings Inc.
Term Loan, 4.25%, Maturing December 23, 2020		81,133		81,401,546
Entercom Radio, LLC
Term Loan, 4.04%, Maturing November 23, 2018		8,526		8,551,607
Entravision Communications Corporation
Term Loan, 3.50%, Maturing May 29, 2020		22,287		22,054,445
Gray Television, Inc.
Term Loan, Maturing June 10, 2021(2)		5,075		5,083,724
Hubbard Radio, LLC
Term Loan, 4.50%, Maturing April 29, 2019		7,835		7,874,383
LIN Television Corp.
Term Loan, 4.00%, Maturing December 21, 2018		26,745		26,828,161
Mission Broadcasting, Inc.
Term Loan, 3.75%, Maturing October 1, 2020		13,907		13,932,587
Nexstar Broadcasting, Inc.
Term Loan, 3.75%, Maturing October 1, 2020		15,770		15,799,773
Radio One, Inc.
Term Loan, 7.50%, Maturing March 31, 2016		9,580		9,723,585
Raycom TV Broadcasting, Inc.
Term Loan, 4.25%, Maturing May 31, 2017		12,295		12,294,750
Sinclair Television Group Inc.
Term Loan, 3.00%, Maturing April 9, 2020		8,493		8,415,622
TWCC Holding Corp.
Term Loan, 3.50%, Maturing February 13, 2017		11,330		11,228,971
Term Loan - Second Lien, 7.00%, Maturing June 26, 2020		14,225		14,020,515
Tyrol Acquisitions 2 SAS
Term Loan, 4.10%, (3.10% Cash, 1.00% PIK), Maturing January 29, 2016	EUR	3,176		4,093,434
Term Loan, 4.10%, (3.10% Cash, 1.00% PIK), Maturing January 29, 2016	EUR	3,176		4,093,434
Term Loan, 4.10%, (3.10% Cash, 1.00% PIK), Maturing January 29, 2016	EUR	4,777		6,157,345
Univision Communications Inc.
Term Loan, 4.00%, Maturing March 1, 2020		43,182		42,966,113
Term Loan, 4.00%, Maturing March 2, 2020		15,675		15,592,261
			$	344,434,839

18

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Retailers (Except Food and Drug) — 5.0%
99 Cents Only Stores
Term Loan, 4.50%, Maturing January 11, 2019		31,736	$	31,941,394
B&M Retail Limited
Term Loan, 3.81%, Maturing May 21, 2019	GBP	6,850		11,499,799
Term Loan, 4.31%, Maturing April 28, 2020	GBP	5,450		9,198,931
Bass Pro Group, LLC
Term Loan, 3.75%, Maturing November 20, 2019		41,951		42,055,750
Burlington Coat Factory Warehouse Corporation
Term Loan, Maturing July 17, 2021(2)		8,225		8,225,000
CDW LLC
Term Loan, 3.25%, Maturing April 29, 2020		60,100		59,469,687
David’s Bridal, Inc.
Term Loan, 5.00%, Maturing October 11, 2019		15,001		14,583,307
Douglas Holding AG
Term Loan, 4.82%, Maturing December 12, 2019	EUR	5,961		8,058,688
Term Loan, 4.81%, Maturing June 12, 2020	EUR	3,300		4,467,199
Evergreen Acqco 1 LP
Term Loan, 5.00%, Maturing July 9, 2019		10,474		10,516,161
Harbor Freight Tools USA, Inc.
Term Loan, 4.75%, Maturing July 26, 2019		20,048		20,165,279
Hudson’s Bay Company
Term Loan, 4.75%, Maturing November 4, 2020		66,068		66,687,514
J Crew Group, Inc.
Term Loan, 4.00%, Maturing March 5, 2021		44,544		43,580,254
Jo-Ann Stores, Inc.
Term Loan, 4.00%, Maturing March 16, 2018		29,085		29,042,697
Men’s Wearhouse, Inc. (The)
Term Loan, 4.50%, Maturing June 18, 2021		27,750		28,009,990
Michaels Stores, Inc.
Term Loan, 3.75%, Maturing January 28, 2020		45,943		45,844,981
Term Loan, 4.00%, Maturing January 28, 2020		10,650		10,616,719
Neiman Marcus Group, Inc. (The)
Term Loan, 4.25%, Maturing October 25, 2020		70,293		70,060,552
Party City Holdings Inc.
Term Loan, 4.00%, Maturing July 27, 2019		46,993		46,720,513
Pep Boys-Manny, Moe & Jack (The)
Term Loan, 4.25%, Maturing October 11, 2018		5,024		5,042,278
Petco Animal Supplies, Inc.
Term Loan, 4.00%, Maturing November 24, 2017		30,146		30,223,315
PFS Holding Corporation
Term Loan, 4.50%, Maturing January 31, 2021		10,424		10,006,920
Pier 1 Imports (U.S.), Inc.
Term Loan, 4.50%, Maturing April 30, 2021		9,875		9,899,687
Pilot Travel Centers LLC
Term Loan, 3.75%, Maturing March 30, 2018		18,355		18,416,133
Term Loan, 4.25%, Maturing August 7, 2019		9,425		9,460,801
Rent-A-Center, Inc.
Term Loan, 3.75%, Maturing March 19, 2021		9,950		9,900,312
Spin Holdco Inc.
Term Loan, 4.25%, Maturing November 14, 2019		44,255		44,254,973
Toys ‘R’ Us Property Company I, LLC
Term Loan, 6.00%, Maturing August 21, 2019		29,328		28,466,854
Visant Corporation
Term Loan, 5.25%, Maturing December 22, 2016		19,679		19,629,850
Vivarte SA
Term Loan, 0.00%, Maturing March 9, 2015(5)	EUR	86		45,238
Term Loan, 0.00%, Maturing March 9, 2015(5)	EUR	336		175,909

19

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Term Loan, 0.00%, Maturing March 9, 2015(5)	EUR	14,106	$	7,378,348
Term Loan, 0.00%, Maturing March 8, 2016(5)	EUR	86		45,234
Term Loan, 0.00%, Maturing March 8, 2016(5)	EUR	336		175,909
Term Loan, 0.00%, Maturing March 8, 2016(5)	EUR	9,880		5,167,871
Term Loan, 0.00%, Maturing March 30, 2018(5)	EUR	509		266,625
Term Loan, 0.00%, Maturing March 30, 2018(5)	EUR	4,491		2,354,566
Term Loan - Second Lien, 0.00%, Maturing September 8, 2016(5)	EUR	13		342
Term Loan - Second Lien, 0.00%, Maturing September 8, 2016(5)	EUR	88		2,392
Term Loan - Second Lien, 0.00%, Maturing September 8, 2016(5)	EUR	900		24,605
Wilton Brands LLC
Term Loan, 7.50%, Maturing August 30, 2018		5,586		5,362,361
			$	767,044,938
Steel — 1.6%
Essar Steel Algoma, Inc.
Term Loan, 10.25%, Maturing September 20, 2014		14,504	$	14,566,126
FMG Resources (August 2006) Pty Ltd.
Term Loan, 3.75%, Maturing June 30, 2019		135,091		134,863,331
JFB Firth Rixson Inc.
Term Loan, 4.25%, Maturing June 30, 2017		10,950		10,981,580
Term Loan, 5.00%, Maturing June 30, 2017	GBP	11,367		19,225,467
JMC Steel Group, Inc.
Term Loan, 4.75%, Maturing April 3, 2017		23,613		23,700,570
Neenah Foundry Company
Term Loan, 6.75%, Maturing April 26, 2017		9,062		9,039,250
Patriot Coal Corporation
Term Loan, 9.00%, Maturing December 15, 2018		11,741		11,613,810
Waupaca Foundry, Inc.
Term Loan, 4.00%, Maturing June 29, 2017		19,667		19,707,896
			$	243,698,030
Surface Transport — 0.7%
Hertz Corporation (The)
Term Loan, 3.75%, Maturing March 9, 2018		29,150	$	28,967,812
Term Loan, 3.00%, Maturing March 11, 2018		18,482		18,360,620
Term Loan, 3.75%, Maturing March 12, 2018		24,822		24,841,386
Stena International S.a.r.l.
Term Loan, 4.00%, Maturing March 3, 2021		35,411		35,466,598
			$	107,636,416
Telecommunications — 2.0%
Arris Group, Inc.
Term Loan, 3.50%, Maturing April 17, 2020		20,010	$	19,972,661
Intelsat Jackson Holdings S.A.
Term Loan, 3.75%, Maturing June 30, 2019		140,759		140,758,601
IPC Systems, Inc.
Term Loan, 6.00%, Maturing November 8, 2020		20,200		20,326,250
Midcontinent Communications
Term Loan, 3.50%, Maturing July 30, 2020		6,742		6,747,297
Mitel US Holdings, Inc.
Term Loan, 5.34%, Maturing January 31, 2020		5,632		5,681,276
SBA Senior Finance II LLC
Term Loan, 3.25%, Maturing March 24, 2021		22,650		22,451,813
Syniverse Holdings, Inc.
Term Loan, 4.00%, Maturing April 23, 2019		12,068		12,066,304
Term Loan, 4.00%, Maturing April 23, 2019		31,629		31,609,163
Telesat Canada
Term Loan, 3.50%, Maturing March 28, 2019		51,415		51,311,669
			$	310,925,034

20

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Utilities — 1.0%
Calpine Construction Finance Company, L.P.
Term Loan, 3.00%, Maturing May 3, 2020		16,137	$	15,844,517
Term Loan, 3.25%, Maturing January 31, 2022		9,882		9,782,124
Calpine Corporation
Term Loan, 4.00%, Maturing April 1, 2018		9,484		9,525,503
Term Loan, 4.00%, Maturing April 1, 2018		34,883		35,008,966
Term Loan, 4.00%, Maturing October 9, 2019		1,403		1,406,863
Term Loan, 4.00%, Maturing October 30, 2020		6,716		6,733,464
Dynegy Holdings Inc.
Term Loan, 4.00%, Maturing April 23, 2020		17,416		17,432,259
EFS Cogen Holdings I LLC
Term Loan, 3.75%, Maturing December 17, 2020		10,403		10,442,409
Electrical Components International, Inc.
Term Loan, 5.75%, Maturing May 28, 2021		6,975		7,041,841
Equipower Resources Holdings LLC
Term Loan, 4.25%, Maturing December 21, 2018		10,098		10,135,925
Term Loan, 4.25%, Maturing December 31, 2019		11,085		11,126,256
La Frontera Generation, LLC
Term Loan, 4.50%, Maturing September 30, 2020		9,524		9,565,253
PowerTeam Services, LLC
Term Loan, 4.25%, Maturing May 6, 2020		377		369,731
Term Loan, 4.25%, Maturing May 6, 2020		7,092		6,990,508
TerraForm Power Operating, LLC
Term Loan, Maturing July 23, 2019(2)		4,050		4,087,969
WTG Holdings III Corp.
Term Loan, 4.75%, Maturing January 15, 2021		7,388		7,392,492
			$	162,886,080
Total Senior Floating-Rate Interests (identified cost $14,225,277,783)			$	14,162,337,537
Corporate Bonds & Notes — 4.3%
Security	Principal Amount* (000’s omitted)		Value
Building and Development — 0.0%(6)
Calcipar SA
6.875%, 5/1/18(7)		4,000	$	4,180,000
			$	4,180,000
Business Equipment and Services — 0.1%
National CineMedia, LLC
6.00%, 4/15/22		8,250	$	8,559,375
			$	8,559,375
Cable and Satellite Television — 0.3%
Nara Cable Funding II Ltd.
8.50%, 3/1/20(7)	EUR	7,500	$	11,976,130
Nara Cable Funding, Ltd.
8.875%, 12/1/18(7)		3,105		3,302,944
8.875%, 12/1/18(7)		11,000		11,701,250
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.50%, 1/15/23(7)		9,000		9,090,000
5.625%, 4/15/23(7)	EUR	5,000		7,255,978
			$	43,326,302
Chemicals and Plastics — 0.6%
Hexion US Finance Corp.
6.625%, 4/15/20		16,525	$	17,186,000

21

Security	Principal Amount* (000’s omitted)		Value
Ineos Finance PLC
7.25%, 2/15/19(7)(8)	EUR	8,000	$	11,194,460
8.375%, 2/15/19(7)		15,250		16,527,187
7.50%, 5/1/20(7)		14,525		15,614,375
Polymer Group, Inc.
7.75%, 2/1/19		4,500		4,747,500
Trinseo Materials Operating S.C.A.
8.75%, 2/1/19		20,497		21,624,335
			$	86,893,857
Containers and Glass Products — 0.3%
Reynolds Group Holdings, Inc.
5.75%, 10/15/20		44,500	$	45,501,250
Smurfit Kappa Acquisitions
4.875%, 9/15/18(7)		4,925		5,158,938
			$	50,660,188
Ecological Services and Equipment — 0.0%(6)
Tervita Corp.
8.00%, 11/15/18(7)		3,000	$	3,105,000
9.00%, 11/15/18(7)	CAD	4,500		4,219,975
			$	7,324,975
Entertainment — 0.2%
Vougeot Bidco PLC
5.453%, 7/15/20(7) (8)	EUR	18,625	$	25,261,533
			$	25,261,533
Equipment Leasing — 0.0%(6)
International Lease Finance Corp.
6.75%, 9/1/16(7)		2,325	$	2,551,688
7.125%, 9/1/18(7)		2,325		2,667,937
			$	5,219,625
Financial Intermediaries — 0.2%
First Data Corp.
6.75%, 11/1/20(7)		10,952	$	11,609,120
UPCB Finance II, Ltd.
6.375%, 7/1/20(7)	EUR	6,500		9,226,056
UPCB Finance III, Ltd.
6.625%, 7/1/20(7)		9,000		9,540,000
			$	30,375,176
Food Products — 0.5%
Dole Food Co., Inc.
7.25%, 5/1/19(7)		18,000	$	17,865,000
HJ Heinz Co.
4.25%, 10/15/20		15,000		14,925,000
Picard Groupe SA
4.459%, 8/1/19(7)(8)	EUR	7,500		10,169,417
Stretford 79 PLC
4.807%, 7/15/20(7)(8)	GBP	9,575		16,084,639
6.25%, 7/15/21(7)	GBP	7,000		11,729,460
			$	70,773,516
Health Care — 0.6%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18		37,625	$	38,659,687
5.125%, 8/1/21(7)		7,500		7,593,750
HCA, Inc.
4.75%, 5/1/23		11,975		11,855,250

22

Security	Principal Amount* (000’s omitted)		Value
inVentiv Health, Inc.
9.00%, 1/15/18(7)		15,375	$	16,259,063
Tenet Healthcare Corp.
6.00%, 10/1/20		12,500		13,156,250
4.375%, 10/1/21		12,200		11,803,500
			$	99,327,500
Industrial Equipment — 0.0%(6)
Erikson Air-Crane, Inc., Promissory Note
6.00%, 11/2/20(3)(9)		1,035	$	797,437
			$	797,437
Insurance — 0.2%
CNO Financial Group, Inc.
6.375%, 10/1/20(7)		9,800	$	10,510,500
Galaxy Bidco, Ltd.
5.525%, 11/15/19(7)(8)	GBP	2,500		4,241,852
Towergate Finance PLC
6.06%, 2/15/18(7)(8)	GBP	9,950		16,252,626
			$	31,004,978
Leisure Goods/Activities/Movies — 0.0%(6)
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp.
5.00%, 8/1/18(7)		3,000	$	3,075,000
			$	3,075,000
Lodging and Casinos — 0.3%
Caesars Entertainment Operating Co., Inc.
8.50%, 2/15/20		25,250	$	22,220,000
9.00%, 2/15/20		6,175		5,171,563
9.00%, 2/15/20		14,975		12,466,687
			$	39,858,250
Oil and Gas — 0.1%
CITGO Petroleum Corp.
6.25%, 8/15/22(7)		11,500	$	11,873,750
			$	11,873,750
Radio and Television — 0.1%
Clear Channel Communications, Inc.
9.00%, 12/15/19		8,994	$	9,263,820
Univision Communications, Inc.
6.75%, 9/15/22(7)		8,140		8,811,550
			$	18,075,370
Telecommunications — 0.6%
Hughes Satellite Systems Corp.
6.50%, 6/15/19		8,500	$	9,424,375
Sunrise Communications International SA
4.959%, 12/31/17(7)(8)	EUR	3,000		4,047,279
Virgin Media Secured Finance PLC
5.375%, 4/15/21(7)		12,025		12,205,375
6.00%, 4/15/21(7)	GBP	12,350		21,522,926
5.50%, 1/15/25(7)	GBP	7,000		11,980,595
5.50%, 1/15/25(7)		10,950		11,086,875
Wind Acquisition Finance SA
5.459%, 4/30/19(7)(8)	EUR	7,775		10,555,830
6.50%, 4/30/20(7)		7,375		7,863,594
4.203%, 7/15/20(7)(8)	EUR	7,450		10,050,743
			$	98,737,592

23

Security	Principal Amount* (000’s omitted)		Value
Utilities — 0.2%
Calpine Corp.
6.00%, 1/15/22(7)		3,000	$	3,180,000
7.875%, 1/15/23(7)		20,860		22,789,550
5.875%, 1/15/24(7)		5,000		5,237,500
			$	31,207,050
Total Corporate Bonds & Notes (identified cost $645,430,494)			$	666,531,474
Asset-Backed Securities — 0.7%
Security	Principal Amount (000’s omitted)		Value
Apidos CLO XIV, Series 2013-14A, Class C1, 3.084%, 4/15/25(7)(8)	$	5,600	$	5,498,674
Apidos CLO XIV, Series 2013-14A, Class D, 3.734%, 4/15/25(7)(8)		7,000		6,835,052
Apidos CLO XIV, Series 2013-14A, Class E, 4.634%, 4/15/25(7)(8)		3,500		3,129,679
Ares XXVIII CLO, Ltd., Series 2013-3A, Class C1, 2.983%, 10/17/24(7)(8)		3,000		2,928,048
Ares XXVIII CLO, Ltd., Series 2013-3A, Class D, 3.733%, 10/17/24(7)(8)		3,000		2,881,707
Ares XXVIII CLO, Ltd., Series 2013-3A, Class E, 5.133%, 10/17/24(7)(8)		3,000		2,768,802
Avery Point II CLO, Ltd., Series 2013-2A, Class C1, 2.983%, 7/17/25(7)(8)		4,000		3,943,764
Avery Point II CLO, Ltd., Series 2013-2A, Class D, 3.683%, 7/17/25(7)(8)		3,330		3,213,513
Avery Point II CLO, Ltd., Series 2013-2A, Class E, 4.483%, 7/17/25(7)(8)		3,330		3,015,075
Babson CLO Ltd., Series 2005-1A, Class C1, 2.184%, 4/15/19(7)(8)		1,129		1,121,390
Babson CLO Ltd., Series 2013-IA, Class C, 2.934%, 4/20/25(7)(8)		7,175		7,061,240
Babson CLO Ltd., Series 2013-IA, Class D, 3.734%, 4/20/25(7)(8)		5,600		5,460,302
Babson CLO Ltd., Series 2013-IA, Class E, 4.634%, 4/20/25(7)(8)		3,525		3,250,882
Birchwood Park CLO, Ltd., Series 2014-1A, Class C1, 3.334%, 7/15/26(7)(8)(10)		3,500		3,488,376
Birchwood Park CLO, Ltd., Series 2014-1A, Class E1, 5.334%, 7/15/26(7)(8)(10)		3,500		3,218,901
Carlyle Global Market Strategies CLO, Ltd., Series 2013-3A, Class B, 2.884%, 7/15/25(7)(8)		5,000		4,898,795
Carlyle Global Market Strategies CLO, Ltd., Series 2013-3A, Class C, 3.634%, 7/15/25(7)(8)		3,000		2,884,707
Carlyle Global Market Strategies CLO, Ltd., Series 2013-3A, Class D, 4.834%, 7/15/25(7)(8)		2,400		2,188,915
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class A3L, 2.924%, 8/15/25(7)(8)		3,250		3,195,956
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class B1L, 3.424%, 8/15/25(7)(8)		1,400		1,325,104
Dryden XXVIII Senior Loan Fund, Series 2013-28A, Class B2L, 4.124%, 8/15/25(7)(8)		925		800,002
Madison Park Funding XII, Ltd., Series 2014-12A, Class C, 3.282%, 7/20/26(7)(8)		3,250		3,260,616
Madison Park Funding XII, Ltd., Series 2014-12A, Class D, 3.682%, 7/20/26(7)(8)		3,250		3,155,760
Madison Park Funding XII, Ltd., Series 2014-12A, Class E, 5.282%, 7/20/26(7)(8)		3,250		3,046,648
Morgan Stanley Investment Management Croton, Ltd., Series 2005-1A, Class D, 2.184%, 1/15/18(7)(8)		2,000		1,909,697
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class C, 2.934%, 4/20/25(7)(8)		6,325		6,195,831
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class D, 3.734%, 4/20/25(7)(8)		6,950		6,733,751
Total Asset-Backed Securities (identified cost $98,299,235)			$	97,411,187
Common Stocks — 0.2%
Security	Shares		Value
Air Transport — 0.0%(6)
IAP Worldwide Services, LLC(3)(9)(11)		921	$	936,178
			$	936,178
Automotive — 0.1%
Dayco Products, LLC(9)		88,506	$	4,867,830
			$	4,867,830

24

Security	Shares		Value
Food Service — 0.0%(6)
Buffets Restaurants Holdings, Inc.(3)(9)(11)		329,120	$	1,974,720
			$	1,974,720
Home Furnishings — 0.0%(6)
Sanitec Europe Oy B Units(3)(9)		242,178	$	502,387
Sanitec Europe Oy E Units(3)(9)(11)		230,960		0
Sanitec Europe Oy E1 Units(3)(9)(11)		332,005		688,729
			$	1,191,116
Lodging and Casinos — 0.0%(6)
Affinity Gaming, LLC(3)(9)(11)		206,125	$	1,958,190
			$	1,958,190
Publishing — 0.1%
ION Media Networks, Inc.(3)(9)		28,605	$	8,693,060
MediaNews Group, Inc.(9)(11)		162,730		4,963,263
			$	13,656,323
Total Common Stocks (identified cost $9,252,570)			$	24,584,357
Short-Term Investments — 2.2%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(12)	$	340,273	$	340,272,511
Total Short-Term Investments (identified cost $340,272,511)			$	340,272,511
Total Investments — 99.1% (identified cost $15,318,532,593)			$	15,291,137,066
Less Unfunded Loan Commitments — (0.4)%			$	(55,623,109	)
Net Investments — 98.7% (identified cost $15,262,909,484)			$	15,235,513,957
Other Assets, Less Liabilities — 1.3%			$	203,737,055
Net Assets — 100.0%			$	15,439,251,012

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
CAD	-	Canadian Dollar
EUR	-	Euro
GBP	-	British Pound Sterling

* In U.S. dollars unless otherwise indicated.

25

(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 July 31, 2014, at which time the interest rate will be determined.

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

(4) 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.

(5) Defaulted security. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

(6) Amount is less than 0.05%.

(7) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $516,580,632 or 3.3% of the Portfolio’s net assets.

(8) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(9) Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

(10) When-issued security.

(11) Non-income producing security.

(12) 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $814,914.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	15,263,461,965
Gross unrealized appreciation	$	104,055,893
Gross unrealized depreciation		(132,003,901	)
Net unrealized depreciation	$	(27,948,008	)

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/1/14	United States Dollar 10,009,847	Euro 7,475,000	JP Morgan Chase Bank NA	$	—	$	(447	)	$	(447	)
8/29/14	British Pound Sterling 45,718,164	United States Dollar 76,335,847	Goldman Sachs International		—		(834,616	)		(834,616	)
8/29/14	Canadian Dollar 46,900,730	United States Dollar 43,216,522	JP Morgan Chase Bank NA		230,428		—			230,428
8/29/14	Euro 174,784,416	United States Dollar 237,615,918	Goldman Sachs International		3,552,489		—			3,552,489
8/29/14	Euro 8,450,000	United States Dollar 11,525,817	State Street Bank and Trust Co.		209,957		—			209,957
8/29/14	United States Dollar 33,442,500	British Pound Sterling 19,500,000	Goldman Sachs International		—		(527,267	)		(527,267	)

26

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/29/14	United States Dollar 3,910,505	Canadian Dollar 4,200,000	Goldman Sachs International	$	—	$	(61,064	)	$	(61,064	)
8/29/14	United States Dollar 13,437,880	Euro 10,000,000	JP Morgan Chase Bank NA		—		(46,330	)		(46,330	)
8/29/14	United States Dollar 38,093,608	Euro 28,000,000	State Street Bank and Trust Co.		—		(597,267	)		(597,267	)
9/30/14	British Pound Sterling 16,575,000	United States Dollar 28,399,704	Goldman Sachs International		429,164		—			429,164
9/30/14	British Pound Sterling 75,528,701	United States Dollar 128,467,145	HSBC Bank USA		1,011,422		—			1,011,422
9/30/14	Euro 195,161,323	United States Dollar 265,658,472	HSBC Bank USA		4,280,096		—			4,280,096
9/30/14	Euro 7,475,000	United States Dollar 10,011,746	JP Morgan Chase Bank NA		524		—			524
9/30/14	Euro 12,274,500	United States Dollar 16,661,136	State Street Bank and Trust Co.		221,973		—			221,973
9/30/14	United States Dollar 30,701,124	British Pound Sterling 18,000,000	JP Morgan Chase Bank NA		—		(325,876	)		(325,876	)
9/30/14	United States Dollar 28,398,090	Euro 21,000,000	Goldman Sachs International		—		(272,918	)		(272,918	)
9/30/14	United States Dollar 53,753,120	Euro 40,000,000	JP Morgan Chase Bank NA		—		(181,363	)		(181,363	)
10/31/14	British Pound Sterling 86,283,956	United States Dollar 146,092,112	HSBC Bank USA		527,500		—			527,500
10/31/14	Euro 168,279,860	United States Dollar 225,706,204	Goldman Sachs International		302,380		—			302,380
				$	10,765,933	$	(2,847,148	)	$	7,918,785

At July 31, 2014, 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 objective. 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 enters into forward foreign currency exchange contracts.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is foreign exchange risk at July 31, 2014 was as follows:

	Fair Value
Derivative	Asset Derivative		Liability Derivative
Forward foreign currency exchange contracts	$	10,765,933	$	(2,847,148	)

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)

27

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Senior Floating-Rate Interests (Less Unfunded Loan Commitments)	$	—	$	14,099,924,681		$	6,789,747	$	14,106,714,428
Corporate Bonds & Notes		—		665,734,037			797,437		666,531,474
Asset-Backed Securities		—		97,411,187			—		97,411,187
Common Stocks		—		9,831,093			14,753,264		24,584,357
Short-Term Investments		—		340,272,511			—		340,272,511
Total Investments	$	—	$	15,213,173,509		$	22,340,448	$	15,235,513,957
Forward Foreign Currency Exchange Contracts	$	—	$	10,765,933		$	—	$	10,765,933
Total	$	—	$	15,223,939,442		$	22,340,448	$	15,246,279,890
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(2,847,148	)	$	—	$	(2,847,148	)
Total	$	—	$	(2,847,148	)	$	—	$	(2,847,148	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended July 31, 2014 is not presented.

At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

28

Eaton Vance

Floating-Rate Advantage Fund

July 31, 2014 (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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $7,088,634,144 and the Fund owned 98.9% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Senior Debt Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Senior Floating-Rate Interests — 117.9%⁽¹⁾

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Aerospace and Defense — 1.9%
Alliant Techsystems Inc.
Term Loan, 3.50%, Maturing November 1, 2020		792	$	793,100
Atlantic Aviation FBO Inc.
Term Loan, 3.25%, Maturing June 1, 2020		8,555		8,554,240
Booz Allen Hamilton Inc.
Term Loan, 3.75%, Maturing July 31, 2019		1,407		1,411,461
DAE Aviation Holdings, Inc.
Term Loan, 5.00%, Maturing November 2, 2018		2,268		2,281,173
Term Loan, 5.00%, Maturing November 2, 2018		5,002		5,031,998
Ducommun Incorporated
Term Loan, 4.75%, Maturing June 28, 2017		960		964,370
IAP Worldwide Services, Inc.
Revolving Loan, Maturing July 18, 2018(2)		944		943,758
Term Loan - Second Lien, 9.25%, Maturing July 18, 2019(3)		1,300		1,039,909
Silver II US Holdings, LLC
Term Loan, 4.00%, Maturing December 13, 2019		43,476		43,377,900
Transdigm, Inc.
Term Loan, 3.75%, Maturing February 28, 2020		58,187		57,916,674
Term Loan, 3.75%, Maturing June 4, 2021		16,200		16,062,300
			$	138,376,883
Automotive — 5.0%
Affinia Group Intermediate Holdings Inc.
Term Loan, 4.75%, Maturing April 27, 2020		12,051	$	12,111,243
Allison Transmission, Inc.
Term Loan, 3.75%, Maturing August 23, 2019		42,959		43,026,409
ASP HHI Acquisition Co., Inc.
Term Loan, 5.00%, Maturing October 5, 2018		26,276		26,431,873
Autoparts Holdings Limited
Term Loan, 6.50%, Maturing July 28, 2017		1,178		1,182,061
Chrysler Group LLC
Term Loan, 3.50%, Maturing May 24, 2017		31,287		31,335,986
Term Loan, 3.25%, Maturing December 31, 2018		41,496		41,373,587
CS Intermediate Holdco 2 LLC
Term Loan, 4.00%, Maturing April 4, 2021		6,700		6,691,625
Dayco Products, LLC
Term Loan, 5.25%, Maturing December 12, 2019		9,501		9,536,817
Federal-Mogul Holdings Corporation
Term Loan, 4.75%, Maturing April 15, 2021		39,100		39,129,325
Goodyear Tire & Rubber Company (The)
Term Loan - Second Lien, 4.75%, Maturing April 30, 2019		39,075		39,416,906
INA Beteiligungsgesellschaft GmbH
Term Loan, 2.85%, Maturing April 22, 2016	EUR	3,012		4,062,882
Term Loan, 3.75%, Maturing May 15, 2020		5,500		5,512,986
Metaldyne, LLC
Term Loan, 4.25%, Maturing December 18, 2018		24,483		24,615,138
Term Loan, 4.75%, Maturing December 18, 2018	EUR	2,463		3,315,959
Remy International, Inc.
Term Loan, 4.25%, Maturing March 5, 2020		6,912		6,920,714
TI Group Automotive Systems, LLC
Term Loan, 4.25%, Maturing July 1, 2021		8,375		8,393,324
Tower Automotive Holdings USA, LLC
Term Loan, 4.00%, Maturing April 23, 2020		15,336		15,288,111

1

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
UCI International, Inc.
Term Loan, 5.50%, Maturing July 26, 2017		5,900	$	5,919,554
Veyance Technologies, Inc.
Term Loan, 5.25%, Maturing September 8, 2017		25,182		25,232,918
Visteon Corporation
Term Loan, 3.50%, Maturing April 9, 2021		11,050		11,020,651
			$	360,518,069
Brokerage/Securities Dealers/Investment Houses — 0.1%
American Beacon Advisors, Inc.
Term Loan, 4.75%, Maturing November 22, 2019		4,287	$	4,330,286
			$	4,330,286
Building and Development — 1.5%
ABC Supply Co., Inc.
Term Loan, 3.50%, Maturing April 16, 2020		11,821	$	11,767,963
Capital Automotive L.P.
Term Loan, 4.00%, Maturing April 10, 2019		3,546		3,560,710
CPG International Inc.
Term Loan, 4.75%, Maturing September 30, 2020		5,533		5,540,104
Gates Global, Inc.
Term Loan, 4.25%, Maturing July 5, 2021		14,750		14,674,937
Ply Gem Industries, Inc.
Term Loan, 4.00%, Maturing February 1, 2021		11,471		11,395,976
Quikrete Holdings, Inc.
Term Loan, 4.00%, Maturing September 28, 2020		14,590		14,611,897
Term Loan - Second Lien, 7.00%, Maturing March 26, 2021		2,500		2,556,250
RE/MAX International, Inc.
Term Loan, 4.00%, Maturing July 31, 2020		12,810		12,817,761
Realogy Corporation
Term Loan, 4.40%, Maturing October 10, 2016		213		213,160
Term Loan, 3.75%, Maturing March 5, 2020		25,368		25,407,906
Summit Materials Companies I, LLC
Term Loan, 5.00%, Maturing January 30, 2019		4,541		4,557,087
WireCo WorldGroup, Inc.
Term Loan, 6.00%, Maturing February 15, 2017		2,457		2,479,851
			$	109,583,602
Business Equipment and Services — 11.0%
Acosta, Inc.
Term Loan, 4.25%, Maturing March 2, 2018		40,668	$	40,757,166
Allied Security Holdings, LLC
Term Loan, 3.25%, Maturing February 12, 2021(4)		1,147		1,143,642
Term Loan, 4.25%, Maturing February 12, 2021		3,120		3,110,581
Altisource Solutions S.a.r.l.
Term Loan, 5.75%, Maturing December 9, 2020		12,779		12,779,291
AVSC Holding Corp.
Term Loan, 4.50%, Maturing January 24, 2021		4,314		4,320,931
BakerCorp International, Inc.
Term Loan, 4.25%, Maturing February 14, 2020		13,378		13,185,981
BAR/BRI Review Courses, Inc.
Term Loan, 4.50%, Maturing July 17, 2019		2,320		2,329,148
Brickman Group Ltd. LLC
Term Loan, 4.00%, Maturing December 18, 2020		16,113		15,924,778
Brock Holdings III, Inc.
Term Loan, 6.00%, Maturing March 16, 2017		2,741		2,750,139
CCC Information Services, Inc.
Term Loan, 4.00%, Maturing December 20, 2019		13,227		13,230,024

2

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Ceridian LLC
Term Loan, 4.41%, Maturing May 9, 2017		11,091	$	11,120,683
ClientLogic Corporation
Term Loan, 6.98%, Maturing January 30, 2017		3,293		3,317,541
Term Loan, 7.25%, Maturing January 30, 2017	GBP	3,341		5,301,484
Corporate Capital Trust, Inc.
Term Loan, 4.00%, Maturing May 15, 2019		9,925		9,943,735
CPM Acquisition Corp.
Term Loan, 6.25%, Maturing August 29, 2017		1,867		1,881,326
Crossmark Holdings, Inc.
Term Loan, 4.50%, Maturing December 20, 2019		19,784		19,709,943
Education Management LLC
Revolving Loan, 5.50%, Maturing June 1, 2015(4)		7,500		5,418,750
Term Loan, 4.25%, Maturing June 1, 2016		11,322		7,453,503
Term Loan, 8.25%, Maturing March 29, 2018		13,809		8,987,125
EIG Investors Corp.
Term Loan, 5.00%, Maturing November 9, 2019		43,212		43,428,099
Emdeon Business Services, LLC
Term Loan, 3.75%, Maturing November 2, 2018		25,951		25,960,301
Expert Global Solutions, Inc.
Term Loan, 8.50%, Maturing April 3, 2018		32,216		32,210,766
Extreme Reach, Inc.
Term Loan, 6.75%, Maturing February 10, 2020		7,706		7,811,641
Garda World Security Corporation
Term Loan, 4.00%, Maturing November 6, 2020		3,068		3,064,185
Term Loan, 4.00%, Maturing November 6, 2020		11,993		11,978,176
Term Loan, 4.75%, Maturing November 6, 2020	CAD	5,920		5,422,891
Genesys Telecom Holdings, U.S., Inc.
Term Loan, 4.00%, Maturing February 7, 2020		8,032		7,981,377
Term Loan, 4.75%, Maturing February 7, 2020	EUR	988		1,321,486
Genpact International, Inc.
Term Loan, 3.50%, Maturing August 30, 2019		23,112		23,227,500
IG Investment Holdings, LLC
Term Loan, 5.25%, Maturing October 31, 2019		10,445		10,517,002
IMS Health Incorporated
Term Loan, 3.50%, Maturing March 17, 2021		22,455		22,339,785
Term Loan, 3.75%, Maturing March 17, 2021	EUR	16,217		21,837,024
Information Resources, Inc.
Term Loan, 4.75%, Maturing September 30, 2020		13,369		13,421,830
ION Trading Technologies S.a.r.l.
Term Loan, 4.50%, Maturing June 10, 2021	EUR	12,525		16,874,330
Term Loan - Second Lien, 7.25%, Maturing May 15, 2022		8,050		8,088,576
KAR Auction Services, Inc.
Term Loan, 3.50%, Maturing March 11, 2021		17,697		17,682,617
Kronos Incorporated
Term Loan, 4.50%, Maturing October 30, 2019		40,892		41,096,231
Term Loan - Second Lien, 9.75%, Maturing April 30, 2020		13,354		13,846,437
Language Line, LLC
Term Loan, 6.25%, Maturing June 20, 2016		10,608		10,633,279
MCS AMS Sub-Holdings LLC
Term Loan, 7.00%, Maturing October 15, 2019		18,095		17,552,150
Monitronics International Inc.
Term Loan, 4.25%, Maturing March 23, 2018		17,222		17,235,099
National CineMedia, LLC
Term Loan, 2.91%, Maturing November 26, 2019		4,425		4,355,859
Nuance Communications, Inc.
Term Loan, 2.91%, Maturing August 7, 2019		4,950		4,900,500
Quintiles Transnational Corp.
Term Loan, 3.75%, Maturing June 8, 2018		53,011		53,044,455

3

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
RCS Capital Corporation
Term Loan, 6.50%, Maturing April 29, 2019		10,975	$	11,173,922
Term Loan - Second Lien, 10.50%, Maturing April 29, 2021		1,750		1,795,937
Sensus USA Inc.
Term Loan, 4.75%, Maturing May 9, 2017		3,871		3,885,838
ServiceMaster Company
Term Loan, 4.25%, Maturing July 1, 2021		23,600		23,485,540
SunGard Data Systems, Inc.
Term Loan, 3.91%, Maturing February 28, 2017		6,285		6,308,246
Term Loan, 4.00%, Maturing March 8, 2020		41,512		41,654,924
TNS, Inc.
Term Loan, 5.00%, Maturing February 14, 2020		5,739		5,800,428
TransUnion, LLC
Term Loan, 4.00%, Maturing April 9, 2021		44,189		44,143,205
U.S. Security Holdings, Inc.
Term Loan, 6.00%, Maturing July 28, 2017		343		344,920
Term Loan, 6.00%, Maturing July 28, 2017		2,238		2,252,931
WASH Multifamily Laundry Systems, LLC
Term Loan, 4.50%, Maturing February 21, 2019		4,276		4,281,245
West Corporation
Term Loan, 3.25%, Maturing June 30, 2018		22,064		21,894,287
			$	785,518,790
Cable and Satellite Television — 4.0%
Atlantic Broadband Finance, LLC
Term Loan, 3.25%, Maturing December 2, 2019		2,110	$	2,102,791
Bragg Communications Incorporated
Term Loan, 3.50%, Maturing February 28, 2018		2,261		2,276,841
Cequel Communications, LLC
Term Loan, 3.50%, Maturing February 14, 2019		24,630		24,526,990
Charter Communications Operating, LLC
Term Loan, 3.00%, Maturing July 1, 2020		15,469		15,144,881
Term Loan, 3.00%, Maturing January 3, 2021		15,976		15,654,819
Crown Media Holdings, Inc.
Term Loan, 4.00%, Maturing July 14, 2018		5,835		5,825,562
CSC Holdings, Inc.
Term Loan, 2.66%, Maturing April 17, 2020		6,992		6,877,445
ION Media Networks, Inc.
Term Loan, 5.00%, Maturing December 18, 2020		14,826		14,904,268
MCC Iowa LLC
Term Loan, 3.25%, Maturing January 29, 2021		6,930		6,898,240
Mediacom Illinois, LLC
Term Loan, 3.13%, Maturing October 23, 2017		2,810		2,813,919
Term Loan, Maturing June 13, 2021(2)		4,850		4,845,960
Numericable U.S. LLC
Term Loan, 4.50%, Maturing May 21, 2020		6,389		6,415,940
Term Loan, 4.50%, Maturing May 21, 2020		7,386		7,416,103
Sterling Entertainment Enterprises, LLC
Term Loan, 3.16%, Maturing December 28, 2017		10,878		10,554,923
UPC Financing Partnership
Term Loan, 3.85%, Maturing March 31, 2021	EUR	9,812		13,222,070
Term Loan, 3.25%, Maturing June 30, 2021		26,709		26,461,858
Virgin Media Bristol LLC
Term Loan, 3.50%, Maturing June 7, 2020		57,475		57,021,465
Virgin Media Investment Holdings Limited
Term Loan, 4.25%, Maturing June 30, 2023	GBP	4,450		7,553,848
Ziggo B.V.
Term Loan, 0.00%, Maturing January 15, 2022(4)	EUR	315		420,267
Term Loan, 0.00%, Maturing January 15, 2022(4)	EUR	4,991		6,658,899
Term Loan, 0.00%, Maturing January 15, 2022(4)	EUR	7,061		9,420,655

4

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Term Loan, 3.25%, Maturing January 15, 2022		5,844	$	5,752,419
Term Loan, 3.25%, Maturing January 15, 2022		9,069		8,926,521
Term Loan, 3.50%, Maturing January 15, 2022	EUR	336		448,285
Term Loan, 3.50%, Maturing January 15, 2022	EUR	3,975		5,302,704
Term Loan, 3.50%, Maturing January 15, 2022	EUR	6,323		8,435,362
Term Loan, Maturing January 15, 2022(2)		9,612		9,460,674
			$	285,343,709
Chemicals and Plastics — 5.2%
Allnex (Luxembourg) & Cy S.C.A.
Term Loan, 4.50%, Maturing October 3, 2019		10,168	$	10,193,028
Term Loan, 4.75%, Maturing October 4, 2019	EUR	2,747		3,692,233
Allnex USA, Inc.
Term Loan, 4.50%, Maturing October 3, 2019		5,275		5,288,672
Arysta LifeScience SPC, LLC
Term Loan, 4.50%, Maturing May 29, 2020		20,196		20,204,404
Axalta Coating Systems US Holdings Inc.
Term Loan, 4.00%, Maturing February 1, 2020		39,075		38,928,674
Term Loan, 4.25%, Maturing February 3, 2020	EUR	3,960		5,343,734
AZ Chem US Inc.
Term Loan, 4.50%, Maturing June 12, 2021		6,944		7,005,608
Chemtura Corporation
Term Loan, 3.50%, Maturing August 27, 2016		1,806		1,811,201
Emerald Performance Materials, LLC
Term Loan, Maturing August 1, 2021(2)		4,950		4,925,250
Term Loan - Second Lien, Maturing August 1, 2022(2)		5,325		5,298,375
Huntsman International, LLC
Term Loan, Maturing October 15, 2020(2)		18,075		18,081,688
Ineos Finance PLC
Term Loan, 4.00%, Maturing May 4, 2018	EUR	7,766		10,475,448
Ineos US Finance LLC
Term Loan, 3.75%, Maturing May 4, 2018		55,451		55,258,102
Kronos Worldwide Inc.
Term Loan, 4.75%, Maturing February 18, 2020		5,062		5,097,116
MacDermid, Inc.
Term Loan, 4.00%, Maturing June 7, 2020		16,110		16,127,842
Minerals Technologies Inc.
Term Loan, 4.00%, Maturing May 9, 2021		20,600		20,702,835
Momentive Performance Materials USA Inc.
DIP Loan, 4.00%, Maturing April 15, 2015		2,625		2,635,631
OEP Pearl Dutch Acquisition B.V.
Term Loan, 6.50%, Maturing March 30, 2018		242		243,874
Omnova Solutions Inc.
Term Loan, 4.25%, Maturing May 31, 2018		7,154		7,194,066
OXEA Finance LLC
Term Loan, 4.25%, Maturing January 15, 2020		6,898		6,902,186
Term Loan - Second Lien, 8.25%, Maturing July 15, 2020		2,000		2,020,000
OXEA Finance S.a.r.l.
Term Loan, 4.50%, Maturing January 15, 2020	EUR	1,985		2,651,606
Polarpak Inc.
Term Loan, 4.50%, Maturing June 5, 2020		4,816		4,816,381
Term Loan, 5.52%, Maturing June 8, 2020	CAD	7,189		6,626,445
PQ Corporation
Term Loan, 4.00%, Maturing August 7, 2017		19,213		19,251,966

5

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Schoeller Arca Systems Holding B.V.
Term Loan, 4.81%, Maturing December 18, 2014	EUR	289	$	352,212
Term Loan, 4.81%, Maturing December 18, 2014	EUR	824		1,004,221
Term Loan, 4.81%, Maturing December 18, 2014	EUR	887		1,080,639
Solenis International, LP
Term Loan, Maturing July 2, 2021(2)		2,925		2,903,671
Sonneborn LLC
Term Loan, 6.50%, Maturing March 30, 2018		1,372		1,381,951
Tata Chemicals North America Inc.
Term Loan, 3.75%, Maturing August 7, 2020		9,875		9,859,697
Tronox Pigments (Netherlands) B.V.
Term Loan, 4.00%, Maturing March 19, 2020		38,483		38,535,253
Univar Inc.
Term Loan, 5.00%, Maturing June 30, 2017		36,095		36,185,397
WNA Holdings Inc.
Term Loan, 4.50%, Maturing June 7, 2020		2,504		2,504,402
			$	374,583,808
Conglomerates — 0.8%
Custom Sensors & Technologies, Inc.
Term Loan, Maturing May 30, 2021(2)		3,375	$	3,385,547
Deutsche Raststatten Holding GmbH
Term Loan, 3.41%, Maturing December 10, 2018	EUR	3,050		4,085,635
Term Loan, 3.66%, Maturing December 10, 2019	EUR	2,550		3,421,247
Financiere SPIE S.A.S.
Term Loan, 4.10%, Maturing August 30, 2018	EUR	1,478		1,986,757
Term Loan, 4.10%, Maturing August 30, 2018	EUR	5,867		7,887,420
RGIS Services, LLC
Term Loan, 5.50%, Maturing October 18, 2017		11,168		11,153,965
Spectrum Brands Europe GmbH
Term Loan, 3.75%, Maturing September 4, 2019	EUR	9,477		12,799,744
Spectrum Brands, Inc.
Term Loan, 3.50%, Maturing September 4, 2019		8,411		8,421,270
Term Loan, 5.03%, Maturing December 17, 2019	CAD	6,619		6,063,236
			$	59,204,821
Containers and Glass Products — 1.7%
Berry Plastics Holding Corporation
Term Loan, 3.50%, Maturing February 8, 2020		31,766	$	31,438,421
Term Loan, 3.75%, Maturing January 6, 2021		29,597		29,391,344
BWAY Holding Company, Inc.
Term Loan, 4.50%, Maturing August 7, 2017		17,129		17,198,895
Libbey Glass Inc.
Term Loan, 3.75%, Maturing April 9, 2021		4,200		4,184,250
Pelican Products, Inc.
Term Loan, 5.25%, Maturing March 20, 2020		6,344		6,382,757
Ranpak Corporation
Term Loan, 4.50%, Maturing April 23, 2019		5,548		5,576,117
Term Loan, 4.75%, Maturing April 23, 2019	EUR	2,857		3,854,035
Reynolds Group Holdings Inc.
Term Loan, 4.00%, Maturing December 1, 2018		19,080		19,067,015
TricorBraun, Inc.
Term Loan, 4.00%, Maturing May 3, 2018		3,238		3,246,225
			$	120,339,059
Cosmetics/Toiletries — 0.5%
Prestige Brands, Inc.
Term Loan, 3.75%, Maturing January 31, 2019		640	$	642,436

6

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Revlon Consumer Products Corporation
Term Loan, 4.00%, Maturing October 8, 2019		19,278	$	19,329,327
Sun Products Corporation (The)
Term Loan, 5.50%, Maturing March 23, 2020		18,943		18,374,231
			$	38,345,994
Drugs — 1.9%
Alkermes, Inc.
Term Loan, 3.50%, Maturing September 18, 2019		7,006	$	6,998,245
Auxilium Pharmaceuticals, Inc.
Term Loan, 6.25%, Maturing April 26, 2017		7,526		7,540,189
Endo Luxembourg Finance Company I S.a.r.l.
Term Loan, 3.25%, Maturing February 28, 2021		3,815		3,805,899
Ikaria, Inc.
Term Loan, 5.00%, Maturing February 12, 2021		8,475		8,531,749
Term Loan - Second Lien, 8.75%, Maturing February 14, 2022		3,250		3,304,437
Par Pharmaceutical Companies, Inc.
Term Loan, 4.00%, Maturing September 30, 2019		25,939		25,925,136
Valeant Pharmaceuticals International, Inc.
Term Loan, 3.75%, Maturing February 13, 2019		15,995		15,995,235
Term Loan, 3.75%, Maturing December 11, 2019		19,179		19,183,854
Term Loan, 3.75%, Maturing August 5, 2020		27,304		27,283,625
VWR Funding, Inc.
Term Loan, 3.41%, Maturing April 3, 2017		14,111		14,122,961
Term Loan, 3.60%, Maturing April 3, 2017	EUR	1,211		1,628,542
			$	134,319,872
Ecological Services and Equipment — 0.7%
ADS Waste Holdings, Inc.
Term Loan, 3.75%, Maturing October 9, 2019		42,380	$	42,225,263
EnergySolutions, LLC
Term Loan, 6.75%, Maturing May 29, 2020		8,950		9,117,813
			$	51,343,076
Electronics/Electrical — 11.7%
Aeroflex Incorporated
Term Loan, 4.50%, Maturing November 11, 2019		14,581	$	14,638,758
Allflex Holdings III, Inc.
Term Loan, 4.25%, Maturing July 17, 2020		9,106		9,110,741
Answers Corporation
Term Loan, 6.50%, Maturing December 20, 2018		7,751		7,819,073
Term Loan - Second Lien, 11.00%, Maturing June 19, 2020		8,700		8,841,375
Attachmate Corporation
Term Loan, 7.25%, Maturing November 22, 2017		26,369		26,699,045
Term Loan - Second Lien, 11.00%, Maturing November 22, 2018		14,746		14,966,994
Avago Technologies Cayman Ltd.
Term Loan, 3.75%, Maturing May 6, 2021		64,200		64,149,667
Blue Coat Systems, Inc.
Term Loan, 4.00%, Maturing May 31, 2019		13,378		13,391,975
Term Loan - Second Lien, 9.50%, Maturing June 28, 2020		17,150		17,557,312
Campaign Monitor Finance Pty Limited
Term Loan, 6.25%, Maturing March 18, 2021		7,506		7,374,829
Cinedigm Digital Funding I, LLC
Term Loan, 3.75%, Maturing February 28, 2018		880		881,390
CommScope, Inc.
Term Loan, 3.25%, Maturing January 26, 2018		9,071		9,088,300
CompuCom Systems, Inc.
Term Loan, 4.25%, Maturing May 11, 2020		16,077		15,898,295
Dealertrack Technologies, Inc.
Term Loan, 3.50%, Maturing February 28, 2021		4,937		4,933,207

7

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Dell Inc.
Term Loan, 3.75%, Maturing October 29, 2018		7,731	$	7,719,487
Term Loan, 4.50%, Maturing April 29, 2020		91,786		92,049,197
Eagle Parent, Inc.
Term Loan, 4.00%, Maturing May 16, 2018		14,015		14,033,949
Entegris, Inc.
Term Loan, 3.50%, Maturing April 30, 2021		5,125		5,088,700
Excelitas Technologies Corp.
Term Loan, 6.00%, Maturing October 30, 2020		9,366		9,420,938
Eze Castle Software Inc.
Term Loan, 4.00%, Maturing April 6, 2020		6,028		6,030,157
FIDJI Luxembourg (BC4) S.A.R.L.
Term Loan, 6.25%, Maturing December 24, 2020		7,752		7,829,394
Freescale Semiconductor, Inc.
Term Loan, 4.25%, Maturing February 28, 2020		5,675		5,654,652
Term Loan, 5.00%, Maturing January 15, 2021		4,959		4,972,718
Go Daddy Operating Company, LLC
Term Loan, 4.75%, Maturing May 13, 2021		43,864		43,777,377
Hyland Software, Inc.
Term Loan, 4.75%, Maturing February 19, 2021		13,432		13,512,905
Infor (US), Inc.
Term Loan, 3.75%, Maturing June 3, 2020		3,214		3,191,821
Term Loan, 3.75%, Maturing June 3, 2020		59,945		59,533,276
Term Loan, 4.00%, Maturing June 3, 2020	EUR	3,925		5,255,788
M/A-COM Technology Solutions Holdings, Inc.
Term Loan, 4.50%, Maturing May 7, 2021		5,350		5,396,813
Magic Newco LLC
Term Loan, 5.00%, Maturing December 12, 2018		36,445		36,721,735
MH Sub I, LLC
Term Loan, 2.00%, Maturing June 25, 2021(4)		828		830,632
Term Loan, 5.00%, Maturing July 8, 2021		7,622		7,641,812
Microsemi Corporation
Term Loan, 3.25%, Maturing February 19, 2020		6,984		6,958,107
NXP B.V.
Term Loan, 3.25%, Maturing January 11, 2020		18,560		18,446,647
Open Text Corporation
Term Loan, 3.25%, Maturing January 16, 2021		7,328		7,325,839
Renaissance Learning, Inc.
Term Loan, 4.50%, Maturing April 9, 2021		7,332		7,328,568
Term Loan - Second Lien, 8.00%, Maturing April 11, 2022		2,450		2,438,772
Rocket Software, Inc.
Term Loan, 5.75%, Maturing February 8, 2018		7,475		7,506,402
Term Loan - Second Lien, 10.25%, Maturing February 8, 2019		3,000		3,039,375
RP Crown Parent, LLC
Term Loan, 6.00%, Maturing December 21, 2018		55,152		55,418,741
Term Loan - Second Lien, 11.25%, Maturing December 20, 2019		15,994		16,097,506
Shield Finance Co. S.A.R.L.
Term Loan, 5.25%, Maturing January 27, 2021	EUR	4,489		6,078,281
Term Loan, 5.00%, Maturing January 29, 2021		6,958		6,985,101
Sirius Computer Solutions, Inc.
Term Loan, 7.00%, Maturing November 30, 2018		7,212		7,311,545
SkillSoft Corporation
Term Loan, 4.50%, Maturing April 28, 2021		15,300		15,290,437
Smart Technologies ULC
Term Loan, 10.50%, Maturing January 31, 2018		9,283		9,654,021
Sophia, L.P.
Term Loan, 4.00%, Maturing July 19, 2018		8,139		8,132,517
SumTotal Systems LLC
Term Loan, 6.25%, Maturing November 16, 2018		18,228		17,931,638

8

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
SunEdison Semiconductor B.V.
Term Loan, 6.50%, Maturing May 22, 2019		8,950	$	8,955,594
SurveyMonkey.com, LLC
Term Loan, 5.50%, Maturing February 5, 2019		7,898		7,976,671
Sybil Software LLC
Term Loan, 5.00%, Maturing March 20, 2020		12,294		12,319,984
Vantiv, LLC
Term Loan, 3.75%, Maturing May 12, 2021		8,925		8,969,625
Vertafore, Inc.
Term Loan, 4.25%, Maturing October 3, 2019		26,446		26,495,576
Wall Street Systems Delaware, Inc.
Term Loan, 4.50%, Maturing April 30, 2021		14,635		14,643,929
Web.com Group, Inc.
Term Loan, 4.50%, Maturing October 27, 2017		10,274		10,337,903
Websense, Inc.
Term Loan, 4.50%, Maturing June 25, 2020		7,181		7,212,309
			$	836,867,400
Equipment Leasing — 0.6%
Delos Finance S.A.R.L.
Term Loan, 3.50%, Maturing March 6, 2021		25,525	$	25,520,431
Flying Fortress Inc.
Term Loan, 3.50%, Maturing June 30, 2017		16,500		16,505,164
			$	42,025,595
Financial Intermediaries — 5.0%
American Capital, Ltd.
Term Loan, 3.50%, Maturing August 22, 2017		9,338	$	9,337,500
Armor Holding II LLC
Term Loan, 5.75%, Maturing June 26, 2020		6,371		6,363,084
Term Loan - Second Lien, 10.25%, Maturing December 11, 2020		1,500		1,503,750
Citco Funding LLC
Term Loan, 4.25%, Maturing June 29, 2018		22,072		22,149,203
Clipper Acquisitions Corp.
Term Loan, 3.00%, Maturing February 6, 2020		16,159		16,091,805
First Data Corporation
Term Loan, 3.66%, Maturing March 24, 2017		7,000		6,983,753
Term Loan, 3.67%, Maturing March 23, 2018		18,280		18,115,942
Term Loan, 3.67%, Maturing September 24, 2018		24,150		23,933,664
Grosvenor Capital Management Holdings, LLP
Term Loan, 3.75%, Maturing January 4, 2021		25,198		25,080,270
Guggenheim Partners, LLC
Term Loan, 4.25%, Maturing July 22, 2020		15,061		15,070,601
Hamilton Lane Advisors, LLC
Term Loan, 4.00%, Maturing February 28, 2018		3,566		3,574,461
Harbourvest Partners, LLC
Term Loan, 3.25%, Maturing February 4, 2021		6,541		6,508,649
Home Loan Servicing Solutions, Ltd.
Term Loan, 4.50%, Maturing June 19, 2020		8,762		8,802,574
LPL Holdings, Inc.
Term Loan, 3.25%, Maturing March 29, 2019		9,187		9,179,899
MIP Delaware, LLC
Term Loan, 4.00%, Maturing March 9, 2020		5,263		5,282,675
Moneygram International, Inc.
Term Loan, 4.25%, Maturing March 27, 2020		14,178		13,985,792
Nuveen Investments, Inc.
Term Loan, 4.16%, Maturing May 15, 2017		53,737		53,800,699
NXT Capital, Inc.
Term Loan, 6.25%, Maturing September 4, 2018		1,746		1,749,967
Term Loan, 6.25%, Maturing September 4, 2018		9,909		9,933,666

9

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Ocwen Financial Corporation
Term Loan, 5.00%, Maturing February 15, 2018		16,072	$	16,139,867
Oz Management LP
Term Loan, 1.66%, Maturing November 15, 2016		10,829		10,440,944
Sesac Holdco II, LLC
Term Loan, 5.01%, Maturing February 8, 2019		6,385		6,417,254
Starwood Property Trust, Inc.
Term Loan, 3.50%, Maturing April 17, 2020		16,106		16,048,461
Transfirst Holdings, Inc.
Term Loan, 4.00%, Maturing December 27, 2017		5,537		5,539,086
Walker & Dunlop, Inc.
Term Loan, 5.50%, Maturing December 11, 2020		6,318		6,413,024
Walter Investment Management Corp.
Term Loan, 4.75%, Maturing December 11, 2020		36,673		36,248,504
			$	354,695,094
Food Products — 5.6%
AdvancePierre Foods, Inc.
Term Loan, 5.75%, Maturing July 10, 2017		33,933	$	34,046,003
American Seafoods Group LLC
Term Loan, 4.50%, Maturing March 18, 2018		1,423		1,402,965
Autobar BV (Acorn 3 BV)
Term Loan, 5.95%, Maturing October 31, 2019	EUR	14,600		16,422,111
Big Heart Pet Brands
Term Loan, 3.50%, Maturing March 8, 2020		26,072		25,767,673
Blue Buffalo Company, Ltd.
Term Loan, 4.00%, Maturing August 8, 2019		11,991		12,021,227
Charger OpCo BV
Term Loan, Maturing May 29, 2021(2)		21,150		20,885,625
Term Loan, Maturing June 30, 2021(2)	EUR	7,025		9,266,562
Clearwater Seafoods Limited Partnership
Term Loan, 4.75%, Maturing June 24, 2019		3,614		3,643,611
CSM Bakery Solutions LLC
Term Loan, 4.75%, Maturing July 3, 2020		9,281		9,277,380
Del Monte Foods, Inc.
Term Loan, 4.25%, Maturing February 18, 2021		22,243		22,107,675
Diamond Foods, Inc.
Term Loan, 4.25%, Maturing August 20, 2018		11,965		11,967,364
Dole Food Company Inc.
Term Loan, 4.50%, Maturing November 1, 2018		44,288		44,324,637
H.J. Heinz Company
Term Loan, 3.50%, Maturing June 5, 2020		60,083		60,157,891
High Liner Foods Incorporated
Term Loan, 4.25%, Maturing April 24, 2021		8,803		8,802,938
JBS USA Holdings Inc.
Term Loan, 3.75%, Maturing May 25, 2018		15,840		15,761,011
Term Loan, 3.75%, Maturing September 18, 2020		13,821		13,772,882
NBTY, Inc.
Term Loan, 3.50%, Maturing October 1, 2017		49,959		49,953,179
Pinnacle Foods Finance LLC
Term Loan, 3.25%, Maturing April 29, 2020		5,955		5,918,311
Term Loan, 3.25%, Maturing April 29, 2020		24,452		24,300,881
Post Holdings Inc.
Term Loan, 3.75%, Maturing June 2, 2021		5,075		5,098,563
Regentrealm Limited
Term Loan, 5.00%, Maturing July 29, 2020	GBP	2,775		4,717,240
			$	399,615,729

10

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Food Service — 3.2%
Aramark Corporation
Term Loan, 3.73%, Maturing July 26, 2016		441	$	441,164
Term Loan, 3.73%, Maturing July 26, 2016		918		914,429
ARG IH Corporation
Term Loan, 5.00%, Maturing November 15, 2020		2,488		2,501,990
Buffets, Inc.
Term Loan, 0.11%, Maturing April 22, 2015(3)		265		265,450
Burger King Corporation
Term Loan, 3.75%, Maturing September 28, 2019		11,004		11,053,639
CEC Entertainment Concepts, L.P.
Term Loan, 4.25%, Maturing February 14, 2021		10,150		10,086,128
Centerplate, Inc.
Term Loan, 4.75%, Maturing November 26, 2019		4,566		4,572,012
Darling International Inc.
Term Loan, 3.25%, Maturing January 6, 2021		6,309		6,307,137
Term Loan, 3.50%, Maturing January 6, 2021	EUR	9,526		12,793,169
DineEquity, Inc.
Term Loan, 3.75%, Maturing October 19, 2017		2,431		2,440,981
Dunkin’ Brands, Inc.
Term Loan, 3.25%, Maturing February 7, 2021		44,969		44,305,421
Landry’s, Inc.
Term Loan, 4.00%, Maturing April 24, 2018		20,047		20,117,029
NPC International, Inc.
Term Loan, 4.00%, Maturing December 28, 2018		13,658		13,655,005
P.F. Chang’s China Bistro Inc.
Term Loan, 4.25%, Maturing July 2, 2019		6,802		6,680,496
Seminole Hard Rock Entertainment, Inc.
Term Loan, 3.50%, Maturing May 14, 2020		1,831		1,827,494
US Foods, Inc.
Term Loan, 4.50%, Maturing March 31, 2019		58,094		58,130,208
Weight Watchers International, Inc.
Term Loan, 4.00%, Maturing April 2, 2020		45,044		35,900,027
			$	231,991,779
Food/Drug Retailers — 3.0%
Albertson’s, LLC
Term Loan, 4.75%, Maturing March 21, 2019		26,764	$	26,933,923
Alliance Boots Holdings Limited
Term Loan, 3.56%, Maturing July 10, 2017	EUR	1,249		1,676,307
Term Loan, 3.98%, Maturing July 10, 2017	GBP	23,200		39,186,916
General Nutrition Centers, Inc.
Term Loan, 3.25%, Maturing March 4, 2019		41,535		41,275,129
New Albertson’s, Inc.
Term Loan, 4.75%, Maturing June 27, 2021		10,350		10,393,936
Pantry, Inc. (The)
Term Loan, 4.75%, Maturing August 2, 2019		1,695		1,705,405
Rite Aid Corporation
Term Loan, 3.50%, Maturing February 21, 2020		41,343		41,291,779
Term Loan - Second Lien, 5.75%, Maturing August 21, 2020		25,291		25,821,703
Supervalu Inc.
Term Loan, 4.50%, Maturing March 21, 2019		29,982		29,984,196
			$	218,269,294
Forest Products — 0.1%
Expera Specialty Solutions, LLC
Term Loan, 7.50%, Maturing December 21, 2018		3,935	$	3,984,441
SIG Euro Holdings AG & Co. KG
Term Loan, 4.25%, Maturing December 2, 2018	EUR	2,709		3,664,063
			$	7,648,504

11

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Health Care — 12.2%
Akorn, Inc.
Term Loan, 4.50%, Maturing April 16, 2021		6,450	$	6,474,187
Term Loan, Maturing April 16, 2021(2)		3,800		3,814,250
Alere, Inc.
Term Loan, 4.25%, Maturing June 30, 2017		23,167		23,244,956
Alliance Healthcare Services, Inc.
Term Loan, 4.25%, Maturing June 3, 2019		17,438		17,448,490
Amneal Pharmaceuticals LLC
Term Loan, 4.75%, Maturing November 1, 2019		9,186		9,237,269
Amsurg Corp.
Term Loan, 3.75%, Maturing July 16, 2021		5,925		5,931,174
Ardent Medical Services, Inc.
Term Loan, 6.75%, Maturing July 2, 2018		23,500		23,610,217
ATI Holdings, Inc.
Term Loan, 5.00%, Maturing December 20, 2019		6,309		6,380,126
Biomet Inc.
Term Loan, 3.66%, Maturing July 25, 2017		50,972		50,999,713
BioScrip, Inc.
Term Loan, 6.50%, Maturing July 31, 2020		3,003		3,044,283
Term Loan, 6.50%, Maturing July 31, 2020		5,005		5,073,804
BSN Medical Inc.
Term Loan, 4.00%, Maturing August 28, 2019		4,664		4,669,658
CeramTec Acquisition Corporation
Term Loan, 4.25%, Maturing August 28, 2020		1,615		1,618,848
CHG Buyer Corporation
Term Loan, 4.25%, Maturing November 19, 2019		14,603		14,633,194
Community Health Systems, Inc.
Term Loan, 4.25%, Maturing January 27, 2021		57,262		57,476,444
Convatec Inc.
Term Loan, 4.00%, Maturing December 22, 2016		3,300		3,305,852
DaVita HealthCare Partners, Inc.
Term Loan, 3.50%, Maturing June 24, 2021		31,750		31,741,491
DJO Finance LLC
Term Loan, 4.25%, Maturing September 15, 2017		18,419		18,483,948
Drumm Investors LLC
Term Loan, 6.75%, Maturing May 4, 2018		5,940		5,953,217
Envision Healthcare Corporation
Term Loan, 4.00%, Maturing May 25, 2018		42,079		42,149,627
Faenza Acquisition GmbH
Term Loan, 4.25%, Maturing August 28, 2020		4,940		4,951,621
Term Loan, 4.75%, Maturing August 30, 2020	EUR	700		946,038
Term Loan, 4.75%, Maturing August 30, 2020	EUR	2,300		3,110,280
Term Loan, 4.25%, Maturing August 31, 2020		16,297		16,334,813
Generale De Sante
Term Loan, Maturing July 29, 2020(2)	EUR	3,000		4,032,215
Gentiva Health Services, Inc.
Term Loan, 6.50%, Maturing October 18, 2019		21,144		21,193,184
Grifols Worldwide Operations USA, Inc.
Term Loan, 3.16%, Maturing February 27, 2021		46,926		46,775,821
HCA, Inc.
Term Loan, 2.98%, Maturing May 1, 2018		20,733		20,735,514
Hologic Inc.
Term Loan, 3.25%, Maturing August 1, 2019		6,457		6,437,828
Iasis Healthcare LLC
Term Loan, 4.50%, Maturing May 3, 2018		21,367		21,444,295
inVentiv Health, Inc.
Term Loan, 7.75%, Maturing May 15, 2018		12,851		12,882,909
Term Loan, 7.76%, Maturing May 15, 2018		10,584		10,592,461

12

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
JLL/Delta Dutch Newco B.V.
Term Loan, 4.25%, Maturing March 11, 2021		15,400	$	15,303,750
Term Loan, 4.50%, Maturing March 11, 2021	EUR	1,450		1,947,387
Kindred Healthcare, Inc.
Term Loan, 4.00%, Maturing April 9, 2021		15,700		15,685,289
Kinetic Concepts, Inc.
Term Loan, 4.00%, Maturing May 4, 2018		41,504		41,547,974
LHP Hospital Group, Inc.
Term Loan, 9.00%, Maturing July 3, 2018		3,531		3,380,948
Mallinckrodt International Finance S.A.
Term Loan, 3.50%, Maturing March 19, 2021		14,414		14,359,823
MedAssets, Inc.
Term Loan, 4.00%, Maturing December 13, 2019		1,790		1,789,570
Millennium Laboratories, Inc.
Term Loan, 5.25%, Maturing April 16, 2021		21,775		21,847,402
MMM Holdings, Inc.
Term Loan, 9.75%, Maturing December 12, 2017		7,516		7,582,016
MSO of Puerto Rico, Inc.
Term Loan, 9.75%, Maturing December 12, 2017		5,465		5,485,004
National Mentor Holdings, Inc.
Term Loan, 4.75%, Maturing January 31, 2021		6,434		6,463,361
Onex Carestream Finance LP
Term Loan, 5.00%, Maturing June 7, 2019		25,792		25,863,182
Opal Acquisition, Inc.
Term Loan, 5.00%, Maturing November 27, 2020		18,442		18,495,138
Ortho-Clinical Diagnostics, Inc.
Term Loan, 4.75%, Maturing June 30, 2021		31,850		31,883,188
Pharmaceutical Product Development LLC
Term Loan, 4.00%, Maturing December 5, 2018		42,065		42,155,122
PRA Holdings, Inc.
Term Loan, 4.50%, Maturing September 23, 2020		16,823		16,780,818
Radnet Management, Inc.
Term Loan, 4.27%, Maturing October 10, 2018		14,219		14,260,054
RegionalCare Hospital Partners, Inc.
Term Loan, 6.00%, Maturing April 19, 2019		4,475		4,495,979
Sage Products Holdings III, LLC
Term Loan, 4.25%, Maturing December 13, 2019		7,299		7,313,127
Salix Pharmaceuticals, Ltd.
Term Loan, 4.25%, Maturing January 2, 2020		13,528		13,606,331
Select Medical Corporation
Term Loan, 3.75%, Maturing June 1, 2018		8,825		8,825,000
Steward Health Care System LLC
Term Loan, 6.75%, Maturing April 12, 2020		11,281		11,210,312
TriZetto Corporation
Term Loan, 4.75%, Maturing May 2, 2018		15,768		15,836,846
Truven Health Analytics Inc.
Term Loan, 4.50%, Maturing June 6, 2019		10,890		10,870,032
U.S. Renal Care, Inc.
Term Loan, 4.25%, Maturing July 3, 2019		14,475		14,461,080
			$	876,176,460
Home Furnishings — 0.8%
Interline Brands, Inc.
Term Loan, 4.00%, Maturing March 17, 2021		2,469	$	2,457,498
Serta Simmons Holdings, LLC
Term Loan, 4.25%, Maturing October 1, 2019		35,981		36,043,563
Tempur-Pedic International Inc.
Term Loan, 3.50%, Maturing March 18, 2020		21,118		21,110,249
			$	59,611,310

13

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Industrial Equipment — 3.8%
Alliance Laundry Systems LLC
Term Loan, 4.25%, Maturing December 10, 2018		10,926	$	10,987,617
Apex Tool Group, LLC
Term Loan, 4.50%, Maturing January 31, 2020		45,566		45,015,066
Doosan Infracore International, Inc.
Term Loan, 4.50%, Maturing May 28, 2021		11,600		11,662,733
Filtration Group Corporation
Term Loan, 4.50%, Maturing November 21, 2020		2,612		2,632,104
Term Loan - Second Lien, 8.25%, Maturing November 21, 2021		4,200		4,280,501
Gardner Denver, Inc.
Term Loan, 4.25%, Maturing July 30, 2020		16,487		16,431,178
Term Loan, 4.75%, Maturing July 30, 2020	EUR	3,300		4,454,509
Gemini HDPE LLC
Term Loan, Maturing August 4, 2021(2)		4,350		4,360,875
Generac Power Systems, Inc.
Term Loan, 3.25%, Maturing May 31, 2020		13,852		13,742,087
Grede Holdings LLC
Term Loan, 4.75%, Maturing June 2, 2021		8,925		8,973,347
Husky Injection Molding Systems Ltd.
Term Loan, 4.25%, Maturing June 30, 2021		27,550		27,649,015
Term Loan - Second Lien, 7.25%, Maturing June 30, 2022		6,750		6,811,877
Manitowoc Company, Inc. (The)
Term Loan, 3.25%, Maturing January 3, 2021		2,134		2,139,226
Milacron LLC
Term Loan, 4.00%, Maturing March 30, 2020		16,321		16,315,941
Paladin Brands Holding, Inc.
Term Loan, 6.75%, Maturing August 16, 2019		10,767		10,834,115
Rexnord LLC
Term Loan, 4.00%, Maturing August 21, 2020		34,943		34,918,981
Signode Industrial Group US Inc.
Term Loan, 4.00%, Maturing May 1, 2021		13,375		13,327,626
Spansion LLC
Term Loan, 3.75%, Maturing December 19, 2019		9,646		9,638,075
STS Operating, Inc.
Term Loan, 4.75%, Maturing February 19, 2021		3,092		3,109,644
Tank Holding Corp.
Term Loan, 4.25%, Maturing July 9, 2019		14,401		14,396,347
Terex Corporation
Term Loan, 3.50%, Maturing April 28, 2017		2,866		2,869,803
Unifrax Corporation
Term Loan, 4.25%, Maturing November 28, 2018		4,397		4,398,653
Virtuoso US LLC
Term Loan, 4.75%, Maturing February 11, 2021		4,389		4,402,716
			$	273,352,036
Insurance — 3.9%
Alliant Holdings I, Inc.
Term Loan, 4.25%, Maturing December 20, 2019		17,437	$	17,476,316
AmWINS Group, LLC
Term Loan, 5.00%, Maturing September 6, 2019		31,644		31,736,220
Applied Systems, Inc.
Term Loan, 4.25%, Maturing January 25, 2021		7,584		7,579,641
Asurion LLC
Term Loan, 5.00%, Maturing May 24, 2019		91,913		92,435,515
Term Loan, 4.25%, Maturing July 8, 2020		8,865		8,851,627
Term Loan - Second Lien, 8.50%, Maturing March 3, 2021		10,675		11,035,281
CGSC of Delaware Holding Corporation
Term Loan, 5.00%, Maturing April 16, 2020		10,459		10,210,977
CNO Financial Group, Inc.
Term Loan, 3.75%, Maturing September 20, 2018		20,981		20,987,190

14

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Cunningham Lindsey U.S. Inc.
Term Loan, 5.00%, Maturing December 10, 2019		12,994	$	12,962,737
Term Loan - Second Lien, 9.25%, Maturing June 10, 2020		6,266		6,278,635
Hub International Limited
Term Loan, 4.25%, Maturing October 2, 2020		28,952		28,912,923
USI, Inc.
Term Loan, 4.25%, Maturing December 27, 2019		32,635		32,682,497
			$	281,149,559
Leisure Goods/Activities/Movies — 4.7%
Activision Blizzard, Inc.
Term Loan, 3.25%, Maturing October 12, 2020		21,573	$	21,573,312
Amaya Holdings B.V.
Term Loan, Maturing August 1, 2021(2)		26,475		26,239,214
Term Loan - Second Lien, Maturing August 1, 2022(2)		7,150		7,242,356
AMC Entertainment, Inc.
Term Loan, 3.50%, Maturing April 30, 2020		23,925		23,900,854
Bally Technologies, Inc.
Term Loan, 4.25%, Maturing November 25, 2020		11,551		11,589,211
Bombardier Recreational Products, Inc.
Term Loan, 4.00%, Maturing January 30, 2019		20,906		20,880,244
Bright Horizons Family Solutions, Inc.
Term Loan, 3.75%, Maturing January 30, 2020		9,647		9,635,582
ClubCorp Club Operations, Inc.
Term Loan, 4.00%, Maturing July 24, 2020		5,964		5,941,198
Dave & Buster’s, Inc.
Term Loan, 4.50%, Maturing July 25, 2020		1,700		1,705,047
Delta 2 (LUX) S.a.r.l.
Term Loan, 4.50%, Maturing April 30, 2019		21,346		21,399,531
Emerald Expositions Holding, Inc.
Term Loan, 5.50%, Maturing June 17, 2020		8,211		8,267,763
Equinox Holdings, Inc.
Term Loan, 4.25%, Maturing January 31, 2020		13,989		14,041,411
Fender Musical Instruments Corporation
Term Loan, 5.75%, Maturing April 3, 2019		2,685		2,700,347
Kasima, LLC
Term Loan, 3.25%, Maturing May 17, 2021		6,825		6,803,672
Live Nation Entertainment, Inc.
Term Loan, 3.50%, Maturing August 17, 2020		12,875		12,890,767
Merlin Entertainment Group Luxembourg 2 S.a.r.l.
Term Loan, 3.41%, Maturing June 28, 2019		8,251		8,273,501
Nord Anglia Education Limited
Term Loan, 4.50%, Maturing March 19, 2021		8,950		8,966,781
Sabre, Inc.
Term Loan, 4.25%, Maturing February 19, 2019		8,893		8,881,048
SeaWorld Parks & Entertainment, Inc.
Term Loan, 3.00%, Maturing May 14, 2020		22,557		22,249,074
Six Flags Theme Parks, Inc.
Term Loan, 3.50%, Maturing December 20, 2018		3,720		3,731,220
Sonifi Solutions, Inc.
Term Loan, 6.75%, Maturing March 31, 2018		884		379,069
SRAM, LLC
Term Loan, 4.00%, Maturing April 10, 2020		19,229		19,105,014
Steinway Musical Instruments, Inc.
Term Loan, 4.75%, Maturing September 19, 2019		2,987		2,991,209
Town Sports International Inc.
Term Loan, 4.50%, Maturing November 16, 2020		11,567		10,525,856
US Finco LLC
Term Loan, 4.00%, Maturing May 29, 2020		10,161		10,145,157
Term Loan - Second Lien, 8.25%, Maturing November 30, 2020		7,200		7,380,000

15

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
WMG Acquisition Corp.
Term Loan, 3.75%, Maturing July 1, 2020		19,255	$	18,901,507
Zuffa LLC
Term Loan, 3.75%, Maturing February 25, 2020		17,373		17,389,442
			$	333,729,387
Lodging and Casinos — 3.2%
Affinity Gaming, LLC
Term Loan, 5.25%, Maturing November 9, 2017		2,376	$	2,375,685
Boyd Gaming Corporation
Term Loan, 4.00%, Maturing August 14, 2020		4,016		4,025,230
Caesars Entertainment Operating Company
Term Loan, 6.95%, Maturing March 1, 2017		13,723		12,813,746
CityCenter Holdings, LLC
Term Loan, 4.25%, Maturing October 16, 2020		7,229		7,233,172
Four Seasons Holdings Inc.
Term Loan, 3.50%, Maturing June 27, 2020		8,337		8,307,037
Term Loan - Second Lien, 6.25%, Maturing December 28, 2020		1,842		1,862,723
Gala Group Ltd.
Term Loan, 5.50%, Maturing May 28, 2018	GBP	25,725		43,797,977
Golden Nugget, Inc.
Term Loan, 5.50%, Maturing November 21, 2019		1,298		1,326,879
Term Loan, 5.50%, Maturing November 21, 2019		3,030		3,096,051
Hilton Worldwide Finance, LLC
Term Loan, 3.50%, Maturing October 26, 2020		57,677		57,481,737
La Quinta Intermediate Holdings LLC
Term Loan, 4.00%, Maturing April 14, 2021		6,950		6,964,968
MGM Resorts International
Term Loan, 3.50%, Maturing December 20, 2019		35,182		35,020,699
Pinnacle Entertainment, Inc.
Term Loan, 3.75%, Maturing August 13, 2020		6,868		6,890,490
Playa Resorts Holding B.V.
Term Loan, 4.00%, Maturing August 6, 2019		3,072		3,074,644
Scientific Games International, Inc.
Term Loan, 4.25%, Maturing October 18, 2020		33,830		33,398,059
Tropicana Entertainment Inc.
Term Loan, 4.00%, Maturing November 27, 2020		2,002		2,004,834
			$	229,673,931
Nonferrous Metals/Minerals — 2.0%
Alpha Natural Resources, LLC
Term Loan, 3.50%, Maturing May 22, 2020		18,619	$	17,851,278
Arch Coal Inc.
Term Loan, 6.25%, Maturing May 16, 2018		31,255		30,746,627
Fairmount Minerals Ltd.
Term Loan, 3.75%, Maturing March 15, 2017		1,005		1,009,115
Term Loan, 4.50%, Maturing September 5, 2019		21,367		21,549,813
Murray Energy Corporation
Term Loan, 5.25%, Maturing December 5, 2019		15,087		15,223,923
Noranda Aluminum Acquisition Corporation
Term Loan, 5.75%, Maturing February 28, 2019		9,704		9,457,505
Novelis, Inc.
Term Loan, 3.75%, Maturing March 10, 2017		16,844		16,871,717
Oxbow Carbon LLC
Term Loan, 4.25%, Maturing July 19, 2019		3,681		3,695,055
Term Loan - Second Lien, 8.00%, Maturing January 17, 2020		6,400		6,576,000
United Central Industrial Supply Company, L.L.C.
Term Loan, 7.50%, Maturing October 9, 2018		4,000		4,013,805
Term Loan - Second Lien, 12.50%, Maturing April 9, 2019		1,250		1,239,062
Walter Energy, Inc.
Term Loan, 7.25%, Maturing April 2, 2018		19,269		18,295,604
			$	146,529,504

16

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Oil and Gas — 4.6%
Ameriforge Group, Inc.
Term Loan, 5.00%, Maturing December 19, 2019		27,411	$	27,582,466
Term Loan - Second Lien, 8.75%, Maturing December 19, 2020		10,375		10,634,375
Bronco Midstream Funding LLC
Term Loan, 5.00%, Maturing August 17, 2020		20,436		20,640,067
Citgo Petroleum Corporation
Term Loan, 4.50%, Maturing July 29, 2021		9,450		9,509,063
Crestwood Holdings LLC
Term Loan, 7.00%, Maturing June 19, 2019		6,057		6,187,313
Drillships Ocean Ventures Inc.
Term Loan, 5.50%, Maturing July 18, 2021		10,200		10,270,125
Energy Transfer Equity, L.P.
Term Loan, 3.25%, Maturing December 2, 2019		18,325		18,102,480
Fieldwood Energy LLC
Term Loan, 3.88%, Maturing September 28, 2018		9,260		9,282,300
Term Loan - Second Lien, 8.38%, Maturing September 30, 2020		6,050		6,206,925
Floatel International, Ltd.
Term Loan, 6.00%, Maturing June 27, 2020		10,150		10,212,997
MEG Energy Corp.
Term Loan, 3.75%, Maturing March 31, 2020		38,641		38,706,296
Obsidian Natural Gas Trust
Term Loan, 7.00%, Maturing November 2, 2015		5,064		5,108,244
Paragon Offshore Finance Company
Term Loan, 3.75%, Maturing July 18, 2021		8,225		8,191,590
Ruby Western Pipeline Holdings, LLC
Term Loan, 3.50%, Maturing March 27, 2020		7,939		7,933,970
Samson Investment Company
Term Loan - Second Lien, 5.00%, Maturing September 25, 2018		16,275		16,257,569
Seadrill Partners Finco LLC
Term Loan, 4.00%, Maturing February 21, 2021		40,021		39,623,734
Sheridan Investment Partners II, L.P.
Term Loan, 4.25%, Maturing December 16, 2020		347		346,882
Term Loan, 4.25%, Maturing December 16, 2020		930		930,116
Term Loan, 4.25%, Maturing December 16, 2020		6,684		6,686,321
Sheridan Production Partners I, LLC
Term Loan, 4.25%, Maturing September 25, 2019		1,354		1,357,557
Term Loan, 4.25%, Maturing September 25, 2019		2,217		2,222,568
Term Loan, 4.25%, Maturing October 1, 2019		16,731		16,773,058
Southcross Holdings Borrower LP
Term Loan, Maturing July 16, 2021(2)		3,875		3,896,750
Tallgrass Operations, LLC
Term Loan, 3.75%, Maturing November 13, 2017		7,500		7,516,410
Term Loan, 4.25%, Maturing November 13, 2018		16,235		16,282,017
Tervita Corporation
Term Loan, 6.25%, Maturing May 15, 2018		28,823		28,964,689
			$	329,425,882
Publishing — 3.2%
Advanstar Communications Inc.
Term Loan, 5.50%, Maturing April 29, 2019		5,505	$	5,546,602
American Greetings Corporation
Term Loan, 4.00%, Maturing August 9, 2019		10,624		10,664,127
Ascend Learning, LLC
Term Loan, 6.00%, Maturing July 31, 2019		12,960		13,109,730

17

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Flint Group SA
Term Loan, 5.37%, Maturing December 31, 2016		2,229	$	2,228,900
Term Loan, 5.37%, Maturing December 31, 2016		3,425		3,425,313
Term Loan, 5.37%, Maturing December 31, 2016		3,495		3,494,885
Term Loan - Second Lien, 7.125%, (6.625% Cash, 0.50% PIK) Maturing June 29, 2018		3		3,274
Getty Images, Inc.
Term Loan, 4.75%, Maturing October 18, 2019		62,936		60,855,618
Interactive Data Corporation
Term Loan, 4.75%, Maturing May 2, 2021		16,375		16,462,000
Laureate Education, Inc.
Term Loan, 5.00%, Maturing June 15, 2018		50,710		49,315,939
McGraw-Hill Global Education Holdings, LLC
Term Loan, 5.75%, Maturing March 22, 2019		4,204		4,250,077
Media General, Inc.
Term Loan, 4.25%, Maturing July 31, 2020		10,297		10,350,319
Merrill Communications, LLC
Term Loan, 5.75%, Maturing March 8, 2018		5,313		5,401,761
Multi Packaging Solutions, Inc.
Term Loan, 4.25%, Maturing September 30, 2020		3,017		3,023,723
Nelson Education Ltd.
Term Loan, 4.75%, Maturing July 7, 2015		1,338		1,116,866
Penton Media, Inc.
Term Loan, 5.50%, Maturing October 1, 2019		5,409		5,465,472
Rentpath, Inc.
Term Loan, 6.25%, Maturing May 29, 2020		12,858		12,986,816
Springer Science+Business Media Deutschland GmbH
Term Loan, 5.25%, Maturing July 23, 2020	EUR	1,985		2,675,666
Term Loan, 5.00%, Maturing August 14, 2020		9,106		9,118,991
Trader Media Corporation Limited
Term Loan, 4.75%, Maturing June 8, 2017	GBP	5,625		9,542,980
			$	229,039,059
Radio and Television — 2.6%
ALM Media Holdings, Inc.
Term Loan, Maturing July 29, 2020(2)		4,200	$	4,189,500
Clear Channel Communications, Inc.
Term Loan, 3.81%, Maturing January 29, 2016		139		138,195
Term Loan, 6.91%, Maturing January 30, 2019		17,994		17,711,147
Term Loan, 7.66%, Maturing July 30, 2019		2,571		2,572,441
Cumulus Media Holdings Inc.
Term Loan, 4.25%, Maturing December 23, 2020		42,191		42,330,780
Entercom Radio, LLC
Term Loan, 4.05%, Maturing November 23, 2018		4,768		4,782,656
Entravision Communications Corporation
Term Loan, 3.50%, Maturing May 29, 2020		15,067		14,910,047
Gray Television, Inc.
Term Loan, Maturing June 10, 2021(2)		2,850		2,854,899
Hubbard Radio, LLC
Term Loan, 4.50%, Maturing April 29, 2019		1,873		1,882,047
LIN Television Corp.
Term Loan, 4.00%, Maturing December 21, 2018		8,405		8,431,701
Mission Broadcasting, Inc.
Term Loan, 3.75%, Maturing October 1, 2020		8,327		8,342,197
Nexstar Broadcasting, Inc.
Term Loan, 3.75%, Maturing October 1, 2020		9,442		9,460,182
Radio One, Inc.
Term Loan, 7.50%, Maturing March 31, 2016		3,831		3,888,947

18

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Raycom TV Broadcasting, Inc.
Term Loan, 4.25%, Maturing May 31, 2017		2,474	$	2,473,500
Sinclair Television Group Inc.
Term Loan, 3.00%, Maturing April 9, 2020		4,404		4,363,933
TWCC Holding Corp.
Term Loan, 3.50%, Maturing February 13, 2017		9,246		9,163,312
Term Loan - Second Lien, 7.00%, Maturing June 26, 2020		14,523		14,313,948
Univision Communications Inc.
Term Loan, 4.00%, Maturing March 1, 2020		25,119		24,992,944
Term Loan, 4.00%, Maturing March 2, 2020		9,374		9,324,389
			$	186,126,765
Retailers (Except Food and Drug) — 6.0%
99 Cents Only Stores
Term Loan, 4.50%, Maturing January 11, 2019		25,607	$	25,771,950
B&M Retail Limited
Term Loan, 3.81%, Maturing May 21, 2019	GBP	3,750		6,295,510
Term Loan, 4.31%, Maturing April 28, 2020	GBP	3,000		5,063,632
Bass Pro Group, LLC
Term Loan, 3.75%, Maturing November 20, 2019		22,824		22,881,061
Burlington Coat Factory Warehouse Corporation
Term Loan, Maturing July 17, 2021(2)		4,825		4,825,000
CDW LLC
Term Loan, 3.25%, Maturing April 29, 2020		40,521		40,096,168
David’s Bridal, Inc.
Term Loan, 5.00%, Maturing October 11, 2019		11,370		11,054,126
Douglas Holding AG
Term Loan, 4.82%, Maturing December 12, 2019	EUR	4,200		5,677,743
Term Loan, 4.81%, Maturing June 12, 2020	EUR	1,700		2,301,284
Evergreen Acqco 1 LP
Term Loan, 5.00%, Maturing July 9, 2019		6,158		6,182,536
Harbor Freight Tools USA, Inc.
Term Loan, 4.75%, Maturing July 26, 2019		10,643		10,705,025
Hudson’s Bay Company
Term Loan, 4.75%, Maturing November 4, 2020		33,069		33,378,770
J. Crew Group, Inc.
Term Loan, 4.00%, Maturing March 5, 2021		27,107		26,520,872
Jo-Ann Stores, Inc.
Term Loan, 4.00%, Maturing March 16, 2018		18,668		18,640,538
Men’s Wearhouse, Inc. (The)
Term Loan, 4.50%, Maturing June 18, 2021		14,875		15,014,364
Michaels Stores, Inc.
Term Loan, 3.75%, Maturing January 28, 2020		21,355		21,308,924
Term Loan, 4.00%, Maturing January 28, 2020		9,900		9,869,062
Neiman Marcus Group, Inc. (The)
Term Loan, 4.25%, Maturing October 25, 2020		38,029		37,903,168
Party City Holdings Inc.
Term Loan, 4.00%, Maturing July 27, 2019		22,520		22,389,599
Pep Boys-Manny, Moe & Jack (The)
Term Loan, 4.25%, Maturing October 11, 2018		1,970		1,977,364
Petco Animal Supplies, Inc.
Term Loan, 4.00%, Maturing November 24, 2017		9,748		9,772,697
PFS Holding Corporation
Term Loan, 4.50%, Maturing January 31, 2021		9,327		8,953,560
Pier 1 Imports (U.S.), Inc.
Term Loan, 4.50%, Maturing April 30, 2021		5,350		5,363,375
Pilot Travel Centers LLC
Term Loan, 3.75%, Maturing March 30, 2018		8,490		8,518,725
Term Loan, 4.25%, Maturing August 7, 2019		1,029		1,032,859

19

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Rent-A-Center, Inc.
Term Loan, 3.75%, Maturing March 19, 2021		5,312	$	5,285,129
Spin Holdco Inc.
Term Loan, 4.25%, Maturing November 14, 2019		28,511		28,510,901
Toys ‘R’ Us Property Company I, LLC
Term Loan, 6.00%, Maturing August 21, 2019		16,798		16,304,619
Visant Corporation
Term Loan, 5.25%, Maturing December 22, 2016		4,815		4,803,428
Vivarte SA
Term Loan, 0.00%, Maturing March 9, 2015(5)	EUR	2,640		1,380,749
Term Loan, 0.00%, Maturing March 8, 2016(5)	EUR	2,640		1,380,749
Term Loan, 0.00%, Maturing March 30, 2018(5)	EUR	684		358,778
Term Loan, 0.00%, Maturing March 30, 2018(5)	EUR	6,816		3,573,008
Term Loan - Second Lien, 0.00%, Maturing September 8, 2016(5)	EUR	22		601
Term Loan - Second Lien, 0.00%, Maturing September 8, 2016(5)	EUR	154		4,205
Term Loan - Second Lien, 0.00%, Maturing September 8, 2016(5)	EUR	1,582		43,248
Wilton Brands LLC
Term Loan, 7.50%, Maturing August 30, 2018		3,335		3,201,997
			$	426,345,324
Steel — 2.1%
Essar Steel Algoma, Inc.
Term Loan, 10.25%, Maturing September 20, 2014		11,226	$	11,273,441
FMG Resources (August 2006) Pty Ltd.
Term Loan, 3.75%, Maturing June 30, 2019		78,711		78,578,705
JFB Firth Rixson Inc.
Term Loan, 4.25%, Maturing June 30, 2017		8,179		8,202,652
Term Loan, 5.00%, Maturing June 30, 2017	GBP	3,950		6,680,523
JMC Steel Group, Inc.
Term Loan, 4.75%, Maturing April 3, 2017		10,940		10,981,016
Neenah Foundry Company
Term Loan, 6.76%, Maturing April 26, 2017		6,617		6,600,316
Patriot Coal Corporation
Term Loan, 9.00%, Maturing December 15, 2018		11,766		11,638,416
Waupaca Foundry, Inc.
Term Loan, 4.00%, Maturing June 29, 2017		16,395		16,429,266
			$	150,384,335
Surface Transport — 0.8%
Hertz Corporation (The)
Term Loan, 3.75%, Maturing March 9, 2018		9,600	$	9,540,000
Term Loan, 3.00%, Maturing March 11, 2018		14,162		14,069,226
Term Loan, 3.75%, Maturing March 12, 2018		15,588		15,599,799
Stena International S.a.r.l.
Term Loan, 4.00%, Maturing March 3, 2021		17,805		17,833,205
			$	57,042,230
Telecommunications — 3.0%
Arris Group, Inc.
Term Loan, 3.50%, Maturing April 17, 2020		16,757	$	16,725,589
Intelsat Jackson Holdings S.A.
Term Loan, 3.75%, Maturing June 30, 2019		72,600		72,600,000
IPC Systems, Inc.
Term Loan, 6.00%, Maturing November 8, 2020		11,000		11,068,750
Midcontinent Communications
Term Loan, 3.50%, Maturing July 30, 2020		1,510		1,511,008
Mitel US Holdings, Inc.
Term Loan, 5.35%, Maturing January 31, 2020		2,967		2,992,606
SBA Senior Finance II LLC
Term Loan, 3.25%, Maturing March 24, 2021		32,750		32,463,437

20

Borrower/Tranche Description	Principal Amount* (000’s omitted)		Value
Syniverse Holdings, Inc.
Term Loan, 4.00%, Maturing April 23, 2019		12,408	$	12,406,056
Term Loan, 4.00%, Maturing April 23, 2019		21,114		21,100,892
Telesat Canada
Term Loan, 3.50%, Maturing March 28, 2019		31,807		31,743,593
Windstream Corporation
Term Loan, 3.50%, Maturing August 8, 2019		6,581		6,574,713
Term Loan, 3.50%, Maturing January 23, 2020		5,581		5,569,375
			$	214,756,019
Utilities — 1.5%
Calpine Construction Finance Company, L.P.
Term Loan, 3.00%, Maturing May 3, 2020		7,103	$	6,974,504
Term Loan, 3.25%, Maturing January 31, 2022		6,218		6,154,779
Calpine Corporation
Term Loan, 4.00%, Maturing April 1, 2018		4,651		4,671,733
Term Loan, 4.00%, Maturing April 1, 2018		14,281		14,332,724
Term Loan, 4.00%, Maturing October 9, 2019		12,871		12,904,536
Term Loan, 4.00%, Maturing October 30, 2020		3,358		3,366,732
Dynegy Holdings Inc.
Term Loan, 4.00%, Maturing April 23, 2020		13,603		13,615,933
EFS Cogen Holdings I LLC
Term Loan, 3.75%, Maturing December 17, 2020		5,351		5,371,041
Electrical Components International, Inc.
Term Loan, 5.75%, Maturing May 28, 2021		3,775		3,811,176
Equipower Resources Holdings LLC
Term Loan, 4.25%, Maturing December 21, 2018		8,954		8,987,893
Term Loan, 4.25%, Maturing December 31, 2019		5,871		5,893,347
La Frontera Generation, LLC
Term Loan, 4.50%, Maturing September 30, 2020		4,297		4,316,029
PowerTeam Services, LLC
Term Loan, 4.25%, Maturing May 6, 2020		428		419,751
Term Loan, 4.25%, Maturing May 6, 2020		8,052		7,936,252
TerraForm Power Operating, LLC
Term Loan, Maturing July 23, 2019(2)		2,275		2,296,328
Texas Competitive Electric Holdings Company, LLC
DIP Loan, 3.75%, Maturing May 5, 2016		1,707		1,716,515
WTG Holdings III Corp.
Term Loan, 4.75%, Maturing January 15, 2021		3,806		3,808,254
Term Loan - Second Lien, 8.50%, Maturing January 15, 2022		3,000		3,016,875
			$	109,594,402
Total Senior Floating-Rate Interests (identified cost $8,491,552,201)			$	8,455,857,567
Corporate Bonds & Notes — 4.9%
Security	Principal Amount* (000’s omitted)		Value
Building and Development — 0.0%(6)
Calcipar SA
6.875%, 5/1/18(7)		1,000	$	1,045,000
			$	1,045,000
Business Equipment and Services — 0.1%
National CineMedia, LLC
6.00%, 4/15/22		4,200	$	4,357,500
			$	4,357,500

21

Security	Principal Amount* (000’s omitted)		Value
Cable and Satellite Television — 0.4%
Nara Cable Funding II Ltd.
8.50%, 3/1/20(7)	EUR	7,500	$	11,976,130
Nara Cable Funding, Ltd.
8.875%, 12/1/18(7)		1,995		2,122,181
8.875%, 12/1/18(7)		7,074		7,524,968
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH
5.50%, 1/15/23(7)		4,000		4,040,000
5.625%, 4/15/23(7)	EUR	5,000		7,255,978
			$	32,919,257
Chemicals and Plastics — 0.5%
Hexion US Finance Corp.
6.625%, 4/15/20		9,500	$	9,880,000
Ineos Finance PLC
7.25%, 2/15/19(7)(8)	EUR	3,000		4,197,922
8.375%, 2/15/19(7)		3,800		4,118,250
7.50%, 5/1/20(7)		2,375		2,553,125
Polymer Group, Inc.
7.75%, 2/1/19		2,250		2,373,750
Trinseo Materials Operating S.C.A.
8.75%, 2/1/19		11,115		11,726,325
			$	34,849,372
Containers and Glass Products — 0.4%
Reynolds Group Holdings, Inc.
5.75%, 10/15/20		20,375	$	20,833,437
Smurfit Kappa Acquisitions
4.875%, 9/15/18(7)		1,850		1,937,875
3.703%, 10/15/20(7)(8)	EUR	3,000		4,273,244
			$	27,044,556
Diversified Financial Services — 0.1%
KION Finance SA
6.75%, 2/15/20(7)	EUR	3,000	$	4,386,728
			$	4,386,728
Ecological Services and Equipment — 0.1%
Tervita Corp.
8.00%, 11/15/18(7)		3,000	$	3,105,000
9.00%, 11/15/18(7)	CAD	4,500		4,219,975
			$	7,324,975
Electronics/Electrical — 0.1%
Trionista Holdco GmbH
5.00%, 4/30/20(7)	EUR	3,000	$	4,167,794
			$	4,167,794
Entertainment — 0.2%
Vougeot Bidco PLC
5.453%, 7/15/20(7)(8)	EUR	6,875	$	9,324,727
7.875%, 7/15/20(7)	GBP	3,500		6,270,682
			$	15,595,409
Equipment Leasing — 0.0%(6)
International Lease Finance Corp.
6.75%, 9/1/16(7)		750	$	823,125
7.125%, 9/1/18(7)		750		860,625
			$	1,683,750

22

Security	Principal Amount* (000’s omitted)		Value
Financial Intermediaries — 0.1%
First Data Corp.
7.375%, 6/15/19(7)		2,500	$	2,637,500
6.75%, 11/1/20(7)		1,674		1,774,440
			$	4,411,940
Food Products — 0.6%
Dole Food Co., Inc.
7.25%, 5/1/19(7)		14,000	$	13,895,000
HJ Heinz Co.
4.25%, 10/15/20		10,000		9,950,000
Picard Groupe SA
4.459%, 8/1/19(7)(8)	EUR	4,000		5,423,689
Stretford 79 PLC
4.807%, 7/15/20(7)(8)	GBP	5,425		9,113,229
6.25%, 7/15/21(7)	GBP	3,925		6,576,876
			$	44,958,794
Health Care — 0.9%
CHS/Community Health Systems, Inc.
5.125%, 8/15/18		18,225	$	18,726,187
5.125%, 8/1/21(7)		13,150		13,314,375
HCA, Inc.
4.75%, 5/1/23		4,650		4,603,500
inVentiv Health, Inc.
9.00%, 1/15/18(7)		6,275		6,635,813
Tenet Healthcare Corp.
6.00%, 10/1/20		12,500		13,156,250
4.375%, 10/1/21		6,225		6,022,688
			$	62,458,813
Industrial Equipment — 0.0%(6)
Erikson Air-Crane, Inc., Promissory Note
6.00%, 11/2/20(3)(9)		224	$	172,918
			$	172,918
Insurance — 0.3%
CNO Financial Group, Inc.
6.375%, 10/1/20(7)		3,000	$	3,217,500
Galaxy Bidco, Ltd.
5.525%, 11/15/19(7)(8)(9)	GBP	2,500		4,241,852
Towergate Finance PLC
6.06%, 2/15/18(7)(8)	GBP	7,375		12,046,544
			$	19,505,896
Leisure Goods/Activities/Movies — 0.0%(6)
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp.
5.00%, 8/1/18(7)		2,000	$	2,050,000
			$	2,050,000
Lodging and Casinos — 0.1%
Caesars Entertainment Operating Co., Inc.
8.50%, 2/15/20		5,550	$	4,884,000
9.00%, 2/15/20		2,500		2,093,750
9.00%, 2/15/20		6,350		5,286,375
			$	12,264,125
Oil and Gas — 0.1%
CITGO Petroleum Corp.
6.25%, 8/15/22(7)		6,700	$	6,917,750
			$	6,917,750

23

Security	Principal Amount* (000’s omitted)		Value
Radio and Television — 0.1%
Clear Channel Communications, Inc.
9.00%, 12/15/19		1,709	$	1,760,270
Univision Communications, Inc.
6.75%, 9/15/22(7)		3,075		3,328,688
			$	5,088,958
Telecommunications — 0.6%
Hughes Satellite Systems Corp.
6.50%, 6/15/19		2,000	$	2,217,500
Virgin Media Secured Finance PLC
5.375%, 4/15/21(7)		5,050		5,125,750
6.00%, 4/15/21(7)	GBP	5,175		9,018,716
5.50%, 1/15/25(7)	GBP	3,000		5,134,541
5.50%, 1/15/25(7)		5,875		5,948,437
Wind Acquisition Finance SA
5.459%, 4/30/19(7)(8)	EUR	4,825		6,550,724
6.50%, 4/30/20(7)		3,150		3,358,688
4.203%, 7/15/20(7)	EUR	4,700		6,340,737
			$	43,695,093
Utilities — 0.2%
Calpine Corp.
6.00%, 1/15/22(7)		2,000	$	2,120,000
7.875%, 1/15/23(7)		6,294		6,876,195
5.875%, 1/15/24(7)		5,000		5,237,500
			$	14,233,695
Total Corporate Bonds & Notes (identified cost $337,947,240)			$	349,132,323
Asset-Backed Securities — 0.7%
Security	Principal Amount (000’s omitted)		Value
Apidos CLO, Series 2013-14A, Class C1, 3.084%, 4/15/25(7)(8)	$	2,400	$	2,356,574
Apidos CLO, Series 2013-14A, Class D, 3.734%, 4/15/25(7)(8)		3,000		2,929,308
Apidos CLO, Series 2013-14A, Class E, 4.634%, 4/15/25(7)(8)		1,500		1,341,291
Apidos CLO XVII, Series 2014-17A, Class B, 3.06%, 4/17/26(7)(8)		3,000		2,943,102
Apidos CLO XVII, Series 2014-17A, Class C, 3.51%, 4/17/26(7)(8)		1,500		1,418,348
Apidos CLO XVII, Series 2014-17A, Class D, 4.96%, 4/17/26(7)(8)		1,500		1,364,841
Ares CLO, Ltd., Series 2013-3A, Class C1, 2.983%, 10/17/24(7)(8)		2,000		1,952,032
Ares CLO, Ltd., Series 2013-3A, Class D, 3.733%, 10/17/24(7)(8)		2,000		1,921,138
Ares CLO, Ltd., Series 2013-3A, Class E, 5.133%, 10/17/24(7)(8)		2,000		1,845,868
Avery Point II CLO, Ltd., Series 2013-2A, Class C1, 2.983%, 7/17/25(7)(8)		2,000		1,971,882
Avery Point II CLO, Ltd., Series 2013-2A, Class D, 3.683%, 7/17/25(7)(8)		1,670		1,611,582
Avery Point II CLO, Ltd., Series 2013-2A, Class E, 4.483%, 7/17/25(7)(8)		1,670		1,512,065
Babson CLO Ltd., Series 2013-IA, Class C, 2.934%, 4/20/25(7)(8)		3,150		3,100,057
Babson CLO Ltd., Series 2013-IA, Class D, 3.734%, 4/20/25(7)(8)		2,475		2,413,259
Babson CLO Ltd., Series 2013-IA, Class E, 4.634%, 4/20/25(7)(8)		1,500		1,383,354
Birchwood Park CLO, Ltd., Series 2014-IA, Class C1, 3.334%, 7/15/26(7)(8)(10)		2,175		2,167,777
Birchwood Park CLO, Ltd., Series 2014-IA, Class E1, 5.334%, 7/15/26(7)(8)(10)		2,175		2,000,317
Carlyle Global Market Strategies CLO, Ltd., Series 2013-3A, Class B, 2.884%, 7/15/25(7)(8)		2,000		1,959,518
Carlyle Global Market Strategies CLO, Ltd., Series 2013-3A, Class C, 3.634%, 7/15/25(7)(8)		2,000		1,923,138

24

Security	Principal Amount (000’s omitted)		Value
Carlyle Global Market Strategies CLO, Ltd., Series 2013-3A, Class D, 4.834%, 7/15/25(7)(8)	$	1,600	$	1,459,277
Madison Park Funding XII, Ltd., Series 2014-12A, Class C, 3.282%, 7/20/26(7)(8)		1,750		1,755,716
Madison Park Funding XII, Ltd., Series 2014-12A, Class D, 3.682%, 7/20/26(7)(8)		1,750		1,699,255
Madison Park Funding XII, Ltd., Series 2014-12A, Class E, 5.282%, 7/20/26(7)(8)		1,750		1,640,502
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class C, 2.934%, 4/20/25(7)(8)		2,625		2,571,392
Oak Hill Credit Partners VIII Ltd., Series 2013-8A, Class D, 3.734%, 4/20/25(7)(8)		2,900		2,809,766
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class C1, 2.983%, 7/17/25(7)(8)		1,500		1,478,594
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class D, 3.583%, 7/17/25(7)(8)		1,500		1,440,894
Octagon Investment Partners XVI Ltd., Series 2013-1A, Class E, 4.733%, 7/17/25(7)(8)		1,800		1,621,591
Total Asset-Backed Securities (identified cost $55,098,001)			$	54,592,438
Common Stocks — 0.2%
Security	Shares		Value
Air Transport — 0.0%(6)
IAP Worldwide Services, LLC(3)		162	$	165,255
			$	165,255
Automotive — 0.1%
Dayco Products, LLC(9)		48,926	$	2,690,930
			$	2,690,930
Food Service — 0.0%(6)
Buffets Restaurants Holdings, Inc.(3)(9)(11)		105,043	$	630,258
			$	630,258
Home Furnishings — 0.0%(6)
Sanitec Europe Oy B Units(3)(9)(11)		162,236	$	336,551
Sanitec Europe Oy E Units(3)(9)(11)		154,721		0
Sanitec Europe Oy E1 Units(3)(9)(11)		222,411		461,382
			$	797,933
Investment Services — 0.0%
Safelite Realty Corp.(3)(11)(12)		20,048	$	0
			$	0
Lodging and Casinos — 0.0%(6)
Affinity Gaming, LLC(3)(9)(11)		167,709	$	1,593,232
Tropicana Entertainment, Inc.(9)(11)		40,751		762,044
			$	2,355,276
Publishing — 0.1%
ION Media Networks, Inc.(3)(9)(11)		13,247	$	4,025,763
MediaNews Group, Inc.(9)(11)		66,239		2,020,286
			$	6,046,049
Total Common Stocks (identified cost $4,702,795)			$	12,685,701

25

Short-Term Investments — 1.4%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(13)	$	100,524	$	100,524,425
Total Short-Term Investments (identified cost $100,524,425)			$	100,524,425
Total Investments — 125.1% (identified cost $8,989,824,662)			$	8,972,792,454
Less Unfunded Loan Commitments — (0.2)%			$	(19,597,302	)
Net Investments — 124.9% (identified cost $8,970,227,360)			$	8,953,195,152
Other Assets, Less Liabilities — (24.9)%			$	(1,782,860,115	)
Net Assets — 100.0%			$	7,170,335,037

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

CAD	-	Canadian Dollar
DIP	-	Debtor In Possession
EUR	-	Euro
GBP	-	British Pound Sterling
PIK	-	Payment In Kind

* 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) This Senior Loan will settle after July 31, 2014, at which time the interest rate will be determined.

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

(4) 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.

(5) Currently the issuer is in default with respect to interest payments. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

(6) Amount is less than 0.05%.

(7) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $285,680,311 or 4.0% of the Portfolio’s net assets.

(8) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(9) Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale.

(10) When-issued security.

(11) Non-income producing security.

(12) Restricted security.

26

(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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $83,452.

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/29/14	British Pound Sterling 27,854,607	United States Dollar 46,508,977	Goldman Sachs International	$	—	$	(508,505	)	$	(508,505	)
8/29/14	Canadian Dollar 32,047,233	United States Dollar 29,529,816	JPMorgan Chase Bank		157,451		—			157,451
8/29/14	Euro 12,525,000	United States Dollar 17,025,508	Citibank NA		252,592		—			252,592
8/29/14	Euro 74,491,469	United States Dollar 101,269,662	Goldman Sachs International		1,514,038		—			1,514,038
8/29/14	Euro 4,700,000	United States Dollar 6,410,809	State Street Bank and Trust Co.		116,781		—			116,781
8/29/14	United States Dollar 7,717,500	British Pound Sterling 4,500,000	Goldman Sachs International		—		(121,677	)		(121,677	)
8/29/14	United States Dollar 3,351,862	Canadian Dollar 3,600,000	Goldman Sachs International		—		(52,341	)		(52,341	)
8/29/14	United States Dollar 9,406,516	Euro 7,000,000	JPMorgan Chase Bank		—		(32,431	)		(32,431	)
8/29/14	United States Dollar 21,767,776	Euro 16,000,000	State Street Bank and Trust Co.		—		(341,296	)		(341,296	)
9/30/14	British Pound Sterling 9,350,000	United States Dollar 16,020,346	Goldman Sachs International		242,092		—			242,092
9/30/14	British Pound Sterling 48,977,000	United States Dollar 83,305,224	HSBC Bank USA		655,863		—			655,863
9/30/14	Euro 91,874,362	United States Dollar 125,061,678	HSBC Bank USA		2,014,903		—			2,014,903
9/30/14	Euro 4,985,000	United States Dollar 6,676,730	JPMorgan Chase Bank		349		—			349
9/30/14	Euro 6,884,500	United States Dollar 9,344,869	State Street Bank and Trust Co.		124,500		—			124,500
9/30/14	United States Dollar 13,644,944	British Pound Sterling 8,000,000	JPMorgan Chase Bank		—		(144,834	)		(144,834	)
9/30/14	United States Dollar 16,227,480	Euro 12,000,000	Goldman Sachs International		—		(155,953	)		(155,953	)
9/30/14	United States Dollar 20,157,420	Euro 15,000,000	JPMorgan Chase Bank		—		(68,011	)		(68,011	)
10/31/14	British Pound Sterling 36,311,123	United States Dollar 61,480,359	HSBC Bank USA		221,989		—			221,989
10/31/14	Euro 84,619,787	United States Dollar 113,496,712	Goldman Sachs International		152,052		—			152,052
				$	5,452,610	$	(1,425,048	)	$	4,027,562

At July 31, 2014, 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 objective. 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 enters into forward foreign currency exchange contracts.

27

At July 31, 2014, the aggregate fair value of open 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 $5,452,610 and $1,425,048, respectively.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	8,970,811,139
Gross unrealized appreciation	$	54,212,783
Gross unrealized depreciation		(71,828,770	)
Net unrealized depreciation	$	(17,615,987	)

Restricted Securities

At July 31, 2014, the Portfolio owned the following security (representing 0.0% of net assets) which was 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 this security. The value of this security is determined based on valuations provided by brokers when available, or if not available, it is valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description	Date of Acquisition		Shares		Cost		Value
Common Stocks
Safelite Realty Corp.		9/29/00-11/10/00		20,048	$	0	$	0
Total Common Stocks					$	0	$	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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3*		Total
Senior Floating-Rate Interests (Less Unfunded Loan Commitments)	$	—	$	8,434,954,906		$	1,305,359	$	8,436,260,265
Corporate Bonds & Notes		—		348,959,405			172,918		349,132,323
Asset-Backed Securities		—		54,592,438			—		54,592,438
Common Stocks		762,044		4,711,216			7,212,441		12,685,701
Short-Term Investments		—		100,524,425			—		100,524,425
Total Investments	$	762,044	$	8,943,742,390		$	8,690,718	$	8,953,195,152
Forward Foreign Currency Exchange Contracts	$	—	$	5,452,610		$	—	$	5,452,610
Total	$	762,044	$	8,949,195,000		$	8,690,718	$	8,958,647,762
Liability Description
Forward Foreign Currency Exchange Contracts	$	—	$	(1,425,048	)	$	—	$	(1,425,048	)
Total	$	—	$	(1,425,048	)	$	—	$	(1,425,048	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

28

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended July 31, 2014 is not presented.

At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

29

Eaton Vance

Global Dividend Income Fund

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 87.3%

Security	Shares		Value
Aerospace & Defense — 0.8%
Boeing Co. (The)		28,619	$	3,448,017
			$	3,448,017
Air Freight & Logistics — 1.5%
C.H. Robinson Worldwide, Inc.		98,000	$	6,611,080
			$	6,611,080
Automobiles — 1.5%
Honda Motor Co., Ltd.		94,216	$	3,279,759
Toyota Motor Corp.		51,738		3,054,612
			$	6,334,371
Banks — 10.3%
Banco Bilbao Vizcaya Argentaria SA		243,596	$	2,994,451
Bank of America Corp.		240,000		3,660,000
BNP Paribas SA		35,730		2,370,808
Citigroup, Inc.		82,637		4,041,776
Intesa Sanpaolo SpA		990,214		2,940,562
JPMorgan Chase & Co.		65,562		3,780,960
Lloyds Banking Group PLC(1)		1,318,762		1,644,066
Mitsubishi UFJ Financial Group, Inc.		603,510		3,559,080
Mizuho Financial Group, Inc.		1,618,520		3,142,310
PNC Financial Services Group, Inc. (The)		22,439		1,852,564
Regions Financial Corp.		202,961		2,058,025
Skandinaviska Enskilda Banken AB, Class A		291,303		3,899,664
Societe Generale		30,752		1,543,825
SunTrust Banks, Inc.		49,851		1,896,831
Unione di Banche Italiane ScpA		339,123		2,791,970
Westpac Banking Corp.(2)		60,106		1,911,373
			$	44,088,265
Beverages — 2.6%
Anheuser-Busch InBev NV		52,536	$	5,670,353
Constellation Brands, Inc., Class A(1)		33,256		2,768,894
Diageo PLC		89,000		2,672,877
			$	11,112,124
Biotechnology — 2.6%
Biogen Idec, Inc.(1)		7,500	$	2,507,925
Celgene Corp.(1)		34,356		2,994,126
Gilead Sciences, Inc.(1)		63,437		5,807,657
			$	11,309,708
Capital Markets — 0.6%
Charles Schwab Corp. (The)		45,354	$	1,258,573
UBS AG		71,046		1,220,679
			$	2,479,252
Chemicals — 3.1%
Arkema SA		15,573	$	1,443,900
BASF SE		25,636		2,653,171
LyondellBasell Industries NV, Class A		39,881		4,237,356
Monsanto Co.		19,295		2,182,072
PPG Industries, Inc.		13,676		2,712,771
			$	13,229,270

1

Security	Shares		Value
Commercial Services & Supplies — 0.7%
Brambles, Ltd.		340,000	$	2,943,415
			$	2,943,415
Communications Equipment — 1.9%
QUALCOMM, Inc.		35,000	$	2,579,500
Telefonaktiebolaget LM Ericsson, Class B		432,358		5,383,668
			$	7,963,168
Consumer Finance — 2.4%
American Express Co.		31,076	$	2,734,688
Discover Financial Services		125,038		7,634,820
			$	10,369,508
Containers & Packaging — 0.4%
Amcor, Ltd.		183,866	$	1,759,834
			$	1,759,834
Diversified Telecommunication Services — 2.3%
Nippon Telegraph & Telephone Corp.		57,943	$	3,847,662
Verizon Communications, Inc.		121,500		6,126,030
			$	9,973,692
Electric Utilities — 0.8%
NextEra Energy, Inc.		34,860	$	3,273,005
			$	3,273,005
Electrical Equipment — 3.0%
Emerson Electric Co.		72,000	$	4,582,800
Mitsubishi Electric Corp.		228,991		3,023,032
Nidec Corp.		30,000		1,953,800
Rockwell Automation, Inc.		31,000		3,461,460
			$	13,021,092
Electronic Equipment, Instruments & Components — 1.3%
Corning, Inc.		187,809	$	3,690,447
Yaskawa Electric Corp.		140,000		1,824,586
			$	5,515,033
Energy Equipment & Services — 0.8%
FMC Technologies, Inc.(1)		57,000	$	3,465,600
			$	3,465,600
Food & Staples Retailing — 0.9%
Costco Wholesale Corp.		32,000	$	3,761,280
			$	3,761,280
Food Products — 1.8%
Hershey Co. (The)		59,000	$	5,200,850
Mondelez International, Inc., Class A		66,000		2,376,000
			$	7,576,850
Health Care Equipment & Supplies — 1.7%
Abbott Laboratories		61,159	$	2,576,017
Medtronic, Inc.		76,000		4,692,240
			$	7,268,257
Hotels, Restaurants & Leisure — 0.7%
Accor SA		23,490	$	1,137,565
Compass Group PLC		122,353		1,993,686
			$	3,131,251
Household Durables — 0.4%
Mohawk Industries, Inc.(1)		12,942	$	1,614,773
			$	1,614,773

2

Security	Shares		Value
Household Products — 1.1%
Reckitt Benckiser Group PLC		24,000	$	2,118,658
Svenska Cellulosa AB SCA, Class B		100,000		2,462,603
			$	4,581,261
Industrial Conglomerates — 3.3%
Danaher Corp.		71,680	$	5,295,718
Koninklijke Philips NV		119,484		3,682,565
Siemens AG		42,500		5,248,585
			$	14,226,868
Insurance — 3.4%
ACE, Ltd.		16,343	$	1,635,934
Aflac, Inc.		34,424		2,056,490
Allianz SE		11,562		1,924,912
AXA SA		146,250		3,360,043
MetLife, Inc.		55,000		2,893,000
Prudential PLC		113,118		2,599,887
			$	14,470,266
Internet & Catalog Retail — 0.8%
Amazon.com, Inc.(1)		10,500	$	3,286,395
			$	3,286,395
Internet Software & Services — 3.4%
Facebook, Inc., Class A(1)		61,801	$	4,489,843
Google, Inc., Class C(1)		17,500		10,003,000
			$	14,492,843
IT Services — 1.5%
Fiserv, Inc.(1)		65,000	$	4,008,550
Visa, Inc., Class A		12,500		2,637,625
			$	6,646,175
Machinery — 1.5%
Caterpillar, Inc.		65,000	$	6,548,750
			$	6,548,750
Media — 2.5%
ITV PLC		1,167,964	$	4,099,751
Live Nation Entertainment, Inc.(1)		65,887		1,529,237
Walt Disney Co. (The)		57,000		4,895,160
			$	10,524,148
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		41,957	$	1,561,640
			$	1,561,640
Multi-Utilities — 1.9%
National Grid PLC		337,247	$	4,803,487
Sempra Energy		33,444		3,334,701
			$	8,138,188
Multiline Retail — 0.9%
Dollar General Corp.(1)		33,983	$	1,876,881
Macy’s, Inc.		32,255		1,864,017
			$	3,740,898
Oil, Gas & Consumable Fuels — 7.5%
Chevron Corp.		51,189	$	6,615,666
Devon Energy Corp.		76,405		5,768,577
Occidental Petroleum Corp.		56,863		5,556,084
Range Resources Corp.		28,408		2,147,361
Statoil ASA		194,574		5,559,869
Total SA		97,630		6,296,615
			$	31,944,172

3

Security	Shares		Value
Paper & Forest Products — 0.4%
International Paper Co.		33,708	$	1,601,130
			$	1,601,130
Pharmaceuticals — 6.4%
AstraZeneca PLC		50,210	$	3,666,154
Bayer AG		35,856		4,729,639
Chugai Pharmaceutical Co., Ltd.		61,134		2,034,717
Merck & Co., Inc.		69,452		3,940,706
Novartis AG		35,780		3,112,810
Perrigo Co. PLC		13,000		1,955,850
Roche Holding AG PC		21,720		6,303,265
Takeda Pharmaceutical Co., Ltd.		40,938		1,867,283
			$	27,610,424
Real Estate Investment Trusts (REITs) — 0.8%
AvalonBay Communities, Inc.		23,490	$	3,478,399
			$	3,478,399
Semiconductors & Semiconductor Equipment — 0.8%
NXP Semiconductors NV(1)		55,000	$	3,429,250
			$	3,429,250
Software — 0.7%
Microsoft Corp.		73,086	$	3,154,392
			$	3,154,392
Specialty Retail — 1.7%
AutoNation, Inc.(1)		36,100	$	1,924,852
Home Depot, Inc. (The)		21,088		1,704,965
Industria de Diseno Textil SA		64,125		1,873,281
Kingfisher PLC		377,198		1,905,180
			$	7,408,278
Technology Hardware, Storage & Peripherals — 2.2%
Apple, Inc.		77,000	$	7,358,890
Lenovo Group, Ltd.		1,650,000		2,254,965
			$	9,613,855
Textiles, Apparel & Luxury Goods — 1.5%
Adidas AG		20,892	$	1,654,322
Compagnie Financiere Richemont SA, Class A		17,594		1,669,534
NIKE, Inc., Class B		17,952		1,384,638
Pandora A/S		28,168		1,927,562
			$	6,636,056
Tobacco — 1.8%
Altria Group, Inc.		50,000	$	2,030,000
British American Tobacco PLC		98,000		5,741,072
			$	7,771,072
Wireless Telecommunication Services — 0.7%
Vodafone Group PLC		875,000	$	2,913,830
			$	2,913,830
Total Common Stocks (identified cost $346,098,495)			$	374,027,135

4

Preferred Stocks — 8.2%
Security	Shares		Value
Banks — 4.6%
AgriBank FCB, 6.875% to 1/1/24(3)		9,798	$	1,035,526
Bank of America Corp., Series U, 5.20% to 6/1/23(3)		869		824,559
Barclays Bank PLC, 8.25% to 12/15/18(3)		1,180		1,269,385
Citigroup, Inc., Series K, 6.875% to 11/15/23(3)		29,314		789,792
CoBank ACB, Series F, 6.25% to 10/1/22(3)(4)		8,600		893,863
Farm Credit Bank of Texas, 6.75% to 9/15/23(3)(4)		1,115		117,319
Farm Credit Bank of Texas, Series 1, 10.00%		780		953,062
Fifth Third Bancorp, Series H, 5.10% to 6/30/23(3)		460		440,860
HSBC Capital Funding LP, Series 2, 10.176% to 6/30/30(3)(4)		500		754,381
JPMorgan Chase & Co., Series R, 6.00% to 8/1/23(3)		1,085		1,107,062
KeyCorp, Series A, 7.75%		8,409		1,116,295
Lloyds Banking Group PLC, 6.657% to 5/21/37(3)(4)		1,045		1,168,252
Morgan Stanley Capital Trust III, 6.25%		19,500		493,155
Regions Financial Corp., Series A, 6.375%		37,186		921,097
Royal Bank of Scotland Group PLC, Series 1, 7.648% to 9/30/31(3)		297		362,609
Royal Bank of Scotland Group PLC, Series S, 6.60%		19,613		481,107
Societe Generale, 7.875% to 12/18/23(3)(4)		917		968,266
Standard Chartered PLC, 7.014% to 7/30/37(3)(4)		10.49		1,199,886
SunTrust Banks, Inc., Series E, 5.875%		34,002		808,313
Texas Capital Bancshares, Inc., 6.50%		20,005		489,122
Texas Capital Bancshares, Inc., Series A, 6.50%		17,500		431,375
Webster Financial Corp., Series E, 6.40%		20,335		502,732
Wells Fargo & Co., Series L, 7.50%		890		1,076,900
Wells Fargo & Co., Series T, 6.00%		17,930		441,168
Zions Bancorporation, Series I, 5.80% to 9/15/23(3)		512		497,234
Zions Bancorporation, Series J, 7.20% to 9/15/23(3)		600		661,221
			$	19,804,541
Capital Markets — 0.5%
Affiliated Managers Group, Inc., 6.375%		20,979	$	526,835
Bank of New York Mellon Corp. (The), 5.20%		13,715		317,640
Goldman Sachs Group, Inc. (The), Series I, 5.95%		26,500		638,385
State Street Corp., Series D, 5.90% to 3/15/24(3)		25,450		659,982
			$	2,142,842
Consumer Finance — 0.5%
Capital One Financial Corp., Series B, 6.00%		37,300	$	903,033
Discover Financial Services, Series B, 6.50%		49,500		1,266,334
			$	2,169,367
Diversified Financial Services — 0.5%
General Electric Capital Corp., Series B, 6.25% to 12/15/22(3)		2.10	$	235,215
KKR Financial Holdings, LLC, Series A, 7.375%		38,000		976,315
Morgan Stanley, Series G, 6.625%		35,777		904,979
			$	2,116,509
Electric Utilities — 0.6%
AES Gener SA, 8.375% to 6/18/19(3)(4)		515	$	584,527
Electricite de France SA, 5.25% to 1/29/23(3)(4)		7		7,132
Entergy Arkansas, Inc., 4.90%		41,830		966,796
NextEra Energy Capital Holdings, Inc., Series G, 5.70%		7,500		181,744
NextEra Energy Capital Holdings, Inc., Series I, 5.125%		14,785		324,568
Southern California Edison Co., Series E, 6.25% to 2/1/22(3)		500		560,579
			$	2,625,346
Food Products — 0.1%
Dairy Farmers of America, 7.875%(4)		4,700	$	506,572
Ocean Spray Cranberries, Inc., 6.25%(4)		540		48,735
			$	555,307

5

Security	Shares		Value
Machinery — 0.2%
Stanley Black & Decker, Inc., 5.75%		36,888	$	911,226
			$	911,226
Multi-Utilities — 0.1%
DTE Energy Co., Series C, 5.25%		18,782	$	444,382
			$	444,382
Pipelines — 0.2%
NuStar Logistics LP, 7.625% to 1/15/18(3)		29,220	$	791,935
			$	791,935
Real Estate Investment Trusts (REITs) — 0.6%
American Realty Capital Properties, Inc., Series F, 6.70%		5,389	$	125,294
Cedar Realty Trust, Inc., Series B, 7.25%		13,000		331,240
Chesapeake Lodging Trust, Series A, 7.75%		11,700		306,189
DDR Corp., Series J, 6.50%		25,300		636,801
DDR Corp., Series K, 6.25%		6,500		159,136
Sunstone Hotel Investors, Inc., Series D, 8.00%		8,589		229,520
Taubman Centers, Inc., Series K, 6.25%		10,800		264,600
Vornado Realty Trust, Series K, 5.70%		21,500		521,375
			$	2,574,155
Telecommunications — 0.1%
Centaur Funding Corp., 9.08%(4)		233	$	291,978
			$	291,978
Thrifts & Mortgage Finance — 0.2%
EverBank Financial Corp., Series A, 6.75%		37,000	$	915,380
			$	915,380
Total Preferred Stocks (identified cost $34,202,007)			$	35,342,968
Corporate Bonds & Notes — 2.9%
Security	Principal Amount (000’s omitted)		Value
Banks — 0.9%
Banco do Brasil SA, 6.25% to 4/15/24, 10/29/49(3)(4)	$	500	$	391,300
Caixa Economica Federal, 7.25% to 7/23/19, 7/23/24(3)(4)		716		725,415
Credit Agricole SA, 7.875% to 1/23/24, 1/29/49(3)(4)		917		975,229
Credit Suisse Group AG, 6.25% to 12/18/24, 12/29/49(3)(4)		934		938,110
Groupe BPCE, 12.50% to 9/30/19, 8/29/49(3)(4)		495		684,338
Regions Financial Corp., 7.375%, 12/10/37		295		373,695
			$	4,088,087
Chemicals — 0.1%
Sinochem Group, 5.00% to 11/2/18, 12/29/49(3)(4)	$	306	$	316,710
			$	316,710
Diversified Financial Services — 0.4%
Odebrecht Oil & Gas Finance, Ltd., 7.00% to 6/17/24, 12/29/49(3)(4)	$	490	$	487,550
Textron Financial Corp., 6.00% to 2/15/17, 2/15/67(3)(4)		1,438		1,308,580
			$	1,796,130
Diversified Telecommunication Services — 0.2%
Koninklijke KPN NV, 7.00% to 3/28/23, 3/28/73(3)(4)	$	875	$	916,563
			$	916,563
Electric Utilities — 0.6%
Enel SpA, 8.75% to 9/24/23, 9/24/73(3)(4)	$	995	$	1,179,075
PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67(3)		1,375		1,406,785
			$	2,585,860

6

Security	Principal Amount (000’s omitted)		Value
Insurance — 0.6%
MetLife, Inc., 10.75% to 8/1/39, 8/1/69(3)	$	175	$	281,531
QBE Capital Funding II, LP, 6.797% to 6/1/17, 6/29/49(3)(4)		590		620,975
QBE Capital Funding III, Ltd., 7.25% to 5/24/21, 5/24/41(3)(4)		550		596,179
XL Capital, Ltd., Series E, 6.50% to 4/15/17, 12/29/49(3)		921		904,882
			$	2,403,567
Pipelines — 0.1%
DCP Midstream, LLC, 5.85% to 5/21/23, 5/21/43(3)(4)	$	550	$	536,250
Energy Transfer Partners, LP, 3.243%, 11/1/66(5)		20		18,800
			$	555,050
Total Corporate Bonds & Notes (identified cost $12,112,935)			$	12,661,967
Short-Term Investments — 1.5%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Collateral Fund, LLC, 0.04%(6)(7)	$	1,936	$	1,935,690
Eaton Vance Cash Reserves Fund, LLC, 0.14%(7)		4,349		4,349,300
Total Short-Term Investments (identified cost $6,284,990)			$	6,284,990
Total Investments — 99.9% (identified cost $398,698,427)			$	428,317,060
Other Assets, Less Liabilities — 0.1%			$	226,696
Net Assets — 100.0%			$	428,543,756

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

PC - Participation Certificate

(1) Non-income producing security.

(2) All or a portion of this security was on loan at July 31, 2014.

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

(4) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $16,217,185 or 3.8% of the Fund’s net assets.

(5) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(6) The amount invested in Eaton Vance Cash Collateral Fund, LLC represents cash collateral received for securities on loan at July 31, 2014. Other Assets, Less Liabilities includes an equal and offsetting liability of the Fund to repay collateral amounts upon the return of loaned securities. At July 31, 2014, the Fund loaned securities having a market value of $1,836,314 and received $1,935,690 of cash collateral for the loans.

(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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $5,755.

7

Country Concentration of Portfolio

Country	Percentage of Total Investments			Value
United States		59.1	%	$	253,077,962
United Kingdom		8.4			36,173,619
Japan		6.4			27,586,841
France		4.2			17,812,323
Germany		3.8			16,210,629
Switzerland		3.5			14,880,332
Netherlands		2.9			12,265,734
Sweden		2.7			11,745,935
Italy		1.6			6,911,607
Australia		1.5			6,614,622
Belgium		1.3			5,670,353
Norway		1.3			5,559,869
Spain		1.1			4,867,732
Ireland		0.7			2,860,732
Denmark		0.5			1,927,562
Hong Kong		0.5			2,254,965
Brazil		0.3			1,116,715
Cayman Islands		0.2			779,528
Total Investments		100.0	%	$	428,317,060

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	398,845,469
Gross unrealized appreciation	$	36,903,903
Gross unrealized depreciation		(7,432,312	)
Net unrealized appreciation	$	29,471,591

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	20,080,918	$	22,595,252		$	—	$	42,676,170
Consumer Staples		16,137,024		18,665,563			—		34,802,587
Energy		23,553,288		11,856,484			—		35,409,772
Financials		38,982,060		35,903,630			—		74,885,690
Health Care		24,474,521		21,713,868			—		46,188,389
Industrials		29,947,825		16,851,397			—		46,799,222
Information Technology		41,351,497		9,463,219			—		50,814,716
Materials		12,294,969		5,856,905			—		18,151,874
Telecommunication Services		6,126,030		6,761,492			—		12,887,522
Utilities		6,607,706		4,803,487			—		11,411,193
Total Common Stocks	$	219,555,838	$	154,471,297	*	$	—	$	374,027,135

8

Asset Description	Level 1		Level 2		Level 3		Total
Preferred Stocks
Consumer Staples	$	—	$	555,307	$	—	$	555,307
Energy		—		791,935		—		791,935
Financials		9,053,608		20,669,186		—		29,722,794
Industrials		—		911,226		—		911,226
Telecommunication Services		—		291,978		—		291,978
Utilities		444,382		2,625,346		—		3,069,728
Total Preferred Stocks	$	9,497,990	$	25,844,978	$	—	$	35,342,968
Corporate Bonds & Notes	$	—	$	12,661,967	$	—	$	12,661,967
Short-Term Investments		—		6,284,990		—		6,284,990
Total Investments	$	229,053,828	$	199,263,232	$	—	$	428,317,060

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments 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, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

9

Eaton Vance

Global Macro Absolute Return Advantage Fund

July 31, 2014 (Unaudited)

Eaton Vance Global Macro Absolute Return Advantage Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Global Macro Absolute Return Advantage Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At July 31, 2014, the value of the Fund’s investment in the Portfolio was $1,117,593,446 and the Fund owned 66.3% of the Portfolio’s outstanding interests. The Portfolio’s Consolidated Portfolio of Investments is set forth below.

Global Macro Absolute Return Advantage Portfolio

July 31, 2014

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 64.5%

Security	Principal Amount (000’s omitted)		Value
Albania — 0.4%
Republic of Albania, 7.50%, 11/4/15(1)	EUR	4,376	$	6,181,966
Total Albania			$	6,181,966
Argentina — 3.6%
Republic of Argentina, 7.00%, 10/3/15	USD	33,242	$	31,207,180
Republic of Argentina, 8.28%, 12/31/33(2)(3)	USD	17,542		14,882,887
Republic of Argentina, 8.75%, 5/7/24	USD	16,443		15,285,133
Total Argentina			$	61,375,200
Bangladesh — 0.9%
Bangladesh Treasury Bond, 11.48%, 7/4/17	BDT	64,600	$	880,888
Bangladesh Treasury Bond, 11.50%, 8/8/17	BDT	55,900		763,826
Bangladesh Treasury Bond, 11.50%, 11/7/17	BDT	105,800		1,446,075
Bangladesh Treasury Bond, 11.52%, 12/5/17	BDT	92,100		1,260,373
Bangladesh Treasury Bond, 11.55%, 9/5/17	BDT	89,300		1,221,053
Bangladesh Treasury Bond, 11.62%, 1/2/18	BDT	58,700		805,579
Bangladesh Treasury Bond, 11.70%, 4/3/18	BDT	258,200		3,555,644
Bangladesh Treasury Bond, 11.72%, 2/6/18	BDT	195,700		2,696,841
Bangladesh Treasury Bond, 11.82%, 3/6/18	BDT	189,300		2,614,368
Total Bangladesh			$	15,244,647
Barbados — 0.3%
Barbados Government International Bond, 6.625%, 12/5/35(1)	USD	5,961	$	4,858,215
Total Barbados			$	4,858,215
Belarus — 0.5%
Republic of Belarus, 8.75%, 8/3/15(1)	USD	7,825	$	8,020,625
Total Belarus			$	8,020,625
Bermuda — 0.9%
Government of Bermuda, 4.854%, 2/6/24(4)	USD	15,136	$	15,817,120
Total Bermuda			$	15,817,120
Croatia — 2.2%
Croatia Treasury Bill, 0.00%, 2/12/15	EUR	27,567	$	36,796,176
Total Croatia			$	36,796,176
Cyprus — 1.8%
Republic of Cyprus, 3.75%, 11/1/15(1)(4)	EUR	22,828	$	30,729,847
Total Cyprus			$	30,729,847
Dominican Republic — 1.9%
Dominican Republic Central Bank Note, 12.00%, 4/5/19(4)	DOP	119,220	$	2,897,670
Dominican Republic International Bond, 11.50%, 5/10/24(4)	DOP	168,000		4,115,290
Dominican Republic International Bond, 14.00%, 4/30/21(4)	DOP	67,400		1,753,516
Dominican Republic International Bond, 14.50%, 2/10/23(1)	DOP	209,400		5,641,474
Dominican Republic International Bond, 14.50%, 2/10/23(4)	DOP	18,100		487,635
Dominican Republic International Bond, 15.95%, 6/4/21(4)	DOP	102,000		3,029,949
Dominican Republic International Bond, 18.50%, 2/4/28(1)	DOP	412,200		13,489,023
Dominican Republic International Bond, 18.50%, 2/4/28(4)	DOP	8,200		268,341
Total Dominican Republic			$	31,682,898
Ecuador — 2.4%
Republic of Ecuador, 7.95%, 6/20/24(4)	USD	33,110	$	34,931,050

1

Security	Principal Amount (000’s omitted)		Value
Republic of Ecuador, 9.375%, 12/15/15(1)	USD	5,682	$	5,994,510
Total Ecuador			$	40,925,560
Fiji — 0.9%
Republic of Fiji, 9.00%, 3/15/16	USD	14,488	$	14,953,495
Total Fiji			$	14,953,495
Iceland — 1.1%
Republic of Iceland, 6.25%, 2/5/20	ISK	421,180	$	3,142,111
Republic of Iceland, 7.25%, 10/26/22	ISK	511,971		3,963,019
Republic of Iceland, 8.75%, 2/26/19	ISK	1,375,558		11,340,573
Total Iceland			$	18,445,703
India — 1.7%
India Government Bond, 7.16%, 5/20/23	INR	778,110	$	11,547,102
India Government Bond, 8.12%, 12/10/20	INR	1,096,550		17,801,805
Total India			$	29,348,907
Indonesia — 0.7%
Indonesia Government Bond, 8.375%, 3/15/24	IDR	137,387,000	$	12,190,092
Total Indonesia			$	12,190,092
Iraq — 1.4%
Republic of Iraq, 5.80%, 1/15/28(1)	USD	27,080	$	24,304,300
Total Iraq			$	24,304,300
Jamaica — 0.5%
Government of Jamaica, 7.625%, 7/9/25	USD	7,375	$	7,780,625
Total Jamaica			$	7,780,625
Jordan — 0.9%
Jordan Government Bond, 7.95%, 2/5/15	JOD	2,900	$	4,202,888
Jordan Government Bond, 8.163%, 3/25/16	JOD	1,000		1,512,915
Jordan Government Bond, 8.60%, 3/4/16	JOD	1,000		1,519,602
Kingdom of Jordan, 3.875%, 11/12/15(1)	USD	7,018		7,079,407
Total Jordan			$	14,314,812
Kenya — 0.1%
Kenya Treasury Bond, 11.855%, 5/22/17	KES	81,200	$	945,708
Total Kenya			$	945,708
Latvia — 0.1%
Republic of Latvia, 2.625%, 1/21/21(4)	EUR	1,409	$	1,978,425
Total Latvia			$	1,978,425
Lebanon — 3.1%
Lebanese Republic, 4.10%, 6/12/15(1)	USD	3,200	$	3,231,248
Lebanese Republic, 5.875%, 1/15/15	USD	500		507,500
Lebanese Republic, 8.50%, 8/6/15	USD	750		796,125
Lebanese Republic, 8.50%, 1/19/16(1)	USD	27,730		29,740,425
Lebanon Treasury Note, 6.50%, 4/2/15	LBP	9,127,170		6,093,417
Lebanon Treasury Note, 6.50%, 5/28/15	LBP	6,680,680		4,467,280
Lebanon Treasury Note, 7.54%, 1/15/15	LBP	7,879,700		5,266,895
Lebanon Treasury Note, 8.38%, 8/28/14	LBP	2,540,690		1,684,357
Total Lebanon			$	51,787,247
Macedonia — 3.1%
Republic of Macedonia, 3.975%, 7/24/21(4)	EUR	39,090	$	52,271,039
Total Macedonia			$	52,271,039
Montenegro — 0.5%
Republic of Montenegro, 5.375%, 5/20/19(4)	EUR	6,215	$	8,668,263
Total Montenegro			$	8,668,263

2

Security	Principal Amount (000’s omitted)		Value
New Zealand — 2.3%
New Zealand Government Bond, 2.00%, 9/20/25(5)	NZD	14,391	$	11,508,885
New Zealand Government Bond, 3.00%, 9/20/30(5)	NZD	21,482		18,761,036
New Zealand Government Bond, 5.00%, 3/15/19	NZD	9,220		8,158,100
Total New Zealand			$	38,428,021
Pakistan — 1.1%
Islamic Republic of Pakistan, 7.25%, 4/15/19(4)	USD	10,465	$	10,935,925
Islamic Republic of Pakistan, 8.25%, 4/15/24(4)	USD	7,793		8,340,069
Total Pakistan			$	19,275,994
Philippines — 0.6%
Republic of the Philippines, 6.25%, 1/14/36	PHP	417,000	$	10,506,630
Total Philippines			$	10,506,630
Romania — 0.5%
Romania Government Bond, 5.25%, 6/17/16(1)	EUR	5,986	$	8,644,583
Total Romania			$	8,644,583
Rwanda — 0.2%
Republic of Rwanda, 6.625%, 5/2/23(4)	USD	2,339	$	2,455,950
Total Rwanda			$	2,455,950
Serbia — 7.2%
Serbia Treasury Bond, 10.00%, 4/4/15	RSD	226,130	$	2,620,855
Serbia Treasury Bond, 10.00%, 4/27/15	RSD	138,930		1,613,486
Serbia Treasury Bond, 10.00%, 9/14/15	RSD	301,680		3,507,151
Serbia Treasury Bond, 10.00%, 12/12/15	RSD	890,200		10,344,078
Serbia Treasury Bond, 10.00%, 1/30/16	RSD	1,825,940		21,210,341
Serbia Treasury Bond, 10.00%, 2/21/16	RSD	1,139,950		13,235,613
Serbia Treasury Bond, 10.00%, 10/17/16	RSD	216,400		2,499,756
Serbia Treasury Bond, 10.00%, 4/1/17	RSD	1,566,080		17,948,513
Serbia Treasury Bond, 10.00%, 5/8/17	RSD	1,573,120		17,981,631
Serbia Treasury Bond, 10.00%, 1/24/18	RSD	717,870		8,069,316
Serbia Treasury Bond, 10.00%, 6/5/21	RSD	1,465,610		15,210,360
Serbia Treasury Bond, 11.50%, 10/26/15	RSD	602,000		7,112,602
Total Serbia			$	121,353,702
Slovenia — 9.3%
Republic of Slovenia, 4.125%, 2/18/19(1)	USD	25,695	$	26,800,399
Republic of Slovenia, 4.125%, 1/26/20(1)	EUR	6,529		9,627,853
Republic of Slovenia, 4.375%, 1/18/21(1)	EUR	15,605		23,395,025
Republic of Slovenia, 4.625%, 9/9/24(1)	EUR	7,660		11,573,831
Republic of Slovenia, 5.125%, 3/30/26(1)	EUR	24,306		37,494,091
Republic of Slovenia, 5.50%, 10/26/22(1)	USD	13,090		14,317,188
Republic of Slovenia, 5.85%, 5/10/23(4)	USD	29,436		32,968,320
Total Slovenia			$	156,176,707
Sri Lanka — 4.0%
Sri Lanka Government Bond, 5.65%, 1/15/19	LKR	459,630	$	3,280,981
Sri Lanka Government Bond, 7.50%, 8/15/18	LKR	836,130		6,426,230
Sri Lanka Government Bond, 8.00%, 9/1/16	LKR	1,685,340		13,186,872
Sri Lanka Government Bond, 8.00%, 11/15/18	LKR	323,700		2,533,271
Sri Lanka Government Bond, 8.50%, 2/1/18	LKR	284,880		2,261,469
Sri Lanka Government Bond, 8.50%, 4/1/18	LKR	895,190		7,115,381
Sri Lanka Government Bond, 8.50%, 7/15/18	LKR	2,772,110		22,049,592
Sri Lanka Government Bond, 8.75%, 5/15/17	LKR	779,620		6,221,156
Sri Lanka Government Bond, 9.00%, 10/1/14	LKR	313,910		2,419,258
Sri Lanka Government Bond, 10.60%, 7/1/19	LKR	252,600		2,171,825
Total Sri Lanka			$	67,666,035

3

Security	Principal Amount (000’s omitted)		Value
Tanzania — 1.9%
United Republic of Tanzania, 6.332%, 3/9/20(1)(6)	USD	29,790	$	32,098,725
Total Tanzania			$	32,098,725
Turkey — 3.9%
Turkey Government Bond, 2.00%, 10/26/22(5)	TRY	2,333	$	1,096,991
Turkey Government Bond, 3.00%, 1/6/21(5)	TRY	59,335		29,587,254
Turkey Government Bond, 3.00%, 7/21/21(5)	TRY	36,035		18,027,633
Turkey Government Bond, 3.00%, 2/23/22(5)	TRY	17,460		8,784,030
Turkey Government Bond, 4.00%, 4/1/20(5)	TRY	16,588		8,670,283
Total Turkey			$	66,166,191
Uganda — 0.9%
Uganda Government Bond, 13.25%, 11/5/15	UGX	1,357,800	$	527,958
Uganda Government Bond, 13.375%, 2/25/16	UGX	5,142,900		1,996,198
Uganda Government Bond, 14.00%, 3/24/16	UGX	6,153,100		2,406,099
Uganda Government Bond, 14.125%, 12/1/16	UGX	19,831,400		7,680,355
Uganda Government Bond, 14.625%, 11/1/18	UGX	8,177,000		3,232,193
Total Uganda			$	15,842,803
Uruguay — 1.4%
Monetary Regulation Bill, 0.00%, 8/20/15	UYU	23,415	$	875,609
Monetary Regulation Bill, 0.00%, 10/8/15	UYU	72,680		2,673,785
Monetary Regulation Bill, 0.00%, 11/26/15	UYU	39,420		1,427,103
Monetary Regulation Bill, 0.00%, 1/14/16	UYU	6,000		213,818
Monetary Regulation Bill, 0.00%, 4/21/16	UYU	55,956		1,933,194
Monetary Regulation Bill, 0.00%, 7/28/16	UYU	23,630		792,073
Uruguay Notas Del Tesoro, 2.25%, 8/23/17(5)	UYU	82,696		3,315,464
Uruguay Notas Del Tesoro, 2.75%, 6/16/16(5)	UYU	109,098		4,515,194
Uruguay Notas Del Tesoro, 4.00%, 6/14/15(5)	UYU	93,561		3,975,894
Uruguay Notas Del Tesoro, 4.25%, 1/5/17(5)	UYU	94,794		4,025,827
Total Uruguay			$	23,747,961
Venezuela — 0.9%
Bolivarian Republic of Venezuela, 5.75%, 2/26/16(1)	USD	11,250	$	10,603,125
Bolivarian Republic of Venezuela, 7.75%, 10/13/19(1)	USD	2,619		2,219,602
Bolivarian Republic of Venezuela, 8.50%, 10/8/14	USD	1,772		1,767,570
Total Venezuela			$	14,590,297
Zambia — 1.3%
Republic of Zambia, 8.50%, 4/14/24(4)	USD	19,237	$	21,854,098
Total Zambia			$	21,854,098
Total Foreign Government Bonds (identified cost $1,064,666,286)			$	1,087,428,567
Collateralized Mortgage Obligations — 1.1%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 228, (Interest Only), Class IO, 6.00%, 2/1/35 (7)	$	7,314	$	1,540,941
Series 2770, (Interest Only), Class SH, 6.948%, 3/15/34(7)(8)		4,492		857,540
Series 2877, (Interest Only), Class WS, 6.448%, 10/15/34(7)(8)		1,510		16,884
Series 3572, (Interest Only), Class JS, 6.648%, 9/15/39(7)(8)		8,603		1,333,322
Series 3586, (Interest Only), Class GS, 6.098%, 10/15/39(7)(8)		9,461		1,380,181
			$	5,128,868
Federal National Mortgage Association:
Series 2005-85, (Interest Only), Class SC, 6.345%, 10/25/35(7)(8)		13,363	$	2,020,488
Series 2006-56, (Interest Only), Class CS, 7.055%, 7/25/36(7)(8)		6,138		1,075,473
Series 2006-72, (Interest Only), Class GI, 6.425%, 8/25/36(7)(8)		20,835		3,321,789

4

Security	Principal Amount (000’s omitted)		Value
Series 2006-96, (Interest Only), Class SM, 7.095%, 10/25/36(7)(8)	$	14,034	$	2,438,762
Series 2007-36, (Interest Only), Class SG, 6.445%, 4/25/37(7)(8)		9,573		1,467,564
Series 2010-67, (Interest Only), Class BI, 5.50%, 6/25/25(7)		5,815		433,003
Series 2010-109, (Interest Only), Class PS, 6.445%, 10/25/40(7)(8)		11,729		2,101,706
Series 2010-147, (Interest Only), Class KS, 5.795%, 1/25/41(7)(8)		9,615		1,301,899
			$	14,160,684
Total Collateralized Mortgage Obligations (identified cost $18,216,480)			$	19,289,552
Common Stocks — 1.2%
Security	Shares		Value
Germany — 0.5%
Deutsche EuroShop AG		83,958	$	3,962,853
Deutsche Wohnen AG		188,140		4,070,824
Total Germany			$	8,033,677
Luxembourg — 0.2%
GAGFAH SA(9)		248,909	$	4,362,606
Total Luxembourg			$	4,362,606
Singapore — 0.5%
Yoma Strategic Holdings, Ltd.(9)		14,650,000	$	8,079,155
Total Singapore			$	8,079,155
Total Common Stocks (identified cost $17,293,028)			$	20,475,438
Investment Funds — 0.5%
Security	Shares		Value
Fondul Proprietatea SA		33,171,000	$	8,374,126
Total Investment Funds (identified cost $8,208,526)			$	8,374,126

Currency Put Options Purchased — 0.5%

Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Australian Dollar	Citibank NA	AUD	41,844	USD	0.85		4/29/15	$	337,713
Australian Dollar	JPMorgan Chase Bank	AUD	32,211	USD	0.85		4/29/15		259,966
Canadian Dollar	Citibank NA	CAD	17,856	CAD	1.13		3/30/15		172,303
Canadian Dollar	Goldman Sachs International	CAD	18,120	CAD	1.13		3/30/15		174,850
Canadian Dollar	HSBC Bank USA	CAD	27,037	CAD	1.11		3/30/15		390,697
Canadian Dollar	Standard Chartered Bank	CAD	7,923	CAD	1.11		3/30/15		114,491
Euro	Citibank NA	EUR	22,724	USD	1.38		4/29/15		1,287,676
Euro	Citibank NA	EUR	34,824	USD	1.35		7/30/15		1,385,085
Japanese Yen	Citibank NA	JPY	2,497,845	JPY	105.00		6/22/15		460,127
Japanese Yen	Deutsche Bank	JPY	4,995,795	JPY	105.00		6/22/15		920,273
Japanese Yen	Goldman Sachs International	JPY	2,451,855	JPY	105.00		6/22/15		451,655

5

Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Yuan Renminbi	Goldman Sachs International	CNY	110,501	CNY	6.35		9/30/14	$	2,819
Yuan Renminbi	JPMorgan Chase Bank	CNY	102,499	CNY	6.35		9/30/14		1,840
Yuan Renminbi Offshore	Bank of America	CNH	217,369	CNH	6.30		5/14/15		305,869
Yuan Renminbi Offshore	Citibank NA	CNH	213,000	CNH	6.35		10/6/14		12,713
Yuan Renminbi Offshore	Deutsche Bank	CNH	297,360	CNH	6.20		3/5/15		664,887
Yuan Renminbi Offshore	Goldman Sachs International	CNH	198,431	CNH	6.30		5/14/15		279,221
Yuan Renminbi Offshore	Standard Chartered Bank	CNH	293,751	CNH	6.20		3/5/15		656,818
Yuan Renminbi Offshore	Standard Chartered Bank	CNH	192,569	CNH	6.20		3/6/15		432,100
Total Currency Put Options Purchased (identified cost $9,408,903)								$	8,311,103

Interest Rate Swaptions Purchased — 0.0%

Description	Counterparty	Expiration Date		Notional Amount		Value
Options to receive 3-month USD-LIBOR-BBA Rate and pay 4.60%	Deutsche Bank		8/26/14	$	24,000,000	$	0
Total Interest Rate Swaptions Purchased (identified cost $1,495,200)						$	0

Call Options Purchased — 0.2%

Description	Counterparty	Number of Contracts		Strike Price		Expiration Date		Value
Nikkei 225 Index	Goldman Sachs International		221	JPY	16,000		5/13/16	$	2,600,458
Total Call Options Purchased (identified cost $1,917,128)								$	2,600,458

Short-Term Investments — 28.3%

Foreign Government Securities — 18.8%

Security	Principal Amount (000’s omitted)		Value
Kenya — 3.4%
Kenya Treasury Bill, 0.00%, 9/22/14	KES	782,600	$	8,813,255
Kenya Treasury Bill, 0.00%, 9/29/14	KES	62,500		702,692
Kenya Treasury Bill, 0.00%, 10/20/14	KES	205,000		2,293,571
Kenya Treasury Bill, 0.00%, 11/17/14	KES	490,100		5,441,468
Kenya Treasury Bill, 0.00%, 12/1/14	KES	1,015,400		11,228,262
Kenya Treasury Bill, 0.00%, 12/15/14	KES	284,900		3,137,265
Kenya Treasury Bill, 0.00%, 3/16/15	KES	930,500		9,982,391
Kenya Treasury Bill, 0.00%, 4/13/15	KES	274,900		2,926,990
Kenya Treasury Bill, 0.00%, 4/20/15	KES	593,200		6,304,192
Kenya Treasury Bill, 0.00%, 4/27/15	KES	677,100		7,182,290
Total Kenya			$	58,012,376

6

Security	Principal Amount (000’s omitted)		Value
Lebanon — 6.3%
Lebanon Treasury Bill, 0.00%, 8/14/14	LBP	20,705,000	$	13,672,933
Lebanon Treasury Bill, 0.00%, 8/28/14	LBP	2,849,250		1,878,411
Lebanon Treasury Bill, 0.00%, 10/9/14	LBP	2,834,000		1,858,972
Lebanon Treasury Bill, 0.00%, 10/16/14	LBP	4,480,000		2,936,199
Lebanon Treasury Bill, 0.00%, 10/23/14	LBP	2,419,500		1,584,409
Lebanon Treasury Bill, 0.00%, 11/6/14	LBP	978,610		639,705
Lebanon Treasury Bill, 0.00%, 11/20/14	LBP	2,594,400		1,692,633
Lebanon Treasury Bill, 0.00%, 12/4/14	LBP	4,612,800		3,003,431
Lebanon Treasury Bill, 0.00%, 12/18/14	LBP	9,030,300		5,867,505
Lebanon Treasury Bill, 0.00%, 12/25/14	LBP	8,711,840		5,654,568
Lebanon Treasury Bill, 0.00%, 1/1/15	LBP	5,564,400		3,607,769
Lebanon Treasury Bill, 0.00%, 1/8/15	LBP	2,636,710		1,707,680
Lebanon Treasury Bill, 0.00%, 1/15/15	LBP	18,916,000		12,237,411
Lebanon Treasury Bill, 0.00%, 1/22/15	LBP	8,497,145		5,490,882
Lebanon Treasury Bill, 0.00%, 2/5/15	LBP	21,071,500		13,586,947
Lebanon Treasury Bill, 0.00%, 2/19/15	LBP	21,373,115		13,753,724
Lebanon Treasury Bill, 0.00%, 4/16/15	LBP	3,208,700		2,047,915
Lebanon Treasury Bill, 0.00%, 4/30/15	LBP	10,649,510		6,782,681
Lebanon Treasury Bill, 0.00%, 6/11/15	LBP	2,045,200		1,294,282
Lebanon Treasury Bill, 0.00%, 7/9/15	LBP	6,362,800		4,009,133
Lebanon Treasury Bill, 0.00%, 7/23/15	LBP	4,710,200		2,961,314
Total Lebanon			$	106,268,504
Nigeria — 2.0%
Nigeria OMO Bill, 0.00%, 9/18/14	NGN	1,555,780	$	9,485,036
Nigeria OMO Bill, 0.00%, 10/2/14	NGN	1,125,540		6,824,447
Nigeria Treasury Bill, 0.00%, 9/4/14	NGN	664,385		4,067,688
Nigeria Treasury Bill, 0.00%, 9/25/14	NGN	984,850		5,991,237
Nigeria Treasury Bill, 0.00%, 10/23/14	NGN	703,465		4,246,414
Nigeria Treasury Bill, 0.00%, 11/6/14	NGN	393,935		2,369,117
Total Nigeria			$	32,983,939
Romania — 0.0%(10)
Romania Treasury Bill, 0.00%, 3/30/15	RON	2,000	$	597,472
Total Romania			$	597,472
Serbia — 1.7%
Serbia Treasury Bill, 0.00%, 1/29/15	RSD	1,223,510	$	13,497,408
Serbia Treasury Bill, 0.00%, 2/26/15	RSD	441,040		4,833,655
Serbia Treasury Bill, 0.00%, 3/12/15	RSD	882,840		9,643,399
Total Serbia			$	27,974,462
Sri Lanka — 4.4%
Sri Lanka Treasury Bill, 0.00%, 9/12/14	LKR	251,330	$	1,916,863
Sri Lanka Treasury Bill, 0.00%, 10/10/14	LKR	227,650		1,727,755
Sri Lanka Treasury Bill, 0.00%, 11/7/14	LKR	23,190		175,165
Sri Lanka Treasury Bill, 0.00%, 12/12/14	LKR	431,650		3,239,324
Sri Lanka Treasury Bill, 0.00%, 12/19/14	LKR	110,570		828,728
Sri Lanka Treasury Bill, 0.00%, 12/26/14	LKR	228,830		1,712,932
Sri Lanka Treasury Bill, 0.00%, 1/2/15	LKR	87,430		653,641
Sri Lanka Treasury Bill, 0.00%, 1/9/15	LKR	115,400		861,759
Sri Lanka Treasury Bill, 0.00%, 1/16/15	LKR	1,007,990		7,518,760
Sri Lanka Treasury Bill, 0.00%, 1/30/15	LKR	176,870		1,316,359
Sri Lanka Treasury Bill, 0.00%, 2/20/15	LKR	15,710		116,460
Sri Lanka Treasury Bill, 0.00%, 2/27/15	LKR	1,006,620		7,451,917
Sri Lanka Treasury Bill, 0.00%, 3/6/15	LKR	15,760		116,512
Sri Lanka Treasury Bill, 0.00%, 3/13/15	LKR	17,420		128,623
Sri Lanka Treasury Bill, 0.00%, 4/10/15	LKR	1,589,450		11,677,222
Sri Lanka Treasury Bill, 0.00%, 4/17/15	LKR	892,500		6,549,935

7

Security	Principal Amount (000’s omitted)		Value
Sri Lanka Treasury Bill, 0.00%, 4/24/15	LKR	76,720	$	562,237
Sri Lanka Treasury Bill, 0.00%, 5/8/15	LKR	166,900		1,220,065
Sri Lanka Treasury Bill, 0.00%, 6/12/15	LKR	230,000		1,670,887
Sri Lanka Treasury Bill, 0.00%, 6/26/15	LKR	215,470		1,561,428
Sri Lanka Treasury Bill, 0.00%, 7/3/15	LKR	610,000		4,414,902
Sri Lanka Treasury Bill, 0.00%, 7/10/15	LKR	2,566,420		18,556,680
Total Sri Lanka			$	73,978,154
Uganda — 0.3%
Uganda Treasury Bill, 0.00%, 11/13/14	UGX	4,367,000	$	1,618,150
Uganda Treasury Bill, 0.00%, 11/27/14	UGX	4,589,400		1,693,500
Uganda Treasury Bill, 0.00%, 12/26/14	UGX	2,216,000		810,585
Uganda Treasury Bill, 0.00%, 1/22/15	UGX	2,216,000		803,874
Uganda Treasury Bill, 0.00%, 2/5/15	UGX	2,548,400		920,418
Total Uganda			$	5,846,527
Uruguay — 0.3%
Monetary Regulation Bill, 0.00%, 8/29/14	UYU	6,495	$	277,690
Monetary Regulation Bill, 0.00%, 10/3/14	UYU	15,500		654,469
Monetary Regulation Bill, 0.00%, 10/15/14	UYU	6,409		269,167
Monetary Regulation Bill, 0.00%, 1/16/15	UYU	61,930		2,513,334
Monetary Regulation Bill, 0.00%, 2/20/15	UYU	18,130		726,247
Monetary Regulation Bill, 0.00%, 2/20/15(5)	UYU	8,490		353,985
Total Uruguay			$	4,794,892
Zambia — 0.4%
Zambia Treasury Bill, 0.00%, 9/8/14	ZMW	11,315	$	1,831,342
Zambia Treasury Bill, 0.00%, 9/22/14	ZMW	25,600		4,130,024
Total Zambia			$	5,961,366
Total Foreign Government Securities (identified cost $319,301,693)			$	316,417,692
U.S. Treasury Obligations — 1.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 8/21/14(11)	$	10,000	$	9,999,930
U.S. Treasury Bill, 0.00%, 10/9/14(11)		11,000		10,999,890
Total U.S. Treasury Obligations (identified cost $20,999,334)			$	20,999,820

Repurchase Agreements — 1.5%

Description	Principal Amount (000’s omitted)		Value
Barclays Bank PLC:
Dated 7/8/14 with a maturity date of 8/11/14, an interest rate of 0.75% payable by the Portfolio and repurchase proceeds of USD 2,989,758, collateralized by USD 2,557,000 Qatar Government International Bond 5.75%, due 1/20/42 and a market value, including accrued interest, of $2,946,577.	USD	2,992	$	2,991,690
Dated 7/23/14 with a maturity date of 8/11/14, an interest rate of 0.85% payable by the Portfolio and repurchase proceeds of USD 6,167,113, collateralized by USD 6,072,000 SoQ Sukuk A Q.S.C. 3.241%, due 1/18/23 and a market value, including accrued interest, of $6,161,078.	USD	6,169		6,169,152
Dated 7/25/14 with a maturity date of 8/19/14, an interest rate of 0.55% payable by the Portfolio and repurchase proceeds of USD 2,181,335, collateralized by USD 2,150,000 Republic of Ghana 7.875%, due 8/7/23 and a market value, including accrued interest, of $2,174,042.	USD	2,182		2,182,035

8

Description	Principal Amount (000’s omitted)		Value
Dated 7/31/14 with a maturity date of 8/18/14, an interest rate of 0.85% payable by the Portfolio and repurchase proceeds of USD 2,373,921, collateralized by USD 2,344,000 SoQ Sukuk A Q.S.C. 3.241%, due 1/18/23 and a market value, including accrued interest, of $2,378,387.	USD	2,375	$	2,374,706
Nomura International PLC:
Dated 7/11/14 with a maturity date of 8/15/14, an interest rate of 0.05% payable by the Portfolio and repurchase proceeds of EUR 4,795,943, collateralized by EUR 4,000,000 Spain Government Bond 4.60%, due 7/30/19 and a market value, including accrued interest, of $6,244,088.	EUR	4,796		6,422,275
Dated 7/18/14 with a maturity date of 8/13/14, an interest rate of 0.65% payable by the Portfolio and repurchase proceeds of USD 4,370,184, collateralized by USD 4,304,000 Republic of Ghana 7.875%, due 8/7/23 and a market value, including accrued interest, of $4,352,129.	USD	4,372		4,371,842
Dated 7/31/14 with a maturity date of 8/26/14, an interest rate of 0.65% payable by the Portfolio and repurchase proceeds of USD 867,495, collateralized by USD 860,000 Republic of Ghana 7.875%, due 8/7/23 and a market value, including accrued interest, of $869,617.	USD	868		867,824
Total Repurchase Agreements (identified cost $25,484,078)			$	25,379,524

Other — 6.8%

Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(12)	$	115,279	$	115,279,136
Total Other (identified cost $115,279,136)			$	115,279,136
Total Short-Term Investments (identified cost $481,064,241)			$	478,076,172
Total Investments — 96.3% (identified cost $1,602,269,792)			$	1,624,555,416

Currency Put Options Written — (0.2)%

Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Euro	Citibank NA	EUR	22,724	USD	1.38		4/29/15	$	(1,287,676	)
Yuan Renminbi	Goldman Sachs International	CNY	102,499	CNY	6.35		9/30/14		(1,840	)
Yuan Renminbi	Goldman Sachs International	CNY	110,501	CNY	6.35		9/30/14		(2,819	)
Yuan Renminbi Offshore	Citibank NA	CNH	213,000	CNH	6.35		10/6/14		(12,713	)
Yuan Renminbi Offshore	Deutsche Bank	CNH	297,360	CNH	6.20		3/5/15		(664,887	)
Yuan Renminbi Offshore	Deutsche Bank	CNH	415,800	CNH	6.30		5/14/15		(585,090	)
Yuan Renminbi Offshore	Goldman Sachs International	CNH	293,751	CNH	6.20		3/5/15		(656,818	)
Yuan Renminbi Offshore	Goldman Sachs International	CNH	192,569	CNH	6.20		3/6/15		(432,100	)
Total Currency Put Options Written (premiums received $5,051,731)								$	(3,643,943	)
Other Assets, Less Liabilities — 3.9%								$	65,763,441
Net Assets — 100.0%								$	1,686,674,914

9

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

AUD	-	Australian Dollar
BDT	-	Bangladesh Taka
CAD	-	Canadian Dollar
CNH	-	Yuan Renminbi Offshore
CNY	-	Yuan Renminbi
DOP	-	Dominican Peso
EUR	-	Euro
IDR	-	Indonesian Rupiah
INR	-	Indian Rupee
ISK	-	Icelandic Krona
JOD	-	Jordanian Dinar
JPY	-	Japanese Yen
KES	-	Kenyan Shilling
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
NGN	-	Nigerian Naira
NZD	-	New Zealand Dollar
PHP	-	Philippine Peso
RON	-	Romanian Leu
RSD	-	Serbian Dinar
TRY	-	New Turkish Lira
UGX	-	Ugandan Shilling
USD	-	United States Dollar
UYU	-	Uruguayan Peso
ZMW	-	Zambian Kwacha

(1) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2014, the aggregate value of these securities is $316,045,462 or 18.7% of the Portfolio’s net assets.

(2) Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

(3) Defaulted security.

(4) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $233,502,507 or 13.8% of the Portfolio’s net assets.

(5) 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.

(6) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(7) 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.

(8) Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at July 31, 2014.

(9) Non-income producing.

(10) Amount is less than 0.05%.

(11) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts and/or securities sold short.

10

(12) 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $70,602.

Securities Sold Short — (1.3)%

Foreign Government Bonds — (1.3)%

Security	Principal Amount (000’s omitted)			Value
Ghana — (0.4)%
Republic of Ghana, 7.875%, 8/7/23	USD	(7,314	)	$	(7,117,400	)
Total Ghana				$	(7,117,400	)
Qatar — (0.5)%
SoQ Sukuk A Q.S.C., 3.241%, 1/18/23	USD	(8,416	)	$	(8,529,616	)
Total Qatar				$	(8,529,616	)
Spain — (0.4)%
Spain Government Bond, 4.60%, 7/30/19	EUR	(4,000	)	$	(6,242,737	)
Total Spain				$	(6,242,737	)
Total Foreign Government Bonds (proceeds $20,512,355)				$	(21,889,753	)
Total Securities Sold Short (proceeds $20,512,355)				$	(21,889,753	)

EUR - Euro

USD - United States Dollar

Basis for Consolidation

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMAP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at July 31, 2014 were $4,046,238 or 0.2% of the Portfolio’s consolidated net assets. The Consolidated Portfolio of Investments includes positions of the Portfolio and the Subsidiary.

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Commodity Contracts(1) Sales
Settlement Date	Deliver	In Exchange For	Counterparty	Net Unrealized Appreciation
8/22/14	Gold 8,388 Troy Ounces	United States Dollar 11,040,436	Citibank NA	$	285,991
8/22/14	Gold 3,113 Troy Ounces	United States Dollar 4,104,870	Merrill Lynch International		106,138
				$	392,129

(1) Non-deliverable contracts that are settled with the counterparty in cash.

11

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/5/14	Swiss Franc 3,505,076	United States Dollar 3,933,223	Deutsche Bank	$	76,193	$	—		$	76,193
8/5/14	Swiss Franc 82,150,155	United States Dollar 93,314,275	Goldman Sachs International		2,915,205		—			2,915,205
8/5/14	Swiss Franc 3,976,369	United States Dollar 4,463,818	Goldman Sachs International		88,171		—			88,171
8/5/14	Swiss Franc 2,580,000	United States Dollar 2,896,309	Goldman Sachs International		57,244		—			57,244
8/5/14	Swiss Franc 24,803,000	United States Dollar 27,277,026	Goldman Sachs International		—		(16,509	)		(16,509	)
8/5/14	Swiss Franc 3,030,462	United States Dollar 3,401,093	JPMorgan Chase Bank		66,334		—			66,334
8/5/14	Swiss Franc 4,523,000	United States Dollar 4,984,162	JPMorgan Chase Bank		6,995		—			6,995
8/5/14	Swiss Franc 8,452,373	United States Dollar 9,490,490	Standard Chartered Bank		189,392		—			189,392
8/5/14	Swiss Franc 7,654,035	United States Dollar 8,586,417	Standard Chartered Bank		163,820		—			163,820
8/5/14	United States Dollar 90,344,391	Swiss Franc 82,150,155	Goldman Sachs International		54,679		—			54,679
8/5/14	United States Dollar 37,088,996	Swiss Franc 33,721,315	Goldman Sachs International		18,366		—			18,366
8/5/14	United States Dollar 27,893,926	Swiss Franc 24,803,000	Goldman Sachs International		—		(600,391	)		(600,391	)
8/6/14	Euro 19,097,000	United States Dollar 26,491,397	Goldman Sachs International		919,395		—			919,395
8/6/14	United States Dollar 25,872,348	Euro 19,097,000	Goldman Sachs International		—		(300,347	)		(300,347	)
8/6/14	United States Dollar 12,812,397	Philippine Peso 558,723,000	Bank of America		27,844		—			27,844
8/6/14	United States Dollar 9,883,095	Philippine Peso 430,982,000	Citibank NA		21,478		—			21,478
8/6/14	United States Dollar 11,663,043	Philippine Peso 508,602,000	Goldman Sachs International		25,346		—			25,346
8/6/14	United States Dollar 11,440,997	Philippine Peso 498,919,000	Standard Chartered Bank		24,863		—			24,863
8/7/14	Japanese Yen 2,402,473,000	United States Dollar 23,508,484	Goldman Sachs International		152,492		—			152,492
8/8/14	New Turkish Lira 6,418,674	United States Dollar 2,997,979	Standard Chartered Bank		7,074		—			7,074
8/8/14	New Turkish Lira 21,056,000	United States Dollar 9,802,151	Standard Chartered Bank		—		(9,301	)		(9,301	)
8/8/14	Thai Baht 62,062,000	United States Dollar 1,951,328	Goldman Sachs International		18,898		—			18,898
8/8/14	Thai Baht 72,392,000	United States Dollar 2,222,659	Goldman Sachs International		—		(31,418	)		(31,418	)
8/8/14	Thai Baht 301,790,000	United States Dollar 9,265,889	Goldman Sachs International		—		(130,976	)		(130,976	)
8/8/14	United States Dollar 8,421,972	New Turkish Lira 18,002,596	Standard Chartered Bank		—		(33,313	)		(33,313	)
8/12/14	United States Dollar 3,677,146	Indian Rupee 224,182,000	Deutsche Bank		17,001		—			17,001
8/12/14	United States Dollar 4,226,965	Indian Rupee 257,639,000	Goldman Sachs International		18,498		—			18,498
8/12/14	United States Dollar 2,953,302	Mexican Peso 38,618,000	Goldman Sachs International		—		(33,860	)		(33,860	)

12

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/12/14	United States Dollar 23,693,940	Mexican Peso 309,277,000	Standard Chartered Bank	$	—	$	(313,231	)	$	(313,231	)
8/12/14	United States Dollar 9,387,494	Philippine Peso 409,107,000	Citibank NA		5,698		—			5,698
8/13/14	Euro 110,355,609	United States Dollar 152,041,889	Standard Chartered Bank		4,266,025		—			4,266,025
8/13/14	Euro 5,023,000	United States Dollar 6,795,863	Standard Chartered Bank		69,624		—			69,624
8/13/14	Euro 1,259,099	United States Dollar 1,725,079	Standard Chartered Bank		39,035		—			39,035
8/13/14	United States Dollar 1,639,333	Indonesian Rupiah 18,606,431,000	Deutsche Bank		—		(44,213	)		(44,213	)
8/15/14	Euro 2,038,000	British Pound Sterling 1,663,711	Goldman Sachs International		79,516		—			79,516
8/15/14	Euro 12,369,000	British Pound Sterling 10,001,944	JPMorgan Chase Bank		321,504		—			321,504
8/15/14	Euro 21,480,000	British Pound Sterling 17,534,506	Morgan Stanley & Co. International PLC		837,094		—			837,094
8/18/14	Euro 7,043,604	Polish Zloty 29,286,425	BNP Paribas		—		(54,741	)		(54,741	)
8/18/14	Euro 6,445,017	Polish Zloty 26,797,575	Citibank NA		—		(50,089	)		(50,089	)
8/18/14	Japanese Yen 9,573,958,000	United States Dollar 94,073,075	Goldman Sachs International		992,600		—			992,600
8/18/14	Thai Baht 543,230,000	United States Dollar 16,577,052	Citibank NA		—		(329,614	)		(329,614	)
8/18/14	United States Dollar 4,676,769	Japanese Yen 476,502,000	Goldman Sachs International		—		(44,095	)		(44,095	)
8/18/14	United States Dollar 27,436,224	Japanese Yen 2,801,650,000	Goldman Sachs International		—		(197,864	)		(197,864	)
8/20/14	Euro 6,181,812	United States Dollar 8,472,520	JPMorgan Chase Bank		194,348		—			194,348
8/20/14	Indonesian Rupiah 10,752,202,000	United States Dollar 906,212	Deutsche Bank		—		(9,586	)		(9,586	)
8/20/14	United States Dollar 1,594,381	Indonesian Rupiah 18,606,431,000	Deutsche Bank		—		(9,615	)		(9,615	)
8/20/14	United States Dollar 1,274,940	Indonesian Rupiah 14,846,674,000	JPMorgan Chase Bank		—		(10,404	)		(10,404	)
8/20/14	United States Dollar 4,389,486	Indonesian Rupiah 50,896,091,425	Standard Chartered Bank		—		(54,512	)		(54,512	)
8/21/14	Euro 443,635	United States Dollar 602,119	Bank of America		8,038		—			8,038
8/21/14	Euro 221,815	United States Dollar 301,545	Bank of America		4,508		—			4,508
8/21/14	Euro 307,081	United States Dollar 415,035	Bank of America		3,817		—			3,817
8/22/14	Thai Baht 500,696,000	United States Dollar 15,246,529	Standard Chartered Bank		—		(333,449	)		(333,449	)
8/25/14	Euro 9,212,929	United States Dollar 12,560,309	Bank of America		222,923		—			222,923
8/25/14	Euro 1,131,222	United States Dollar 1,542,121	Goldman Sachs International		27,259		—			27,259
8/26/14	Euro 3,248,579	United States Dollar 4,436,477	Bank of America		86,167		—			86,167
8/26/14	Euro 6,393,700	United States Dollar 8,738,781	Goldman Sachs International		176,706		—			176,706

13

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/27/14	Argentine Peso 16,055,000	United States Dollar 1,834,857	Bank of America	$	—	$	(61,716	)	$	(61,716	)
8/27/14	Argentine Peso 13,595,000	United States Dollar 1,529,246	Bank of America		—		(76,728	)		(76,728	)
8/27/14	Euro 10,856,368	United States Dollar 14,891,463	JPMorgan Chase Bank		353,194		—			353,194
8/27/14	Euro 8,982,360	United States Dollar 12,225,953	JPMorgan Chase Bank		197,256		—			197,256
8/27/14	Euro 2,408,792	United States Dollar 3,278,641	JPMorgan Chase Bank		52,915		—			52,915
8/27/14	Euro 638,095	United States Dollar 875,262	JPMorgan Chase Bank		20,759		—			20,759
8/27/14	Ghanaian Cedi 1,080,000	United States Dollar 385,439	Standard Chartered Bank		78,463		—			78,463
8/27/14	United States Dollar 3,137,566	Argentine Peso 29,650,000	Bank of America		364,982		—			364,982
8/28/14	United States Dollar 2,218,916	Indian Rupee 132,740,000	BNP Paribas		—		(43,285	)		(43,285	)
8/28/14	United States Dollar 2,298,151	Indian Rupee 137,480,000	JPMorgan Chase Bank		—		(44,831	)		(44,831	)
8/28/14	United States Dollar 2,437,946	Indian Rupee 145,855,000	Standard Chartered Bank		—		(47,358	)		(47,358	)
8/28/14	United States Dollar 2,827,088	Indian Rupee 169,286,000	Standard Chartered Bank		—		(52,461	)		(52,461	)
8/29/14	Ghanaian Cedi 2,133,000	United States Dollar 747,110	Standard Bank		141,629		—			141,629
8/29/14	Ghanaian Cedi 2,153,000	United States Dollar 746,921	Standard Bank		135,762		—			135,762
9/3/14	Brazilian Real 79,731,000	United States Dollar 35,439,150	Standard Chartered Bank		604,332		—			604,332
9/3/14	Euro 19,480,366	United States Dollar 26,603,518	Bank of America		515,879		—			515,879
9/3/14	United States Dollar 15,650,200	Euro 11,619,250	Bank of America		—		(89,980	)		(89,980	)
9/3/14	United States Dollar 2,190,747	Indian Rupee 132,343,000	Citibank NA		—		(25,966	)		(25,966	)
9/4/14	Euro 14,074,896	Singapore Dollar 24,092,000	Standard Chartered Bank		463,402		—			463,402
9/8/14	Argentine Peso 37,149,000	United States Dollar 4,132,258	Bank of America		—		(190,723	)		(190,723	)
9/8/14	South African Rand 334,229,717	United States Dollar 30,808,842	Goldman Sachs International		—		(182,259	)		(182,259	)
9/8/14	United States Dollar 3,918,671	Argentine Peso 37,149,000	Bank of America		404,311		—			404,311
9/9/14	Zambian Kwacha 6,700,000	United States Dollar 1,120,214	Standard Bank		50,199		—			50,199
9/9/14	Zambian Kwacha 4,290,000	United States Dollar 717,391	Standard Chartered Bank		32,262		—			32,262
9/10/14	Euro 59,542,022	United States Dollar 81,174,234	Deutsche Bank		1,435,175		—			1,435,175

14

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
9/10/14	Euro 2,486,000	United States Dollar 3,364,851	Deutsche Bank	$	35,584	$	—		$	35,584
9/16/14	United States Dollar 7,846,094	Indian Rupee 475,081,000	Standard Chartered Bank		—		(91,885	)		(91,885	)
9/16/14	United States Dollar 9,100,635	Indian Rupee 544,764,000	Standard Chartered Bank		—		(209,069	)		(209,069	)
9/17/14	Euro 9,814,881	United States Dollar 13,364,580	Bank of America		220,128		—			220,128
9/17/14	Euro 1,813,746	United States Dollar 2,468,626	Goldman Sachs International		39,590		—			39,590
9/17/14	Japanese Yen 1,483,676,000	United States Dollar 14,545,843	Bank of America		118,488		—			118,488
9/17/14	United States Dollar 13,220,301	Euro 9,814,881	Bank of America		—		(75,849	)		(75,849	)
9/17/14	United States Dollar 2,443,196	Euro 1,813,746	Goldman Sachs International		—		(14,160	)		(14,160	)
9/22/14	United States Dollar 9,671,991	Indian Rupee 592,216,000	BNP Paribas		—		(14,786	)		(14,786	)
9/22/14	United States Dollar 7,516,454	Indian Rupee 460,007,000	Standard Chartered Bank		—		(15,168	)		(15,168	)
9/23/14	Zambian Kwacha 8,120,000	United States Dollar 1,364,706	Barclays Bank PLC		78,795		—			78,795
9/23/14	Zambian Kwacha 9,744,000	United States Dollar 1,601,315	Barclays Bank PLC		58,221		—			58,221
9/23/14	Zambian Kwacha 7,130,000	United States Dollar 1,170,772	Barclays Bank PLC		41,640		—			41,640
9/24/14	Euro 1,985,000	United States Dollar 2,685,824	Standard Chartered Bank		27,378		—			27,378
9/24/14	Euro 435,000	United States Dollar 589,281	Standard Chartered Bank		6,700		—			6,700
9/24/14	Kenyan Shilling 228,472,000	United States Dollar 2,568,977	Standard Bank		—		(8,797	)		(8,797	)
9/25/14	Euro 14,618,000	United States Dollar 19,873,171	Deutsche Bank		295,692		—			295,692
9/25/14	Euro 9,778,000	United States Dollar 13,287,031	Goldman Sachs International		191,629		—			191,629
9/25/14	Kenyan Shilling 198,558,000	United States Dollar 2,230,400	Standard Bank		—		(9,351	)		(9,351	)
9/25/14	Thai Baht 182,084,000	United States Dollar 5,586,684	Citibank NA		—		(70,134	)		(70,134	)
9/25/14	Thai Baht 211,789,000	United States Dollar 6,498,589	Goldman Sachs International		—		(81,077	)		(81,077	)
9/25/14	United States Dollar 5,587,113	Thai Baht 182,084,000	Citibank NA		69,705		—			69,705
9/25/14	United States Dollar 6,502,579	Thai Baht 211,789,000	Goldman Sachs International		77,087		—			77,087
9/29/14	United States Dollar 15,886,920	Peruvian New Sol 44,986,992	BNP Paribas		70,069		—			70,069
9/29/14	United States Dollar 15,152,707	Peruvian New Sol 42,867,008	Morgan Stanley & Co. International PLC		52,319		—			52,319
9/30/14	United States Dollar 1,401,220	Azerbaijani Manat 1,149,000	Standard Bank		60,613		—			60,613

15

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
10/1/14	Euro 5,117,000	United States Dollar 6,924,836	Goldman Sachs International	$	71,647	$	—		$	71,647
10/1/14	United States Dollar 2,502,142	New Turkish Lira 5,665,600	Citibank NA		107,651		—			107,651
10/1/14	United States Dollar 3,907,220	New Turkish Lira 8,847,000	Credit Suisse International		168,049		—			168,049
10/1/14	United States Dollar 2,754,866	New Turkish Lira 6,241,700	Credit Suisse International		120,301		—			120,301
10/1/14	United States Dollar 22,565,311	New Turkish Lira 50,901,700	HSBC Bank USA		881,969		—			881,969
10/2/14	Kenyan Shilling 62,500,000	United States Dollar 696,767	Citibank NA		—		(7,109	)		(7,109	)
10/7/14	Thai Baht 279,588,000	United States Dollar 8,576,319	Goldman Sachs International		—		(104,818	)		(104,818	)
10/7/14	United States Dollar 4,211,973	Indian Rupee 254,877,000	Deutsche Bank		—		(65,202	)		(65,202	)
10/7/14	United States Dollar 4,387,176	Indian Rupee 265,479,000	Goldman Sachs International		—		(67,914	)		(67,914	)
10/8/14	South African Rand 334,229,573	United States Dollar 30,632,350	Standard Chartered Bank		—		(203,893	)		(203,893	)
10/9/14	United States Dollar 2,814,724	Azerbaijani Manat 2,294,000	VTB Capital PLC		91,649		—			91,649
10/9/14	United States Dollar 2,823,818	Azerbaijani Manat 2,300,000	VTB Capital PLC		90,156		—			90,156
10/10/14	Australian Dollar 44,735,233	United States Dollar 41,772,419	Australia and New Zealand Banking Group Limited		389,329		—			389,329
10/10/14	Australian Dollar 19,149,767	United States Dollar 17,889,042	Deutsche Bank		174,224		—			174,224
10/15/14	Euro 25,912,000	United States Dollar 35,240,838	JPMorgan Chase Bank		535,087		—			535,087
10/16/14	Euro 41,173,280	Polish Zloty 171,482,592	BNP Paribas		—		(439,695	)		(439,695	)
10/16/14	Euro 38,481,378	Polish Zloty 160,288,408	JPMorgan Chase Bank		—		(405,424	)		(405,424	)
10/17/14	Russian Ruble 133,731,000	United States Dollar 3,550,538	Deutsche Bank		—		(119,615	)		(119,615	)
10/17/14	Russian Ruble 278,664,000	United States Dollar 7,392,598	HSBC Bank USA		—		(255,138	)		(255,138	)
10/17/14	Russian Ruble 323,921,000	United States Dollar 8,600,053	JPMorgan Chase Bank		—		(289,730	)		(289,730	)
10/17/14	Russian Ruble 437,942,000	United States Dollar 11,618,687	Morgan Stanley & Co. International PLC		—		(400,322	)		(400,322	)
10/17/14	United States Dollar 302,755	Kazakhstani Tenge 50,000,000	Citibank NA		—		(33,156	)		(33,156	)
10/17/14	United States Dollar 4,083,080	Kazakhstani Tenge 674,729,000	Citibank NA		—		(444,949	)		(444,949	)
10/20/14	Polish Zloty 15,786,000	United States Dollar 5,137,546	BNP Paribas		102,678		—			102,678
10/20/14	United States Dollar 3,258,631	Kazakhstani Tenge 538,000,000	Deutsche Bank		—		(359,278	)		(359,278	)

16

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
10/22/14	Euro 4,796,000	United States Dollar 6,537,092	Australia and New Zealand Banking Group Limited	$	113,289	$	—		$	113,289
10/22/14	United States Dollar 2,930,206	Indonesian Rupiah 34,807,914,000	Bank of America		—		(31,720	)		(31,720	)
10/22/14	United States Dollar 913,786	Indonesian Rupiah 10,805,519,000	BNP Paribas		—		(14,001	)		(14,001	)
10/22/14	United States Dollar 3,028,535	Indonesian Rupiah 35,997,163,000	Deutsche Bank		—		(31,019	)		(31,019	)
10/23/14	United States Dollar 2,106,222	Kazakhstani Tenge 347,000,000	JPMorgan Chase Bank		—		(237,182	)		(237,182	)
10/24/14	Canadian Dollar 24,086,594	United States Dollar 22,412,827	Deutsche Bank		365,931		—			365,931
10/24/14	Canadian Dollar 57,265,649	United States Dollar 53,275,327	Nomura International PLC		859,042		—			859,042
10/24/14	United States Dollar 3,050,073	Euro 2,261,000	Goldman Sachs International		—		(21,646	)		(21,646	)
10/24/14	United States Dollar 29,527,123	Singapore Dollar 36,600,493	Deutsche Bank		—		(187,523	)		(187,523	)
10/27/14	United States Dollar 3,028,190	Kazakhstani Tenge 499,500,000	HSBC Bank USA		—		(339,641	)		(339,641	)
10/28/14	United States Dollar 37,668,137	Mexican Peso 491,023,000	Citibank NA		—		(750,962	)		(750,962	)
10/29/14	Euro 38,450,879	United States Dollar 51,999,815	Goldman Sachs International		496,898		—			496,898
10/31/14	Australian Dollar 24,043,539	United States Dollar 22,445,846	JPMorgan Chase Bank		236,349		—			236,349
10/31/14	New Zealand Dollar 45,168,158	United States Dollar 38,130,959	Australia and New Zealand Banking Group Limited		86,898		—			86,898
11/5/14	Euro 1,268,319	United States Dollar 1,715,440	Goldman Sachs International		16,544		—			16,544
11/5/14	Swiss Franc 91,068,470	United States Dollar 100,228,889	Goldman Sachs International		—		(52,425	)		(52,425	)
11/5/14	United States Dollar 3,486,322	Kazakhstani Tenge 573,500,000	Citibank NA		—		(404,344	)		(404,344	)
11/12/14	United States Dollar 3,604,275	Kazakhstani Tenge 590,200,000	Deutsche Bank		—		(436,340	)		(436,340	)
11/12/14	United States Dollar 11,862,301	Kazakhstani Tenge 1,938,300,000	Deutsche Bank		—		(1,458,357	)		(1,458,357	)
11/13/14	United States Dollar 4,476,261	Indonesian Rupiah 55,550,403,000	Citibank NA		135,395		—			135,395
11/21/14	United States Dollar 2,464,615	Kazakhstani Tenge 400,500,000	JPMorgan Chase Bank		—		(318,204	)		(318,204	)
11/21/14	United States Dollar 3,720,787	Kazakhstani Tenge 605,000,000	VTB Capital PLC		—		(478,393	)		(478,393	)
12/3/14	United States Dollar 1,723,164	Kazakhstani Tenge 283,719,000	Deutsche Bank		—		(205,723	)		(205,723	)
12/3/14	United States Dollar 10,658,816	Kazakhstani Tenge 1,754,974,011	Deutsche Bank		—		(1,272,523	)		(1,272,523	)
12/9/14	Ghanaian Cedi 6,152,500	United States Dollar 2,055,424	Standard Bank		436,656		—			436,656
12/12/14	Ghanaian Cedi 3,122,000	United States Dollar 1,041,535	Standard Bank		221,821		—			221,821
12/19/14	Ghanaian Cedi 3,170,000	United States Dollar 1,054,032	Standard Bank		225,731		—			225,731
12/19/14	Thai Baht 182,084,000	United States Dollar 5,564,914	Citibank NA		—		(71,161	)		(71,161	)
12/19/14	Thai Baht 211,789,000	United States Dollar 6,475,738	Goldman Sachs International		—		(79,802	)		(79,802	)
12/22/14	United States Dollar 18,209,437	Kazakhstani Tenge 2,990,900,000	VTB Capital PLC		—		(2,264,441	)		(2,264,441	)

17

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
12/30/14	United States Dollar 3,351,993	Uruguayan Peso 79,040,000	Citibank NA	$	—	$	(78,248	)	$	(78,248	)
1/12/15	United States Dollar 1,812,289	Ugandan Shilling 4,956,610,000	Citibank NA		12,105		—			12,105
1/12/15	United States Dollar 1,407,971	Ugandan Shilling 3,843,761,000	Standard Chartered Bank		6,814		—			6,814
1/16/15	United States Dollar 4,942,158	Uruguayan Peso 118,167,000	Citibank NA		—		(74,869	)		(74,869	)
1/20/15	United States Dollar 3,283,113	Ugandan Shilling 8,943,200,000	Barclays Bank PLC		2,279		—			2,279
1/23/15	United States Dollar 1,533,481	Ugandan Shilling 4,145,000,000	Citibank NA		—		(11,868	)		(11,868	)
1/23/15	United States Dollar 4,942,154	Uruguayan Peso 118,414,000	Citibank NA		—		(75,765	)		(75,765	)
1/29/15	United States Dollar 2,392,175	Ugandan Shilling 6,434,950,000	Barclays Bank PLC		—		(33,345	)		(33,345	)
2/5/15	United States Dollar 2,969,325	Kazakhstani Tenge 492,908,000	Deutsche Bank		—		(361,432	)		(361,432	)
2/6/15	United States Dollar 2,903,226	Uruguayan Peso 72,000,000	Citibank NA		42,381		—			42,381
2/13/15	United States Dollar 2,897,384	Uruguayan Peso 72,000,000	Citibank NA		41,727		—			41,727
2/20/15	Argentine Peso 14,000,000	United States Dollar 1,343,570	Bank of America		—		(39,883	)		(39,883	)
2/20/15	Argentine Peso 27,000,000	United States Dollar 2,608,696	Citibank NA		—		(59,393	)		(59,393	)
2/20/15	United States Dollar 1,206,897	Argentine Peso 14,000,000	Bank of America		176,557		—			176,557
2/20/15	United States Dollar 2,327,586	Argentine Peso 27,000,000	Citibank NA		340,502		—			340,502
2/23/15	Argentine Peso 6,000,000	United States Dollar 574,988	Citibank NA		—		(16,640	)		(16,640	)
2/23/15	Argentine Peso 15,000,000	United States Dollar 1,446,480	Citibank NA		—		(32,589	)		(32,589	)
2/23/15	Argentine Peso 16,000,000	United States Dollar 1,542,317	Citibank NA		—		(35,356	)		(35,356	)
2/23/15	United States Dollar 3,189,655	Argentine Peso 37,000,000	Citibank NA		458,715		—			458,715
2/24/15	Argentine Peso 12,350,000	United States Dollar 1,182,610	Citibank NA		—		(34,280	)		(34,280	)
2/24/15	Argentine Peso 19,650,000	United States Dollar 1,878,944	Citibank NA		—		(57,242	)		(57,242	)
2/24/15	United States Dollar 2,758,621	Argentine Peso 32,000,000	Citibank NA		394,456		—			394,456
2/25/15	Argentine Peso 11,464,000	United States Dollar 1,095,985	Bank of America		—		(32,793	)		(32,793	)
2/25/15	Argentine Peso 19,000,000	United States Dollar 1,815,402	Citibank NA		—		(55,391	)		(55,391	)
2/25/15	Argentine Peso 27,000,000	United States Dollar 2,587,694	Citibank NA		—		(70,801	)		(70,801	)

18

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
2/25/15	Argentine Peso 38,000,000	United States Dollar 3,659,476	Citibank NA	$	—	$	(82,110	)	$	(82,110	)
2/25/15	United States Dollar 992,554	Argentine Peso 11,464,000	Bank of America		136,223		—			136,223
2/25/15	United States Dollar 7,272,727	Argentine Peso 84,000,000	Citibank NA		998,147		—			998,147
2/27/15	United States Dollar 2,504,039	Uruguayan Peso 62,000,000	Citibank NA		15,750		—			15,750
2/27/15	United States Dollar 3,989,515	Uruguayan Peso 95,509,000	Citibank NA		—		(107,862	)		(107,862	)
3/13/15	Euro 1,672,505	Serbian Dinar 211,990,000	Citibank NA		90,712		—			90,712
3/23/15	Euro 4,829,448	Romanian Leu 22,234,777	Bank of America		179,129		—			179,129
3/23/15	Euro 4,827,268	Romanian Leu 22,070,271	Bank of America		132,832		—			132,832
3/23/15	Euro 11,730,646	Romanian Leu 53,849,529	Citibank NA		387,720		—			387,720
3/23/15	Euro 5,778,141	Romanian Leu 26,411,306	Citibank NA		157,095		—			157,095
3/23/15	Euro 3,176,889	Romanian Leu 14,634,340	JPMorgan Chase Bank		120,210		—			120,210
3/23/15	Euro 2,173,362	Romanian Leu 9,954,000	JPMorgan Chase Bank		65,006		—			65,006
3/23/15	Euro 6,830,459	Romanian Leu 31,437,189	Standard Chartered Bank		250,283		—			250,283
3/23/15	Euro 2,146,159	Romanian Leu 9,841,213	Standard Chartered Bank		67,724		—			67,724
3/31/15	Euro 13,781,027	Romanian Leu 63,075,760	Bank of America		391,196		—			391,196
3/31/15	Euro 12,906,569	Romanian Leu 59,104,729	Citibank NA		375,753		—			375,753
3/31/15	United States Dollar 2,522,018	Uruguayan Peso 63,000,000	Citibank NA		12,972		—			12,972
3/31/15	United States Dollar 3,352,188	Uruguayan Peso 81,190,000	Citibank NA		—		(85,271	)		(85,271	)
4/30/15	United States Dollar 3,396,524	Uruguayan Peso 86,000,000	Citibank NA		31,999		—			31,999
5/21/15	United States Dollar 15,192,191	New Turkish Lira 34,895,399	Bank of America		133,439		—			133,439
5/21/15	United States Dollar 10,003,478	New Turkish Lira 22,958,983	Morgan Stanley & Co. International PLC		79,825		—			79,825
				$	29,527,153	$	(17,209,899	)	$	12,317,254

Futures Contracts

Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
Commodity Futures
10/14	232 Platinum	Long	$	17,048,360		$	16,996,320		$	(52,040	)
12/14	14 Gold	Short		(1,818,530	)		(1,795,920	)		22,610
12/14	98 LME Copper	Short		(17,946,580	)		(17,420,725	)		525,855
12/14	98 LME Copper	Long		15,914,930			17,420,725			1,505,795

19

Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
Equity Futures
8/14	2,322 SGX CNX Nifty Index	Long	$	36,322,473		$	35,754,705		$	(567,768	)
9/14	307 TOPIX Index	Long		36,970,787			38,157,774			1,186,987
Interest Rate Futures
9/14	462 Euro-Bobl	Short		(79,366,704	)		(79,414,969	)		(48,265	)
9/14	381 Euro-Bund	Short		(74,292,138	)		(75,501,260	)		(1,209,122	)
9/14	76 Euro-Schatz	Short		(11,255,011	)		(11,261,626	)		(6,615	)
9/14	384 IMM 10-Year Interest Rate Swap	Long		36,787,430			36,662,284			(125,146	)
9/14	85 Japan 10-Year Bond	Short		(120,005,639	)		(120,577,456	)		(571,817	)
9/14	207 U.K. Gilt	Short		(38,547,421	)		(38,680,223	)		(132,802	)
9/14	293 U.S. 2-Year Deliverable Interest Rate Swap	Short		(29,444,211	)		(29,405,297	)		38,914
9/14	666 U.S. 5-Year Deliverable Interest Rate Swap	Short		(67,557,614	)		(67,536,563	)		21,051
9/14	892 U.S. 10-Year Deliverable Interest Rate Swap	Short		(92,829,534	)		(93,353,375	)		(523,841	)
3/16	2,650 CME 90-Day Eurodollar	Short		(653,655,625	)		(653,390,625	)		265,000
									$	328,796

CME	-	Chicago Mercantile Exchange.
LME	-	London Metal Exchange.

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.

Euro-Schatz: Short-term debt securities issued by the Federal Republic of Germany with a term to maturity of 1.75 to 2.25 years.

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

SGX CNX Nifty Index: Price-weighted average of 50 large and highly liquid companies listed on the National Stock Exchange of India.

TOPIX Index: Market capitalization-weighted stock index for all companies listed on the First Section of the Tokyo Stock Exchange.

U.K. Gilt: Gilt issues having a maturity 8.25 to 13 years from the calendar day of the delivery month.

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
CME	GBP	10,290	Receives	6-month GBP LIBOR		2.16	%		7/10/19	$	1,103
LCH.Clearnet	GBP	19,996	Receives	6-month GBP LIBOR		2.00			2/20/19		(71,929	)
LCH.Clearnet	HUF	2,525,000	Receives	6-month HUF BUBOR		4.57			11/14/18		(923,401	)
LCH.Clearnet	HUF	5,190,000	Receives	6-month HUF BUBOR		3.78			11/15/18		(924,627	)
LCH.Clearnet	HUF	3,243,000	Receives	6-month HUF BUBOR		4.43			11/15/18		(1,097,720	)
LCH.Clearnet	HUF	9,448,871	Receives	6-month HUF BUBOR		3.69			5/15/19		(902,614	)
LCH.Clearnet	JPY	7,071,525	Receives	6-month JPY LIBOR		0.79			4/23/24		(1,075,708	)
LCH.Clearnet	JPY	2,147,686	Receives	6-month JPY LIBOR		0.75			6/12/24		(222,259	)
LCH.Clearnet	NZD	112,000	Pays	3-month NZD Bank Bill		4.71			10/8/16		308,837
LCH.Clearnet	NZD	117,000	Pays	3-month NZD Bank Bill		4.76			10/10/16		365,761
LCH.Clearnet	NZD	92,500	Pays	3-month NZD Bank Bill		4.74			10/10/16		271,647
LCH.Clearnet	NZD	57,321	Pays	3-month NZD Bank Bill		4.26			7/31/17		4,479
LCH.Clearnet	NZD	5,449	Pays	3-month NZD Bank Bill		4.21			10/23/17		39,599
LCH.Clearnet	NZD	13,000	Pays	3-month NZD Bank Bill		4.20			10/24/17		90,874
LCH.Clearnet	NZD	11,000	Pays	3-month NZD Bank Bill		4.15			10/25/17		60,125
LCH.Clearnet	NZD	13,000	Pays	3-month NZD Bank Bill		4.04			10/30/17		28,423
LCH.Clearnet	NZD	6,551	Pays	3-month NZD Bank Bill		4.04			10/31/17		14,490
LCH.Clearnet	NZD	6,000	Pays	3-month NZD Bank Bill		4.03			10/31/17		12,436
LCH.Clearnet	NZD	20,093	Pays	3-month NZD Bank Bill		4.96			4/29/24		474,055
										$	(3,546,429	)

GBP - Great British Pound

20

HUF	-	Hungarian Forint
JPY	-	Japanese Yen
NZD	-	New Zealand Dollar

Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
Bank of America	HUF	200,230	Receives	6-month HUF BUBOR		7.32	%		12/16/16	$	(127,166	)
Bank of America	HUF	642,000	Pays	6-month HUF BUBOR		5.13			12/21/16		231,064
Bank of America	HUF	217,350	Pays	6-month HUF BUBOR		5.14			1/16/17		78,203
Bank of America	MYR	72,483	Pays	3-month MYR KLIBOR		3.51			1/15/16		(77,172	)
Bank of America	MYR	17,742	Receives	3-month MYR KLIBOR		4.58			1/15/24		(72,041	)
Bank of America	PLN	4,860	Receives	6-month PLN WIBOR		3.35			7/30/17		(31,949	)
Bank of America	PLN	12,640	Pays	6-month PLN WIBOR		4.34			7/30/17		196,983
Bank of America	PLN	9,114	Pays	6-month PLN WIBOR		4.31			8/10/17		227,353
Bank of America	PLN	18,180	Pays	6-month PLN WIBOR		4.35			8/23/17		460,364
Bank of America	PLN	17,740	Pays	6-month PLN WIBOR		4.30			9/18/17		435,751
Bank of America	PLN	5,900	Pays	6-month PLN WIBOR		3.83			11/14/17		109,146
Bank of America	PLN	5,900	Receives	6-month PLN WIBOR		3.61			11/14/17		(92,715	)
Bank of America	PLN	33,170	Receives	6-month PLN WIBOR		3.52			11/16/17		(484,369	)
Barclays Bank PLC	PLN	21,490	Pays	6-month PLN WIBOR		4.32			8/2/17		540,249
Barclays Bank PLC	PLN	10,800	Pays	6-month PLN WIBOR		4.35			8/27/17		272,839
Barclays Bank PLC	PLN	33,170	Pays	6-month PLN WIBOR		3.81			11/16/17		604,285
Barclays Bank PLC	PLN	54,800	Pays	6-month PLN WIBOR		3.82			11/19/17		1,008,782
Barclays Bank PLC	PLN	31,320	Pays	6-month PLN WIBOR		3.80			11/20/17		567,471
BNP Paribas	PLN	20,724	Pays	6-month PLN WIBOR		4.25			8/7/17		501,540
BNP Paribas	PLN	20,724	Receives	6-month PLN WIBOR		3.60			8/7/17		(336,837	)
BNP Paribas	PLN	5,100	Pays	6-month PLN WIBOR		3.85			11/13/17		95,624
BNP Paribas	PLN	24,000	Pays	6-month PLN WIBOR		3.83			11/14/17		443,985
Citibank NA	MYR	70,663	Pays	3-month MYR KLIBOR		3.51			1/15/16		(76,856	)
Citibank NA	MYR	48,425	Pays	3-month MYR KLIBOR		3.60			2/25/16		(30,341	)
Citibank NA	MYR	17,140	Receives	3-month MYR KLIBOR		4.58			1/15/24		(69,596	)
Citibank NA	MYR	11,701	Receives	3-month MYR KLIBOR		4.57			2/25/24		(50,511	)
Citibank NA	PLN	17,853	Pays	6-month PLN WIBOR		4.33			7/30/17		277,815
Citibank NA	PLN	13,400	Pays	6-month PLN WIBOR		4.31			8/2/17		336,039
Citibank NA	PLN	2,906	Pays	6-month PLN WIBOR		4.24			8/7/17		70,147
Citibank NA	PLN	8,910	Pays	6-month PLN WIBOR		4.30			8/10/17		221,160
Citibank NA	PLN	8,170	Pays	6-month PLN WIBOR		4.40			8/20/17		211,667
Citibank NA	PLN	10,200	Pays	6-month PLN WIBOR		3.81			11/13/17		186,228
Citibank NA	PLN	8,240	Pays	6-month PLN WIBOR		3.82			11/14/17		151,424
Citibank NA	PLN	23,800	Pays	6-month PLN WIBOR		3.82			11/19/17		435,486
Citibank NA	PLN	23,800	Receives	6-month PLN WIBOR		3.60			11/19/17		(371,304	)
Credit Suisse International	HUF	200,230	Pays	6-month HUF BUBOR		5.20			12/16/16		74,075
Credit Suisse International	HUF	296,650	Pays	6-month HUF BUBOR		5.12			1/16/17		105,996
Credit Suisse International	HUF	514,000	Receives	6-month HUF BUBOR		7.63			1/16/17		(344,302	)
Credit Suisse International	PLN	10,290	Pays	6-month PLN WIBOR		4.40			8/20/17		266,591
Deutsche Bank	CLP	1,705,539	Receives	6-month Sinacofi Chile Interbank Rate		4.78			5/10/18		(116,191	)
Deutsche Bank	CLP	5,224,497	Receives	6-month Sinacofi Chile Interbank Rate		4.74			5/14/18		(342,008	)
Deutsche Bank	MYR	73,351	Pays	3-month MYR KLIBOR		3.48			1/13/16		(87,107	)
Deutsche Bank	MYR	97,326	Pays	3-month MYR KLIBOR		3.60			2/26/16		(61,357	)
Deutsche Bank	MYR	17,952	Receives	3-month MYR KLIBOR		4.54			1/13/24		(55,590	)

21

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
Deutsche Bank	MYR	23,585	Receives	3-month MYR KLIBOR		4.56	%		2/26/24	$	(98,551	)
Deutsche Bank	PLN	7,207	Pays	6-month PLN WIBOR		4.34			7/30/17		112,643
Deutsche Bank	PLN	31,119	Pays	6-month PLN WIBOR		4.36			8/1/17		799,245
Deutsche Bank	PLN	18,850	Pays	6-month PLN WIBOR		4.28			8/6/17		463,071
Deutsche Bank	PLN	13,020	Pays	6-month PLN WIBOR		4.24			8/7/17		314,287
Deutsche Bank	PLN	10,750	Pays	6-month PLN WIBOR		4.33			8/17/17		268,127
Deutsche Bank	PLN	6,330	Pays	6-month PLN WIBOR		3.79			11/16/17		113,761
Deutsche Bank	PLN	6,330	Receives	6-month PLN WIBOR		3.60			11/16/17		(98,814	)
Goldman Sachs International	MYR	69,796	Pays	3-month MYR KLIBOR		3.47			1/13/16		(88,163	)
Goldman Sachs International	MYR	95,709	Pays	3-month MYR KLIBOR		3.78			7/30/16		1,450
Goldman Sachs International	MYR	16,930	Receives	3-month MYR KLIBOR		4.53			1/13/24		(48,272	)
Goldman Sachs International	MYR	30,983	Receives	3-month MYR KLIBOR		4.38			7/30/24		45,492
Goldman Sachs International	PLN	6,181	Pays	6-month PLN WIBOR		4.35			8/1/17		157,830
JPMorgan Chase Bank	HUF	642,000	Receives	6-month HUF BUBOR		7.36			12/21/16		(410,179	)
JPMorgan Chase Bank	HUF	227,000	Pays	6-month HUF BUBOR		5.09			1/20/17		79,997
JPMorgan Chase Bank	HUF	227,000	Receives	6-month HUF BUBOR		7.75			1/20/17		(155,182	)
JPMorgan Chase Bank	MYR	47,006	Pays	3-month MYR KLIBOR		3.60			2/25/16		(29,452	)
JPMorgan Chase Bank	MYR	93,536	Pays	3-month MYR KLIBOR		3.60			2/26/16		(58,968	)
JPMorgan Chase Bank	MYR	11,553	Receives	3-month MYR KLIBOR		4.56			2/25/24		(47,693	)
JPMorgan Chase Bank	MYR	22,924	Receives	3-month MYR KLIBOR		4.57			2/26/24		(97,235	)
JPMorgan Chase Bank	NZD	86,000	Pays	3-month NZD Bank Bill		4.70			10/8/16		215,883
JPMorgan Chase Bank	NZD	11,000	Pays	3-month NZD Bank Bill		3.86			2/25/23		(467,664	)
JPMorgan Chase Bank	NZD	5,490	Pays	3-month NZD Bank Bill		4.06			6/4/23		(221,149	)
JPMorgan Chase Bank	NZD	5,490	Pays	3-month NZD Bank Bill		4.06			6/4/23		(221,149	)
JPMorgan Chase Bank	PLN	8,370	Pays	6-month PLN WIBOR		4.33			8/17/17		208,765
										$	6,020,935

CLP	-	Chilean Peso
HUF	-	Hungarian Forint
MYR	-	Malaysian Ringgit
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty

Credit Default Swaps — Sell Protection

Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
Romania	BNP Paribas	$	3,100		1.00	%(1)		9/20/18		1.14	%	$	(13,402	)	$	95,314	$	81,912
Romania	Goldman Sachs International		3,220		1.00	(1)		9/20/18		1.14			(13,922	)		98,854		84,932
Russia	Barclays Bank PLC		1,630		1.00	(1)		3/20/19		2.30			(88,972	)		91,783		2,811
Russia	BNP Paribas		3,900		1.00	(1)		3/20/19		2.30			(212,878	)		211,694		(1,184	)
Russia	Deutsche Bank		6,530		1.00	(1)		3/20/19		2.30			(356,436	)		357,105		669
Russia	Goldman Sachs International		3,250		1.00	(1)		3/20/19		2.30			(177,399	)		176,412		(987	)
South Africa	Bank of America		3,190		1.00	(1)		12/20/15		0.74			15,088			7,476		22,564
South Africa	Bank of America		890		1.00	(1)		12/20/15		0.74			4,209			1,990		6,199
South Africa	Bank of America		7,500		1.00	(1)		9/20/17		1.32			(64,495	)		154,327		89,832
South Africa	Bank of America		26,320		1.00	(1)		9/20/17		1.32			(226,334	)		282,408		56,074
South Africa	Bank of America		5,000		1.00	(1)		9/20/17		1.32			(42,997	)		47,821		4,824
South Africa	Bank of America		14,640		1.00	(1)		9/20/17		1.32			(125,894	)		118,269		(7,625	)

22

Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
South Africa	Barclays Bank PLC	$	3,830		1.00	%(1)		12/20/15		0.74	%	$	18,115		$	9,966	$	28,081
South Africa	Barclays Bank PLC		2,280		1.00	(1)		12/20/15		0.74			10,784			5,983		16,767
South Africa	Barclays Bank PLC		5,000		1.00	(1)		9/20/17		1.32			(42,996	)		85,719		42,723
South Africa	Barclays Bank PLC		2,510		1.00	(1)		9/20/17		1.32			(21,584	)		40,062		18,478
South Africa	BNP Paribas		4,190		1.00	(1)		9/20/17		1.32			(36,031	)		69,306		33,275
South Africa	Citibank NA		4,800		1.00	(1)		9/20/15		0.60			27,325			30,533		57,858
South Africa	Credit Suisse International		4,785		1.00	(1)		12/20/15		0.74			22,631			13,688		36,319
South Africa	Credit Suisse International		2,000		1.00	(1)		12/20/15		0.74			9,459			4,927		14,386
South Africa	Credit Suisse International		890		1.00	(1)		12/20/15		0.74			4,209			2,339		6,548
South Africa	Credit Suisse International		9,000		1.00	(1)		3/20/16		0.84			33,972			46,180		80,152
South Africa	Credit Suisse International		8,100		1.00	(1)		3/20/16		0.84			30,574			23,500		54,074
South Africa	Credit Suisse International		3,700		1.00	(1)		9/20/17		1.32			(31,818	)		82,491		50,673
South Africa	Deutsche Bank		4,860		1.00	(1)		9/20/17		1.32			(41,792	)		111,078		69,286
South Africa	Deutsche Bank		5,700		1.00	(1)		9/20/17		1.32			(49,016	)		117,289		68,273
South Africa	Goldman Sachs International		15,000		1.00	(1)		9/20/17		1.32			(128,990	)		330,038		201,048
South Africa	Goldman Sachs International		3,070		1.00	(1)		9/20/17		1.32			(26,400	)		66,660		40,260
South Africa	Goldman Sachs International		2,647		1.00	(1)		12/20/17		1.40			(32,212	)		42,521		10,309
South Africa	HSBC Bank USA		5,000		1.00	(1)		9/20/17		1.32			(42,996	)		84,270		41,274
South Africa	HSBC Bank USA		7,120		1.00	(1)		12/20/17		1.40			(86,646	)		103,246		16,600
South Africa	HSBC Bank USA		2,500		1.00	(1)		12/20/17		1.40			(30,424	)		41,738		11,314
South Africa	JPMorgan Chase Bank		7,500		1.00	(1)		9/20/17		1.32			(64,495	)		126,405		61,910
South Africa	Nomura International PLC		1,000		1.00	(1)		9/20/17		1.32			(8,599	)		9,586		987
South Africa	Nomura International PLC		7,571		1.00	(1)		12/20/17		1.40			(92,134	)		124,010		31,876
Turkey	BNP Paribas		12,243		1.00	(1)		9/20/22		2.20			(1,010,027	)		593,825		(416,202	)
Turkey	JPMorgan Chase Bank		7,400		1.00	(1)		9/20/22		2.20			(610,487	)		449,060		(161,427	)
Total		$	211,866									$	(3,503,010	)	$	4,257,873	$	754,863

Credit Default Swaps — Buy Protection

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value		Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Brazil	Bank of America	$	2,359		1.00	%(1)		3/20/24	$	205,163	$	(286,497	)	$	(81,334	)
Brazil	Barclays Bank PLC		12,000		1.00	(1)		6/20/22		799,744		(884,252	)		(84,508	)
Brazil	Goldman Sachs International		12,800		1.00	(1)		9/20/22		892,702		(939,416	)		(46,714	)
Brazil	Morgan Stanley & Co. International PLC		3,080		1.00	(1)		3/20/24		267,868		(349,726	)		(81,858	)
Bulgaria	Barclays Bank PLC		4,691		1.00	(1)		12/20/18		28,311		(48,763	)		(20,452	)
Bulgaria	BNP Paribas		2,009		1.00	(1)		6/20/18		3,113		(8,980	)		(5,867	)
Bulgaria	BNP Paribas		2,100		1.00	(1)		9/20/18		6,987		(18,891	)		(11,904	)
Bulgaria	BNP Paribas		3,100		1.00	(1)		9/20/18		10,315		(24,316	)		(14,001	)
Bulgaria	BNP Paribas		2,160		1.00	(1)		12/20/18		13,036		(19,701	)		(6,665	)
Bulgaria	Goldman Sachs International		3,220		1.00	(1)		9/20/18		10,714		(22,714	)		(12,000	)
Bulgaria	Goldman Sachs International		2,000		1.00	(1)		12/20/18		12,071		(20,714	)		(8,643	)
Bulgaria	Goldman Sachs International		4,000		1.00	(1)		12/20/18		24,141		(40,626	)		(16,485	)

23

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
China	Bank of America	$	6,100		1.00	%(1)		3/20/17	$	(110,450	)	$	(96,001	)	$	(206,451	)
China	Barclays Bank PLC		10,076		1.00	(1)		3/20/17		(182,443	)		(144,306	)		(326,749	)
China	Deutsche Bank		3,700		1.00	(1)		3/20/17		(66,994	)		(50,361	)		(117,355	)
China	Deutsche Bank		4,300		1.00	(1)		3/20/17		(77,859	)		(58,527	)		(136,386	)
China	JPMorgan Chase Bank		10,200		1.00	(1)		3/20/18		(188,248	)		114,638			(73,610	)
Colombia	Bank of America		3,900		1.00	(1)		9/20/21		50,569			(125,022	)		(74,453	)
Colombia	Deutsche Bank		4,100		1.00	(1)		6/20/22		76,503			(215,068	)		(138,565	)
Colombia	Deutsche Bank		4,580		1.00	(1)		6/20/22		85,459			(268,192	)		(182,733	)
Colombia	Goldman Sachs International		7,410		1.00	(1)		6/20/17		(103,456	)		(140,465	)		(243,921	)
Colombia	Goldman Sachs International		2,990		1.00	(1)		9/20/21		38,769			(94,166	)		(55,397	)
Colombia	Goldman Sachs International		1,220		1.00	(1)		6/20/22		22,765			(83,954	)		(61,189	)
Colombia	HSBC Bank USA		4,040		1.00	(1)		6/20/17		(56,405	)		(77,651	)		(134,056	)
Colombia	Morgan Stanley & Co. International PLC		4,470		1.00	(1)		9/20/21		57,959			(143,294	)		(85,335	)
Colombia	Morgan Stanley & Co. International PLC		4,000		1.00	(1)		6/20/22		74,638			(204,236	)		(129,598	)
Croatia	BNP Paribas		2,000		1.00	(1)		12/20/17		66,453			(91,269	)		(24,816	)
Croatia	BNP Paribas		3,960		1.00	(1)		6/20/18		171,640			(244,819	)		(73,179	)
Croatia	Citibank NA		1,500		1.00	(1)		12/20/17		49,840			(67,633	)		(17,793	)
Croatia	Citibank NA		5,000		1.00	(1)		12/20/17		166,132			(230,661	)		(64,529	)
Croatia	Citibank NA		1,913		1.00	(1)		3/20/18		73,223			(128,306	)		(55,083	)
Croatia	Citibank NA		930		1.00	(1)		6/20/18		40,310			(58,492	)		(18,182	)
Croatia	Citibank NA		1,270		1.00	(1)		6/20/18		55,046			(93,004	)		(37,958	)
Croatia	Citibank NA		5,580		1.00	(1)		6/20/18		241,856			(403,473	)		(161,617	)
Croatia	Goldman Sachs International		2,000		1.00	(1)		12/20/17		66,452			(90,416	)		(23,964	)
Croatia	HSBC Bank USA		2,822		1.00	(1)		3/20/18		108,016			(189,272	)		(81,256	)
Croatia	JPMorgan Chase Bank		1,533		1.00	(1)		6/20/18		66,445			(112,355	)		(45,910	)
Croatia	Morgan Stanley & Co. International PLC		1,782		1.00	(1)		12/20/16		25,116			(60,071	)		(34,955	)
Croatia	Morgan Stanley & Co. International PLC		1,385		1.00	(1)		12/20/17		46,018			(60,570	)		(14,552	)
Croatia	Morgan Stanley & Co. International PLC		1,595		1.00	(1)		12/20/17		52,996			(74,590	)		(21,594	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		12/20/17		83,066			(114,589	)		(31,523	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		12/20/17		83,066			(116,807	)		(33,741	)
Croatia	Morgan Stanley & Co. International PLC		1,266		1.00	(1)		3/20/18		48,458			(85,728	)		(37,270	)
Croatia	Morgan Stanley & Co. International PLC		3,063		1.00	(1)		3/20/18		117,240			(186,845	)		(69,605	)
Croatia	Morgan Stanley & Co. International PLC		1,163		1.00	(1)		6/20/18		50,408			(88,962	)		(38,554	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		6/20/18		108,358			(175,137	)		(66,779	)
Croatia	Morgan Stanley & Co. International PLC		2,745		1.00	(1)		6/20/18		118,977			(214,960	)		(95,983	)
Croatia	Nomura International PLC		6,600		1.00	(1)		3/20/18		252,623			(319,063	)		(66,440	)
Egypt	Citibank NA		1,300		1.00	(1)		12/20/15		25,301			(24,252	)		1,049
Egypt	Credit Suisse International		2,130		1.00	(1)		12/20/15		41,455			(37,226	)		4,229
Egypt	Credit Suisse International		2,155		1.00	(1)		12/20/15		41,942			(40,205	)		1,737
Egypt	Deutsche Bank		4,600		1.00	(1)		12/20/15		89,527			(64,383	)		25,144
Lebanon	Deutsche Bank		1,338		1.00	(1)		3/20/18		86,504			(130,901	)		(44,397	)
Lebanon	Deutsche Bank		5,130		1.00	(1)		3/20/18		331,661			(522,567	)		(190,906	)
Lebanon	Deutsche Bank		5,130		1.00	(1)		3/20/18		331,662			(522,757	)		(191,095	)
Lebanon	Goldman Sachs International		39,456		1.00	(1)		6/20/18		2,840,845			(4,136,414	)		(1,295,569	)
Lebanon	Goldman Sachs International		3,722		5.00	(1)		12/20/18		(292,092	)		184,369			(107,723	)

24

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Lebanon	Goldman Sachs International	$	3,450		5.00	%(1)		12/20/18	$	(270,747	)	$	158,061		$	(112,686	)
Lebanon	HSBC Bank USA		1,250		1.00	(1)		12/20/17		71,622			(120,650	)		(49,028	)
Lebanon	JPMorgan Chase Bank		1,300		5.00	(1)		12/20/17		(98,894	)		28,628			(70,266	)
Mexico	Bank of America		1,900		1.00	(1)		6/20/22		20,543			(97,020	)		(76,477	)
Mexico	Barclays Bank PLC		1,000		1.00	(1)		6/20/22		10,813			(60,858	)		(50,045	)
Mexico	Barclays Bank PLC		12,800		1.00	(1)		6/20/23		216,337			(400,411	)		(184,074	)
Mexico	Citibank NA		1,250		1.00	(1)		6/20/22		13,516			(65,543	)		(52,027	)
Mexico	Deutsche Bank		10,000		1.00	(1)		6/20/23		169,013			(283,152	)		(114,139	)
Philippines	Bank of America		1,400		1.00	(1)		12/20/15		(17,333	)		(5,420	)		(22,753	)
Philippines	Bank of America		2,000		1.00	(1)		12/20/15		(24,762	)		(7,259	)		(32,021	)
Philippines	Barclays Bank PLC		2,400		1.00	(1)		12/20/15		(29,714	)		(13,226	)		(42,940	)
Philippines	Barclays Bank PLC		1,000		1.00	(1)		3/20/16		(13,708	)		(6,545	)		(20,253	)
Philippines	Barclays Bank PLC		1,400		1.00	(1)		3/20/16		(19,192	)		(6,534	)		(25,726	)
Philippines	Barclays Bank PLC		1,600		1.00	(1)		3/20/16		(21,934	)		(5,792	)		(27,726	)
Philippines	Barclays Bank PLC		1,600		1.00	(1)		3/20/16		(21,934	)		(8,650	)		(30,584	)
Philippines	Barclays Bank PLC		2,100		1.00	(1)		3/20/16		(28,788	)		(10,679	)		(39,467	)
Philippines	Barclays Bank PLC		2,500		1.00	(1)		3/20/16		(34,271	)		(16,068	)		(50,339	)
Philippines	Citibank NA		6,600		1.00	(1)		9/20/15		(72,902	)		(41,434	)		(114,336	)
Philippines	Citibank NA		2,000		1.00	(1)		3/20/16		(27,417	)		(10,505	)		(37,922	)
Philippines	Credit Suisse International		8,100		1.00	(1)		12/20/16		(133,850	)		(106,927	)		(240,777	)
Philippines	Deutsche Bank		1,000		1.00	(1)		12/20/15		(12,381	)		(4,145	)		(16,526	)
Philippines	Deutsche Bank		1,300		1.00	(1)		12/20/15		(16,095	)		(5,041	)		(21,136	)
Philippines	Deutsche Bank		2,300		1.00	(1)		12/20/15		(28,475	)		(9,500	)		(37,975	)
Philippines	Goldman Sachs International		2,000		1.00	(1)		3/20/16		(27,417	)		(10,807	)		(38,224	)
Philippines	Standard Chartered Bank		1,000		1.00	(1)		12/20/15		(12,381	)		(3,467	)		(15,848	)
Philippines	Standard Chartered Bank		2,600		1.00	(1)		3/20/16		(35,643	)		(14,842	)		(50,485	)
Qatar	Bank of America		540		1.00	(1)		6/20/19		(12,444	)		13,294			850
Qatar	Bank of America		540		1.00	(1)		6/20/19		(12,445	)		12,524			79
Qatar	Barclays Bank PLC		9,791		1.00	(1)		12/20/18		(234,187	)		140,845			(93,342	)
Qatar	Barclays Bank PLC		1,200		1.00	(1)		3/20/19		(28,182	)		17,169			(11,013	)
Qatar	Barclays Bank PLC		7,680		1.00	(1)		9/20/23		(68,964	)		6,053			(62,911	)
Qatar	BNP Paribas		539		1.00	(1)		6/20/19		(12,422	)		9,379			(3,043	)
Qatar	Citibank NA		2,020		1.00	(1)		6/20/19		(46,553	)		46,005			(548	)
Qatar	Deutsche Bank		539		1.00	(1)		6/20/19		(12,422	)		8,840			(3,582	)
Qatar	Deutsche Bank		1,740		1.00	(1)		6/20/19		(40,100	)		28,536			(11,564	)
Qatar	Goldman Sachs International		1,660		1.00	(1)		3/20/19		(38,984	)		27,498			(11,486	)
Qatar	Goldman Sachs International		3,330		1.00	(1)		3/20/19		(78,204	)		46,434			(31,770	)
Qatar	Goldman Sachs International		2,100		1.00	(1)		12/20/23		(17,547	)		(6,737	)		(24,284	)
Qatar	JPMorgan Chase Bank		580		1.00	(1)		3/20/19		(13,621	)		9,068			(4,553	)
Qatar	JPMorgan Chase Bank		510		1.00	(1)		6/20/19		(11,753	)		12,572			819
Qatar	JPMorgan Chase Bank		1,032		1.00	(1)		6/20/19		(23,783	)		18,926			(4,857	)
Qatar	JPMorgan Chase Bank		1,520		1.00	(1)		6/20/19		(35,030	)		24,199			(10,831	)
Qatar	Nomura International PLC		620		1.00	(1)		3/20/19		(14,561	)		8,863			(5,698	)
Qatar	Nomura International PLC		1,540		1.00	(1)		3/20/19		(36,167	)		22,710			(13,457	)
Qatar	Nomura International PLC		5,380		1.00	(1)		9/20/24		(35,081	)		18,696			(16,385	)
Qatar	UBS AG		5,500		1.00	(1)		12/20/23		(45,956	)		(17,881	)		(63,837	)
Russia	Barclays Bank PLC		4,800		1.00	(1)		9/20/22		526,768			(544,423	)		(17,655	)
Russia	Citibank NA		25,456		1.00	(1)		9/20/22		2,793,627			(1,738,220	)		1,055,407
Russia	Deutsche Bank		15,333		1.00	(1)		6/20/18		631,771			(213,787	)		417,984
Russia	Deutsche Bank		7,570		1.00	(1)		6/20/18		311,909			(104,262	)		207,647

25

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Russia	JPMorgan Chase Bank	$	9,158		1.00	%(1)		6/20/18	$	377,340		$	(124,675	)	$	252,665
Russia	JPMorgan Chase Bank		6,210		1.00	(1)		6/20/18		255,873			(86,778	)		169,095
Russia	JPMorgan Chase Bank		7,400		1.00	(1)		9/20/22		812,100			(506,648	)		305,452
South Africa	Bank of America		3,190		1.00	(1)		12/20/20		195,293			(86,109	)		109,184
South Africa	Bank of America		890		1.00	(1)		12/20/20		54,486			(21,902	)		32,584
South Africa	Bank of America		26,320		1.00	(1)		9/20/22		2,324,091			(1,680,690	)		643,401
South Africa	Bank of America		14,640		1.00	(1)		9/20/22		1,292,731			(844,124	)		448,607
South Africa	Bank of America		5,000		1.00	(1)		9/20/22		441,507			(304,843	)		136,664
South Africa	Bank of America		7,500		1.00	(1)		9/20/22		662,260			(602,571	)		59,689
South Africa	Barclays Bank PLC		3,830		1.00	(1)		12/20/20		234,474			(99,530	)		134,944
South Africa	Barclays Bank PLC		2,280		1.00	(1)		12/20/20		139,582			(55,901	)		83,681
South Africa	Barclays Bank PLC		3,100		1.00	(1)		9/20/22		273,734			(213,847	)		59,887
South Africa	BNP Paribas		3,100		1.00	(1)		9/20/22		273,734			(219,717	)		54,017
South Africa	Citibank NA		4,800		1.00	(1)		9/20/20		274,941			(193,200	)		81,741
South Africa	Credit Suisse International		4,785		1.00	(1)		12/20/20		292,940			(131,567	)		161,373
South Africa	Credit Suisse International		2,000		1.00	(1)		12/20/20		122,441			(54,357	)		68,084
South Africa	Credit Suisse International		890		1.00	(1)		12/20/20		54,486			(23,287	)		31,199
South Africa	Credit Suisse International		8,100		1.00	(1)		3/20/21		526,851			(237,689	)		289,162
South Africa	Credit Suisse International		9,000		1.00	(1)		3/20/21		585,390			(309,537	)		275,853
South Africa	Credit Suisse International		20,000		1.00	(1)		12/20/21		1,533,187			(1,379,706	)		153,481
South Africa	Credit Suisse International		3,700		1.00	(1)		9/20/22		326,715			(308,674	)		18,041
South Africa	Deutsche Bank		5,700		1.00	(1)		9/20/22		503,318			(455,132	)		48,186
South Africa	Deutsche Bank		4,860		1.00	(1)		9/20/22		429,144			(389,730	)		39,414
South Africa	Goldman Sachs International		15,000		1.00	(1)		9/20/22		1,324,520			(1,203,540	)		120,980
South Africa	Goldman Sachs International		3,070		1.00	(1)		9/20/22		271,085			(238,586	)		32,499
South Africa	Goldman Sachs International		2,647		1.00	(1)		12/20/22		243,552			(215,632	)		27,920
South Africa	HSBC Bank USA		7,120		1.00	(1)		12/20/22		655,113			(528,567	)		126,546
South Africa	HSBC Bank USA		2,500		1.00	(1)		12/20/22		230,026			(195,574	)		34,452
South Africa	Nomura International PLC		1,000		1.00	(1)		9/20/22		88,302			(63,082	)		25,220
South Africa	Nomura International PLC		7,571		1.00	(1)		12/20/22		696,610			(606,981	)		89,629
Spain	Bank of America		2,400		1.00	(1)		9/20/20		(26,956	)		(164,098	)		(191,054	)
Spain	Barclays Bank PLC		2,421		1.00	(1)		9/20/20		(27,192	)		(145,027	)		(172,219	)
Spain	Barclays Bank PLC		1,100		1.00	(1)		12/20/20		(11,036	)		(71,529	)		(82,565	)
Spain	Barclays Bank PLC		3,900		1.00	(1)		12/20/20		(39,127	)		(258,377	)		(297,504	)
Spain	Barclays Bank PLC		3,200		1.00	(1)		12/20/20		(32,105	)		(304,063	)		(336,168	)
Spain	Barclays Bank PLC		5,000		1.00	(1)		6/20/21		(38,305	)		(340,272	)		(378,577	)
Spain	Barclays Bank PLC		5,000		1.00	(1)		6/20/21		(38,443	)		(383,288	)		(421,731	)
Spain	Barclays Bank PLC		5,000		1.00	(1)		3/20/22		(15,759	)		(758,658	)		(774,417	)
Spain	Credit Suisse International		2,200		1.00	(1)		3/20/21		(19,502	)		(226,553	)		(246,055	)
Spain	Credit Suisse International		5,000		1.00	(1)		6/20/21		(38,305	)		(371,528	)		(409,833	)
Spain	Deutsche Bank		3,500		1.00	(1)		12/20/20		(35,114	)		(265,929	)		(301,043	)
Spain	Deutsche Bank		10,730		1.00	(1)		6/20/22		(15,844	)		(2,346,077	)		(2,361,921	)
Thailand	Bank of America		1,000		1.00	(1)		3/20/16		(12,940	)		(1,518	)		(14,458	)
Thailand	Barclays Bank PLC		1,400		1.00	(1)		3/20/16		(18,115	)		(3,159	)		(21,274	)
Thailand	Barclays Bank PLC		3,000		1.00	(1)		3/20/16		(38,819	)		(913	)		(39,732	)
Thailand	Citibank NA		7,900		1.00	(1)		12/20/16		(114,508	)		(149,370	)		(263,878	)
Thailand	Citibank NA		6,900		1.00	(1)		3/20/18		(78,623	)		2,392			(76,231	)
Thailand	Goldman Sachs International		4,100		1.00	(1)		3/20/16		(53,053	)		(11,179	)		(64,232	)

26

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Thailand	Standard Chartered Bank	$	3,300		1.00	%(1)		9/20/15	$	(37,068	)	$	(9,796	)	$	(46,864	)
Tunisia	Barclays Bank PLC		1,970		1.00	(1)		9/20/17		102,407			(110,887	)		(8,480	)
Tunisia	Deutsche Bank		3,800		1.00	(1)		6/20/17		173,867			(173,699	)		168
Tunisia	Deutsche Bank		2,150		1.00	(1)		6/20/17		98,371			(103,734	)		(5,363	)
Tunisia	Goldman Sachs International		2,100		1.00	(1)		9/20/17		109,165			(106,920	)		2,245
Tunisia	Goldman Sachs International		2,250		1.00	(1)		9/20/17		116,962			(120,577	)		(3,615	)
Tunisia	Goldman Sachs International		2,100		1.00	(1)		9/20/17		109,165			(118,386	)		(9,221	)
Tunisia	JPMorgan Chase Bank		4,520		1.00	(1)		9/20/17		234,965			(261,199	)		(26,234	)
Tunisia	Morgan Stanley & Co. International PLC		500		1.00	(1)		6/20/17		22,877			(24,107	)		(1,230	)
Tunisia	Nomura International PLC		3,400		1.00	(1)		12/20/17		196,593			(235,741	)		(39,148	)
									$	26,452,575		$	(34,480,412	)	$	(8,027,837	)

* 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 July 31, 2014, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $211,866,000.

** 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

Counterparty	Notional Amount (000’s omitted)		Portfolio Receives	Portfolio Pays	Termination Date		Net Unrealized Appreciation
Citibank NA	LKR	550,020	Total Return on Sri Lanka Government Bond, 6.20%, due 6/15/15	3-month USD-LIBOR-BBA + 100 bp on $4,210,935 (Notional Amount) plus Notional Amount at termination date		6/17/15	$	54,378
Citibank NA	LKR	550,020	Total Return on Sri Lanka Government Bond, 8.00%, due 11/15/18	3-month USD-LIBOR-BBA +100 bp on $4,248,907 (Notional Amount) plus Notional Amount at termination date		11/19/18		128,415
JPMorgan Chase Bank	PLN	15,825	Negative Return on WIG20 Index	Positive Return on WIG20 Index		9/24/14		296,960
JPMorgan Chase Bank	PLN	39,665	Negative Return on WIG20 Index	Positive Return on WIG20 Index		9/24/14		702,056
							$	1,181,809

LKR - Sri Lankan Rupee

27

PLN - Polish Zloty

Cross-Currency Swaps

Counterparty	Portfolio Receives Fixed Rate on Notional Amount (000’s  omitted)		Portfolio Pays Floating Rate on Notional Amount (000’s omitted)	Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation
Deutsche Bank	CLF	74	CLP   1,705,548	6-month Sinacofi Chile Interbank Rate		2.09	%		5/10/18	$	260,314
Deutsche Bank	CLF	228	CLP   5,224,497	6-month Sinacofi Chile Interbank Rate		2.11			5/14/18		812,950
										$	1,073,264

Counterparty	Notional Amount on Fixed  Rate (Currency Received) (000’s omitted)*		Notional Amount on Floating  Rate (Currency Delivered) (000’s omitted)*		Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation
Bank of America	TRY	700	$	394	3-month USD- LIBOR-BBA		6.97	%		8/18/21	$	72,377
Citibank NA	TRY	10,951		7,200	3-month USD- LIBOR-BBA		8.23			9/3/20		1,769,984
Citibank NA	TRY	7,310		3,999	3-month USD- LIBOR-BBA		6.45			1/6/21		813,700
Citibank NA	TRY	5,133		3,216	3-month USD- LIBOR-BBA		8.23			2/25/21		776,882
Citibank NA	TRY	5,600		3,094	3-month USD- LIBOR-BBA		6.26			10/18/21		674,346
Credit Suisse International	TRY	10,104		5,676	3-month USD- LIBOR-BBA		6.90			8/18/21		1,060,338
Deutsche Bank	TRY	14,469		7,920	3-month USD- LIBOR-BBA		6.45			1/6/21		1,615,789
Deutsche Bank	TRY	18,837		11,832	3-month USD- LIBOR-BBA		8.20			2/24/21		2,892,605
HSBC Bank USA	TRY	16,212		8,470	3-month USD- LIBOR-BBA		7.85			2/23/22		973,212
JPMorgan Chase Bank	TRY	29,548		15,430	3-month USD- LIBOR-BBA		7.86			7/21/21		2,124,777
											$	12,774,010

Counterparty	Notional Amount on Floating  Rate (Currency Received) (000’s omitted)*		Notional Amount on Fixed  Rate (Currency Delivered) (000’s omitted)*		Floating Rate	Annual Fixed Rate			Termination Date	Net Unrealized Appreciation
JPMorgan Chase Bank	$	15,551	TRY	33,123	3-month USD- LIBOR-BBA		10.76	%	4/8/16	$	1,060,044
										$	1,060,044
										$	14,907,318

CLF	-	Chilean Unidad de Fomento
CLP	-	Chilean Peso
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.

28

Written options activity for the fiscal year to date ended July 31, 2014 was as follows:

	Principal Amount of  Contracts (000’s omitted)			Principal Amount of  Contracts (000’s omitted)			Principal Amount of Contracts (000’s omitted)		Principal Amount of Contracts (000’s omitted)		Principal Amount of Contracts (000’s omitted)		Premiums Received
Outstanding, beginning of period	INR	9,566,675		COP	—		CNH	—	CNY	—	EUR	—	$	2,584,548
Options written		4,289,993			25,232,736			1,412,480		213,000		22,724		5,344,662
Options expired		(13,856,668	)		(25,232,736	)		—		—		—		(2,877,479	)
Outstanding, end of period	INR	—		COP	—		CNH	1,412,480	CNY	213,000	EUR	22,724	$	5,051,731

CNH	-	Yuan Renminbi Offshore
CNY	-	Yuan Renminbi
COP	-	Colombian Peso
EUR	-	Euro
INR	-	Indian Rupee

At July 31, 2014, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative investments, including commodity futures contracts and forward commodity contracts, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative investments are used to enhance total return and/or as a substitute for the purchase or sale of commodities.

Credit Risk: The Portfolio enters into credit default swap contracts to manage certain investment risks and/or to enhance total return.

Equity Price Risk: The Portfolio enters into equity index futures contracts and options thereon and total return swaps to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, options on currencies, total return swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps and swaptions and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates, and/or to change the effective duration of its portfolio.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2014 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Commodity	Forward Commodity Contracts	$	392,129	$	—
Commodity	Futures Contracts*		2,054,260		(52,040	)
		$	2,446,389	$	(52,040	)
Credit	Credit Default Swaps	$	30,163,946	$	(7,214,381	)
		$	30,163,946	$	(7,214,381	)

29

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Equity Price	Futures Contracts*	$	1,186,987	$	(567,768	)
Equity Price	Options Purchased		2,600,458		—
Equity Price	Total Return Swaps		999,016		—
		$	4,786,461	$	(567,768	)
Foreign Exchange	Currency Options Purchased	$	8,311,103	$	—
Foreign Exchange	Currency Options Written		—		(3,643,943	)
Foreign Exchange	Forward Foreign Currency Exchange Contracts		29,527,153		(17,209,899	)
Foreign Exchange	Total Return Swaps		182,793		–
		$	38,021,049	$	(20,853,842	)
Interest Rate	Cross-Currency Swaps	$	14,907,318	$	—
Interest Rate	Futures Contracts*		324,965		(2,617,608	)
Interest Rate	Interest Rate Swaps		10,890,818		(4,869,883	)
Interest Rate	Interest Rate Swaps (Centrally Cleared)		1,671,829		(5,218,258	)
Interest Rate	Interest Rate Swaptions Purchased		0		—
		$	27,794,930	$	(12,705,749	)

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

Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of July 31, 2014 were as follows:

Counterparty	Trade Date		Maturity Date(1)		Interest Rate Paid (Received)			Principal Amount		Value Including Accrued Interest
Barclays Bank PLC		6/25/14		Open		(1.85	)%	$	1,411,273	$	1,411,273
Barclays Bank PLC		7/10/14		Open		(1.75	)%		2,112,282		2,112,282
JPMorgan Chase Bank		7/1/14		Open		(2.00	)%		1,287,518		1,287,518
JPMorgan Chase Bank		7/16/14		Open		(2.25	)%		1,147,387		1,147,387
JPMorgan Chase Bank		7/29/14		Open		(2.25	)%		2,877,383		2,877,383
JPMorgan Chase Bank		7/29/14		Open		(1.75	)%		4,219,621		4,219,621

(1) Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at July 31, 2014. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy at July 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,605,266,073
Gross unrealized appreciation	$	47,631,090
Gross unrealized depreciation		(28,341,747	)
Net unrealized appreciation	$	19,289,343

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

30

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	1,087,428,567		$	—	$	1,087,428,567
Collateralized Mortgage Obligations		—			19,289,552			—		19,289,552
Common Stocks		—			20,475,438	*		—		20,475,438
Investment Funds		—			8,374,126			—		8,374,126
Currency Put Options Purchased		—			8,311,103			—		8,311,103
Interest Rate Swaptions Purchased		—			0			—		0
Call Options Purchased		—			2,600,458			—		2,600,458
Short-Term Investments -
Foreign Government Securities		—			316,417,692			—		316,417,692
U.S. Treasury Obligations		—			20,999,820			—		20,999,820
Repurchase Agreements		—			25,379,524			—		25,379,524
Other		—			115,279,136			—		115,279,136
Total Investments	$	—		$	1,624,555,416		$	—	$	1,624,555,416
Forward Commodity Contracts	$	—		$	392,129		$	—	$	392,129
Forward Foreign Currency Exchange Contracts		—			29,527,153			—		29,527,153
Swap Contracts		—			58,815,720			—		58,815,720
Futures Contracts		2,379,225			1,186,987			—		3,566,212
Total	$	2,379,225		$	1,714,477,405		$	—	$	1,716,856,630
Liability Description
Currency Put Options Written	$	—		$	(3,643,943	)	$	—	$	(3,643,943	)
Securities Sold Short		—			(21,889,753	)		—		(21,889,753	)
Forward Foreign Currency Exchange Contracts		—			(17,209,899	)		—		(17,209,899	)
Swap Contracts		—			(17,302,522	)		—		(17,302,522	)
Futures Contracts		(2,669,648	)		(567,768	)		—		(3,237,416	)
Total	$	(2,669,648	)	$	(60,613,885	)	$	—	$	(63,283,533	)

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments 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, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below.

Foreign securities, financial futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign financial futures contracts that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities and foreign financial futures contracts.

For additional 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.

31

Eaton Vance

Global Macro Absolute Return Fund

July 31, 2014 (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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $4,419,371,212 and the Fund owned 95.5% of the Portfolio’s outstanding interests. The Portfolio’s Consolidated Portfolio of Investments is set forth below.

Global Macro Portfolio

July 31, 2014

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

Foreign Government Bonds — 45.5%

Security	Principal Amount (000’s omitted)		Value
Albania — 0.7%
Republic of Albania, 7.50%, 11/4/15(1)	EUR	24,274	$	34,291,830
Total Albania			$	34,291,830
Argentina — 1.9%
Republic of Argentina, 7.00%, 10/3/15	USD	48,755	$	45,770,180
Republic of Argentina, 8.28%, 12/31/33(2)(3)	USD	25,227		21,402,476
Republic of Argentina, 8.75%, 5/7/24	USD	23,301		21,660,213
Total Argentina			$	88,832,869
Bangladesh — 0.7%
Bangladesh Treasury Bond, 10.70%, 11/6/15	BDT	450,000	$	5,974,046
Bangladesh Treasury Bond, 10.90%, 7/3/15	BDT	403,900		5,345,549
Bangladesh Treasury Bond, 11.48%, 7/4/17	BDT	100,400		1,369,058
Bangladesh Treasury Bond, 11.50%, 11/7/17	BDT	164,400		2,247,020
Bangladesh Treasury Bond, 11.52%, 12/5/17	BDT	139,900		1,914,508
Bangladesh Treasury Bond, 11.55%, 9/5/17	BDT	135,600		1,854,141
Bangladesh Treasury Bond, 11.62%, 1/2/18	BDT	91,300		1,252,970
Bangladesh Treasury Bond, 11.70%, 4/3/18	BDT	391,800		5,395,436
Bangladesh Treasury Bond, 11.72%, 2/6/18	BDT	304,300		4,193,402
Bangladesh Treasury Bond, 11.82%, 3/6/18	BDT	291,700		4,028,585
Total Bangladesh			$	33,574,715
Barbados — 0.2%
Barbados Government International Bond, 6.625%, 12/5/35(1)	USD	9,933	$	8,095,395
Total Barbados			$	8,095,395
Belarus — 0.3%
Republic of Belarus, 8.75%, 8/3/15(1)	USD	11,553	$	11,841,825
Total Belarus			$	11,841,825
Bermuda — 0.8%
Government of Bermuda, 4.854%, 2/6/24(4)	USD	19,956	$	20,854,020
Government of Bermuda, 5.603%, 7/20/20(4)	USD	13,732		15,242,520
Total Bermuda			$	36,096,540
Brazil — 0.0%(5)
Brazil Letra do Tesouro Nacional, 0.00%, 1/1/15	BRL	108	$	45,548
Total Brazil			$	45,548
Costa Rica — 0.1%
Titulo Propiedad UD, 1.00%, 1/12/22(6)	CRC	1,566,899	$	2,473,446
Titulo Propiedad UD, 1.63%, 7/13/16(6)	CRC	174,679		319,535
Total Costa Rica			$	2,792,981
Croatia — 1.7%
Croatia Treasury Bill, 0.00%, 2/12/15	EUR	58,771	$	78,446,985
Total Croatia			$	78,446,985
Cyprus — 1.0%
Republic of Cyprus, 3.75%, 11/1/15(1)(4)	EUR	34,752	$	46,781,306
Total Cyprus			$	46,781,306
Dominican Republic — 1.0%
Dominican Republic Central Bank Note, 12.00%, 4/5/19(4)	DOP	195,500	$	4,751,674
Dominican Republic International Bond, 11.50%, 5/10/24(4)	DOP	170,000		4,164,282
Dominican Republic International Bond, 14.00%, 4/30/21(4)	DOP	110,600		2,877,431

1

Security	Principal Amount (000’s omitted)		Value
Dominican Republic International Bond, 14.50%, 2/10/23(1)	DOP	342,000	$	9,213,868
Dominican Republic International Bond, 14.50%, 2/10/23(4)	DOP	29,800		802,846
Dominican Republic International Bond, 15.95%, 6/4/21(4)	DOP	103,000		3,059,655
Dominican Republic International Bond, 18.50%, 2/4/28(1)	DOP	677,800		22,180,640
Dominican Republic International Bond, 18.50%, 2/4/28(4)	DOP	13,600		445,053
Total Dominican Republic			$	47,495,449
Ecuador — 1.3%
Republic of Ecuador, 7.95%, 6/20/24(4)	USD	47,500	$	50,112,500
Republic of Ecuador, 9.375%, 12/15/15(1)	USD	10,641		11,226,255
Total Ecuador			$	61,338,755
Fiji — 0.6%
Republic of Fiji, 9.00%, 3/15/16	USD	24,711	$	25,504,957
Total Fiji			$	25,504,957
Germany — 0.5%
Bundesrepublik Deutschland, 3.50%, 7/4/19	EUR	15,000	$	23,227,566
Total Germany			$	23,227,566
Iceland — 0.7%
Republic of Iceland, 6.25%, 2/5/20	ISK	709,370	$	5,292,083
Republic of Iceland, 7.25%, 10/26/22	ISK	831,880		6,439,342
Republic of Iceland, 8.75%, 2/26/19	ISK	2,310,657		19,049,850
Total Iceland			$	30,781,275
India — 0.9%
India Government Bond, 7.16%, 5/20/23	INR	1,565,620	$	23,233,700
India Government Bond, 8.12%, 12/10/20	INR	1,084,330		17,603,420
Total India			$	40,837,120
Indonesia — 0.4%
Indonesia Government Bond, 8.375%, 3/15/24	IDR	195,606,000	$	17,355,756
Total Indonesia			$	17,355,756
Iraq — 0.8%
Republic of Iraq, 5.80%, 1/15/28(1)	USD	38,940	$	34,948,650
Total Iraq			$	34,948,650
Jamaica — 0.2%
Government of Jamaica, 7.625%, 7/9/25	USD	10,560	$	11,140,800
Total Jamaica			$	11,140,800
Jordan — 0.5%
Jordan Government Bond, 7.387%, 8/30/14	JOD	3,300	$	4,679,556
Jordan Government Bond, 7.95%, 2/5/15	JOD	2,000		2,898,544
Jordan Government Bond, 8.163%, 3/25/16	JOD	2,000		3,025,829
Jordan Government Bond, 8.60%, 3/4/16	JOD	2,000		3,039,203
Kingdom of Jordan, 3.875%, 11/12/15(1)	USD	11,414		11,513,872
Total Jordan			$	25,157,004
Kenya — 0.0%(5)
Kenya Treasury Bond, 11.855%, 5/22/17	KES	189,500	$	2,207,040
Total Kenya			$	2,207,040
Latvia — 0.1%
Republic of Latvia, 2.625%, 1/21/21(4)	EUR	2,377	$	3,337,626
Total Latvia			$	3,337,626
Lebanon — 1.9%
Lebanese Republic, 4.10%, 6/12/15(1)	USD	9,782	$	9,877,521
Lebanese Republic, 5.875%, 1/15/15	USD	1,000		1,015,000
Lebanese Republic, 8.50%, 8/6/15	USD	4,750		5,042,125
Lebanese Republic, 8.50%, 1/19/16(1)	USD	46,065		49,404,713

2

Security	Principal Amount (000’s omitted)		Value
Lebanon Treasury Note, 6.50%, 4/2/15	LBP	7,981,450	$	5,328,519
Lebanon Treasury Note, 6.50%, 5/14/15	LBP	6,271,070		4,174,787
Lebanon Treasury Note, 6.50%, 5/28/15	LBP	5,760,930		3,852,256
Lebanon Treasury Note, 7.54%, 1/15/15	LBP	9,093,200		6,078,014
Lebanon Treasury Note, 8.38%, 8/28/14	LBP	6,062,310		4,019,024
Total Lebanon			$	88,791,959
Macedonia — 1.6%
Republic of Macedonia, 3.975%, 7/24/21(4)	EUR	55,460	$	74,160,957
Total Macedonia			$	74,160,957
Montenegro — 0.3%
Republic of Montenegro, 5.375%, 5/20/19(4)	EUR	9,140	$	12,747,856
Total Montenegro			$	12,747,856
New Zealand — 2.4%
New Zealand Government Bond, 2.00%, 9/20/25(6)	NZD	44,251	$	35,389,760
New Zealand Government Bond, 3.00%, 9/20/30(6)	NZD	33,894		29,600,746
New Zealand Government Bond, 5.00%, 3/15/19	NZD	33,390		29,544,356
New Zealand Government Bond, 5.50%, 4/15/23	NZD	16,093		14,892,590
Total New Zealand			$	109,427,452
Pakistan — 0.6%
Islamic Republic of Pakistan, 7.25%, 4/15/19(4)	USD	15,860	$	16,573,700
Islamic Republic of Pakistan, 8.25%, 4/15/24(4)	USD	11,413		12,214,193
Total Pakistan			$	28,787,893
Philippines — 1.4%
Republic of the Philippines, 4.125%, 11/8/17	PHP	350,030	$	8,301,922
Republic of the Philippines, 4.625%, 7/5/17	PHP	325,440		7,836,929
Republic of the Philippines, 6.25%, 1/14/36	PHP	1,649,000		41,547,799
Republic of the Philippines, 7.00%, 1/27/16	PHP	261,300		6,408,497
Total Philippines			$	64,095,147
Romania — 1.6%
Romania Government Bond, 4.625%, 9/18/20(1)	EUR	10,091	$	15,300,040
Romania Government Bond, 4.875%, 11/7/19(1)	EUR	26,465		40,424,084
Romania Government Bond, 5.25%, 6/17/16(1)	EUR	12,823		18,518,124
Total Romania			$	74,242,248
Russia — 1.2%
Russia Foreign Bond, 3.625%, 4/29/15(1)	USD	56,400	$	57,316,500
Total Russia			$	57,316,500
Rwanda — 0.1%
Republic of Rwanda, 6.625%, 5/2/23(4)	USD	5,053	$	5,305,650
Total Rwanda			$	5,305,650
Serbia — 4.3%
Serbia Treasury Bond, 4.50%, 6/2/17	EUR	8,700	$	11,639,496
Serbia Treasury Bond, 10.00%, 4/4/15	RSD	195,630		2,267,359
Serbia Treasury Bond, 10.00%, 4/27/15	RSD	996,190		11,569,412
Serbia Treasury Bond, 10.00%, 9/14/15	RSD	1,412,950		16,426,111
Serbia Treasury Bond, 10.00%, 12/12/15	RSD	1,692,700		19,669,087
Serbia Treasury Bond, 10.00%, 1/30/16	RSD	2,869,600		33,333,622
Serbia Treasury Bond, 10.00%, 2/21/16	RSD	38,990		452,701
Serbia Treasury Bond, 10.00%, 4/25/16	RSD	324,720		3,767,765
Serbia Treasury Bond, 10.00%, 10/17/16	RSD	495,400		5,722,639
Serbia Treasury Bond, 10.00%, 4/1/17	RSD	1,762,500		20,199,641
Serbia Treasury Bond, 10.00%, 5/8/17	RSD	2,515,020		28,748,069
Serbia Treasury Bond, 10.00%, 1/24/18	RSD	673,100		7,566,073
Serbia Treasury Bond, 10.00%, 6/5/21	RSD	2,160,420		22,421,221
Serbia Treasury Bond, 11.50%, 10/26/15	RSD	1,376,300		16,260,921
Total Serbia			$	200,044,117

3

Security	Principal Amount (000’s omitted)		Value
Slovenia — 5.0%
Republic of Slovenia, 4.125%, 2/18/19(1)	USD	19,953	$	20,811,378
Republic of Slovenia, 4.125%, 1/26/20(1)	EUR	9,851		14,526,570
Republic of Slovenia, 4.375%, 1/18/21(1)	EUR	36,977		55,435,940
Republic of Slovenia, 4.625%, 9/9/24(1)	EUR	10,680		16,136,883
Republic of Slovenia, 5.125%, 3/30/26(1)	EUR	28,074		43,306,554
Republic of Slovenia, 5.50%, 10/26/22(1)	USD	16,570		18,123,438
Republic of Slovenia, 5.85%, 5/10/23(4)	USD	55,629		62,304,480
Total Slovenia			$	230,645,243
Sri Lanka — 3.1%
Republic of Sri Lanka, 5.875%, 7/25/22(1)	USD	34,850	$	36,331,125
Republic of Sri Lanka, 6.25%, 10/4/20(1)	USD	14,760		15,830,100
Republic of Sri Lanka, 6.25%, 10/4/20(4)	USD	13,109		14,059,402
Republic of Sri Lanka, 7.40%, 1/22/15(1)	USD	2,491		2,556,389
Republic of Sri Lanka, 7.40%, 1/22/15(4)	USD	1,100		1,133,000
Sri Lanka Government Bond, 5.65%, 1/15/19	LKR	817,150		5,833,070
Sri Lanka Government Bond, 7.50%, 8/15/18	LKR	1,693,260		13,013,859
Sri Lanka Government Bond, 8.00%, 11/15/18	LKR	130,830		1,023,873
Sri Lanka Government Bond, 8.50%, 11/1/15	LKR	707,490		5,537,057
Sri Lanka Government Bond, 8.50%, 2/1/18	LKR	306,840		2,435,795
Sri Lanka Government Bond, 8.50%, 4/1/18	LKR	3,114,990		24,759,371
Sri Lanka Government Bond, 8.50%, 7/15/18	LKR	1,647,330		13,102,999
Sri Lanka Government Bond, 9.00%, 10/1/14	LKR	421,350		3,247,283
Sri Lanka Government Bond, 10.60%, 7/1/19	LKR	29,280		251,746
Sri Lanka Government Bond, 11.75%, 3/15/15	LKR	448,760		3,550,248
Total Sri Lanka			$	142,665,317
Tanzania — 1.2%
United Republic of Tanzania, 6.332%, 3/9/20(1)(7)	USD	49,465	$	53,298,538
Total Tanzania			$	53,298,538
Turkey — 3.3%
Turkey Government Bond, 2.00%, 10/26/22(6)	TRY	15,976	$	7,513,562
Turkey Government Bond, 3.00%, 1/6/21(6)	TRY	18,990		9,469,481
Turkey Government Bond, 3.00%, 7/21/21(6)	TRY	29,605		14,810,901
Turkey Government Bond, 4.00%, 4/1/20(6)	TRY	206,890		108,137,337
Turkey Government Bond, 6.50%, 1/7/15	TRY	31,260		14,531,494
Total Turkey			$	154,462,775
Uganda — 0.6%
Uganda Government Bond, 13.25%, 11/5/15	UGX	2,486,000	$	966,640
Uganda Government Bond, 13.375%, 2/25/16	UGX	9,767,800		3,791,336
Uganda Government Bond, 14.00%, 3/24/16	UGX	11,686,200		4,569,754
Uganda Government Bond, 14.125%, 12/1/16	UGX	29,992,700		11,615,649
Uganda Government Bond, 14.625%, 11/1/18	UGX	16,773,000		6,630,008
Total Uganda			$	27,573,387
Uruguay — 1.3%
Monetary Regulation Bill, 0.00%, 3/26/15(6)	UYU	275,918	$	11,442,804
Monetary Regulation Bill, 0.00%, 7/2/15(6)	UYU	121,899		4,991,183
Monetary Regulation Bill, 0.00%, 8/20/15	UYU	39,280		1,468,885
Monetary Regulation Bill, 0.00%, 10/8/15	UYU	120,430		4,430,433
Monetary Regulation Bill, 0.00%, 11/26/15	UYU	100,000		3,620,251
Monetary Regulation Bill, 0.00%, 1/14/16	UYU	9,000		320,727
Monetary Regulation Bill, 0.00%, 3/3/16(6)	UYU	294,593		11,671,136
Monetary Regulation Bill, 0.00%, 4/21/16(6)	UYU	371,704		14,630,779
Monetary Regulation Bill, 0.00%, 4/21/16	UYU	126,523		4,371,176
Monetary Regulation Bill, 0.00%, 7/28/16	UYU	40,135		1,345,318
Uruguay Notas Del Tesoro, 2.25%, 8/23/17(6)	UYU	38,434		1,540,899
Uruguay Notas Del Tesoro, 2.75%, 6/16/16(6)	UYU	5,054		209,159
Uruguay Notas Del Tesoro, 10.25%, 8/22/15	UYU	34,315		1,421,436
Total Uruguay			$	61,464,186

4

Security	Principal Amount (000’s omitted)		Value
Venezuela — 0.5%
Bolivarian Republic of Venezuela, 5.75%, 2/26/16(1)	USD	18,913	$	17,825,502
Bolivarian Republic of Venezuela, 7.75%, 10/13/19(1)	USD	4,123		3,494,158
Bolivarian Republic of Venezuela, 8.50%, 10/8/14	USD	2,979		2,971,553
Total Venezuela			$	24,291,213
Zambia — 0.7%
Republic of Zambia, 8.50%, 4/14/24(4)	USD	28,602	$	32,493,159
Total Zambia			$	32,493,159
Total Foreign Government Bonds (identified cost $2,059,587,569)			$	2,105,945,589
Foreign Corporate Bonds — 0.1%
Security	Principal Amount (000’s omitted)		Value
Georgia — 0.1%
Bank of Georgia JSC, 7.75%, 7/5/17(1)	USD	4,392	$	4,732,380
Total Georgia			$	4,732,380
Total Foreign Corporate Bonds (identified cost $4,721,714)			$	4,732,380
Debt Obligations - United States — 29.0%
Corporate Bonds & Notes — 0.0%(5)
Security	Principal Amount		Value
Eaton Corp., 8.875%, 6/15/19	$	500,000	$	614,397
Total Corporate Bonds & Notes (identified cost $519,261)			$	614,397
Collateralized Mortgage Obligations — 1.4%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
Series 4, Class D, 8.00%, 12/25/22	$	182,714	$	211,125
Series 1548, Class Z, 7.00%, 7/15/23		177,560		201,693
Series 1650, Class K, 6.50%, 1/15/24		1,070,523		1,201,008
Series 1817, Class Z, 6.50%, 2/15/26		141,383		159,965
Series 1927, Class ZA, 6.50%, 1/15/27		554,332		627,368
Series 2127, Class PG, 6.25%, 2/15/29		773,368		854,770
Series 2344, Class ZD, 6.50%, 8/15/31		1,051,195		1,207,351
Series 2458, Class ZB, 7.00%, 6/15/32		1,864,390		2,165,452
			$	6,628,732
Federal National Mortgage Association:
Series 1992-180, Class F, 1.305%, 10/25/22(7)	$	667,742	$	679,838
Series 1993-16, Class Z, 7.50%, 2/25/23		643,768		729,567
Series 1993-79, Class PL, 7.00%, 6/25/23		438,354		497,077
Series 1993-104, Class ZB, 6.50%, 7/25/23		155,576		171,981
Series 1993-121, Class Z, 7.00%, 7/25/23		2,470,872		2,782,044
Series 1993-141, Class Z, 7.00%, 8/25/23		491,228		557,591
Series 1994-42, Class ZQ, 7.00%, 4/25/24		3,025,539		3,394,352
Series 1994-79, Class Z, 7.00%, 4/25/24		614,008		690,218

5

Security	Principal Amount		Value
Series 1994-89, Class ZQ, 8.00%, 7/25/24	$	483,538	$	558,456
Series 1996-35, Class Z, 7.00%, 7/25/26		154,116		177,521
Series 1998-16, Class H, 7.00%, 4/18/28		447,531		508,381
Series 1998-44, Class ZA, 6.50%, 7/20/28		795,426		910,727
Series 1999-25, Class Z, 6.00%, 6/25/29		943,298		1,060,132
Series 2000-2, Class ZE, 7.50%, 2/25/30		191,844		225,350
Series 2000-49, Class A, 8.00%, 3/18/27		589,953		689,378
Series 2001-31, Class ZA, 6.00%, 7/25/31		6,446,559		7,254,685
Series 2001-37, Class GA, 8.00%, 7/25/16		22,577		23,466
Series 2001-74, Class QE, 6.00%, 12/25/31		1,936,678		2,164,825
Series 2009-48, Class WA, 5.848%, 7/25/39(8)		7,676,863		8,575,455
Series 2011-38, Class SA, 13.035%, 5/25/41(9)		9,276,599		9,816,974
Series G48, Class Z, 7.10%, 12/25/21		541,267		603,941
Series G92-60, Class Z, 7.00%, 10/25/22		1,181,456		1,300,259
Series G93-1, Class K, 6.675%, 1/25/23		838,554		933,257
Series G93-31, Class PN, 7.00%, 9/25/23		2,563,982		2,915,050
Series G93-41, Class ZQ, 7.00%, 12/25/23		5,223,979		5,946,069
Series G94-7, Class PJ, 7.50%, 5/17/24		841,144		969,713
			$	54,136,307
Government National Mortgage Association:
Series 1994-7, Class PQ, 6.50%, 10/16/24	$	589,281	$	664,670
Series 1996-22, Class Z, 7.00%, 10/16/26		471,616		540,196
Series 1999-42, Class Z, 8.00%, 11/16/29		1,459,854		1,726,095
Series 2000-21, Class Z, 9.00%, 3/16/30		2,095,233		2,527,786
Series 2001-35, Class K, 6.45%, 10/26/23		194,253		214,642
			$	5,673,389
Total Collateralized Mortgage Obligations (identified cost $62,484,322)			$	66,438,428
Mortgage Pass-Throughs — 19.9%
Security	Principal Amount		Value
Federal Home Loan Mortgage Corp.:
2.455%, with maturity at 2036(10)	$	5,038,095	$	5,401,087
2.879%, with maturity at 2035(10)		4,311,933		4,582,179
3.099%, with maturity at 2029(10)		688,946		699,746
3.157%, with maturity at 2023(10)		174,718		182,535
4.359%, with maturity at 2030(10)		992,340		1,078,937
4.50%, with various maturities to 2035		2,261,996		2,395,299
5.00%, with various maturities to 2019		1,575,949		1,663,810
5.50%, with various maturities to 2019		4,660,050		4,933,751
6.00%, with various maturities to 2035		37,671,929		42,130,174
6.50%, with various maturities to 2033		33,171,118		37,895,500
6.60%, with maturity at 2030		1,924,035		2,222,181
7.00%, with various maturities to 2036		33,421,053		38,588,745
7.31%, with maturity at 2026		127,960		150,661
7.50%, with various maturities to 2035		19,953,399		23,513,128
7.95%, with maturity at 2022		301,949		347,652
8.00%, with various maturities to 2034		7,679,992		9,255,954
8.15%, with maturity at 2021		122,477		137,238
8.30%, with maturity at 2021		19,194		21,066
8.47%, with maturity at 2018		53,600		59,122
8.50%, with various maturities to 2028		654,141		776,323
9.00%, with various maturities to 2027		1,144,945		1,316,485
9.50%, with maturity at 2027		141,766		168,140

6

Security	Principal Amount		Value
9.75%, with maturity at 2016	$	449	$	472
10.00%, with various maturities to 2020		341,413		383,588
10.50%, with maturity at 2021		188,667		211,149
11.00%, with maturity at 2016		116,869		122,421
			$	178,237,343
Federal National Mortgage Association:
1.919%, with maturity at 2022(10)	$	1,507,343	$	1,540,599
1.925%, with maturity at 2027(10)		300,600		308,679
1.932%, with various maturities to 2035(10)		19,835,672		20,515,433
1.933%, with maturity at 2038(10)		1,057,427		1,093,653
1.951%, with various maturities to 2033(10)		15,571,709		16,094,812
2.018%, with maturity at 2035(10)		4,202,629		4,333,343
2.082%, with maturity at 2025(10)		1,029,562		1,063,064
2.275%, with maturity at 2028(10)		219,176		231,013
2.282%, with maturity at 2024(10)		645,362		669,349
2.91%, with maturity at 2023(10)		98,743		101,903
3.645%, with maturity at 2034(10)		2,672,756		2,905,994
3.737%, with maturity at 2035(10)		8,466,139		9,204,937
3.922%, with maturity at 2035(10)		7,148,634		7,772,459
5.00%, with various maturities to 2033		3,268,298		3,526,736
5.50%, with various maturities to 2023		6,293,499		6,677,967
6.00%, with various maturities to 2038(11)		224,472,939		251,379,577
6.32%, with maturity at 2032(10)		2,665,734		2,960,421
6.50%, with various maturities to 2038		99,935,653		113,507,587
7.00%, with various maturities to 2037		81,524,549		94,499,110
7.149%, with maturity at 2025(10)		81,633		87,583
7.50%, with various maturities to 2037		58,545,941		69,565,930
8.00%, with various maturities to 2030		4,518,040		5,326,745
8.50%, with various maturities to 2037		7,939,109		9,689,546
9.00%, with various maturities to 2032		1,977,991		2,331,861
9.087%, with maturity at 2028(8)		209,656		230,509
9.50%, with various maturities to 2031		1,748,210		2,077,685
10.037%, with maturity at 2027(8)		209,249		237,117
10.50%, with maturity at 2029		206,028		244,479
11.50%, with maturity at 2031		257,128		314,338
			$	628,492,429
Government National Mortgage Association:
2.00%, with maturity at 2024(10)	$	440,248	$	456,661
6.00%, with various maturities to 2033		33,377,382		37,996,096
6.50%, with various maturities to 2032		15,312,933		17,611,132
7.00%, with various maturities to 2035		31,217,076		36,382,800
7.50%, with various maturities to 2031		5,058,547		5,912,282
7.75%, with maturity at 2019		25,009		28,341
8.00%, with various maturities to 2034		11,335,462		13,384,045
8.30%, with various maturities to 2020		35,953		38,930
8.50%, with various maturities to 2021		450,759		489,252
9.00%, with various maturities to 2025		238,452		279,297
9.50%, with various maturities to 2026		930,989		1,130,774
			$	113,709,610
Total Mortgage Pass-Throughs (identified cost $892,469,147)			$	920,439,382

7

U.S. Government Agency Obligations — 4.2%
Security	Principal Amount		Value
Federal Home Loan Bank:
5.25%, 12/11/20	$	7,000,000	$	8,236,893
5.25%, 12/9/22		14,850,000		17,663,808
5.365%, 9/9/24		12,700,000		15,345,283
5.375%, 9/30/22		49,780,000		59,903,958
5.375%, 8/15/24		22,000,000		26,661,580
5.625%, 6/11/21		12,850,000		15,454,900
5.75%, 6/12/26		14,850,000		18,426,132
			$	161,692,554
United States Agency for International Development - Israel:
5.50%, 12/4/23	$	5,000,000	$	6,065,730
5.50%, 4/26/24		22,500,000		27,365,063
			$	33,430,793
Total U.S. Government Agency Obligations (identified cost $176,453,739)			$	195,123,347
U.S. Treasury Obligations — 3.5%
Security	Principal Amount		Value
U.S. Treasury Bond, 7.875%, 2/15/21(11)	$	1,500,000	$	2,033,320
U.S. Treasury Bond, 11.25%, 2/15/15(11)		150,000,000		159,023,400
Total U.S. Treasury Obligations (identified cost $160,556,631)			$	161,056,720
Total Debt Obligations - United States (identified cost $1,292,483,100)			$	1,343,672,274
Common Stocks — 0.6%
Security	Shares		Value
Germany — 0.3%
Deutsche EuroShop AG		127,565	$	6,021,122
Deutsche Wohnen AG		286,888		6,207,454
Total Germany			$	12,228,576
Luxembourg — 0.1%
GAGFAH SA(12)		377,967	$	6,624,594
Total Luxembourg			$	6,624,594
Singapore — 0.2%
Yoma Strategic Holdings, Ltd.		21,442,000	$	11,824,795
Total Singapore			$	11,824,795
Total Common Stocks (identified cost $24,985,819)			$	30,677,965
Investment Funds — 0.3%
Security	Shares		Value
Fondul Proprietatea SA		50,194,000	$	12,671,638
Total Investment Funds (identified cost $12,421,052)			$	12,671,638

8

Precious Metals — 0.8%
Description	Troy Ounces		Value
Platinum(12)		24,986	$	36,491,469
Total Precious Metals (identified cost $43,799,986)			$	36,491,469

Currency Put Options Purchased — 0.3%
Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date		Value
Australian Dollar	Citibank NA	AUD	63,624	USD	0.85		4/29/15	$	513,494
Australian Dollar	JPMorgan Chase Bank	AUD	48,977	USD	0.85		4/29/15		395,280
Canadian Dollar	Citibank NA	CAD	28,028	CAD	1.13		3/30/15		270,458
Canadian Dollar	Goldman Sachs International	CAD	28,435	CAD	1.13		3/30/15		274,385
Canadian Dollar	HSBC Bank USA	CAD	42,487	CAD	1.11		3/30/15		613,956
Canadian Dollar	Standard Chartered Bank	CAD	12,450	CAD	1.11		3/30/15		179,908
Euro	Citibank NA	EUR	34,553	USD	1.38		4/29/15		1,957,977
Euro	Citibank NA	EUR	48,853	USD	1.35		7/30/15		1,943,104
Japanese Yen	Citibank NA	JPY	3,596,880	JPY	105.00		6/22/15		662,580
Japanese Yen	Deutsche Bank	JPY	7,193,550	JPY	105.00		6/22/15		1,325,120
Japanese Yen	Goldman Sachs International	JPY	3,530,625	JPY	105.00		6/22/15		650,375
Yuan Renminbi	Goldman Sachs International	CNY	226,620	CNY	6.35		9/30/14		5,782
Yuan Renminbi	JPMorgan Chase Bank	CNY	210,210	CNY	6.35		9/30/14		3,774
Yuan Renminbi Offshore	Bank of America	CNH	329,351	CNH	6.30		5/14/15		463,444
Yuan Renminbi Offshore	Citibank NA	CNH	436,830	CNH	6.35		10/6/14		26,072
Yuan Renminbi Offshore	Deutsche Bank	CNH	491,377	CNH	6.20		3/5/15		1,098,703
Yuan Renminbi Offshore	Goldman Sachs International	CNH	300,649	CNH	6.30		5/14/15		423,056
Yuan Renminbi Offshore	Standard Chartered Bank	CNH	485,411	CNH	6.20		3/5/15		1,085,363
Yuan Renminbi Offshore	Standard Chartered Bank	CNH	318,212	CNH	6.20		3/6/15		714,027
Total Currency Put Options Purchased (identified cost $14,480,130)								$	12,606,858

Interest Rate Swaptions Purchased — 0.0%
Description	Counterparty		Expiration Date		Notional Amount		Value
Options to receive 3-month USD-LIBOR-BBA Rate and pay 4.60%		Deutsche Bank		8/26/14	$	99,600,000	$	0
Total Interest Rate Swaptions Purchased (identified cost $6,205,080)							$	0

9

Call Options Purchased — 0.1%
Description	Counterparty		Number of Contracts		Strike Price		Expiration Date		Value
Nikkei 225 Index		Goldman Sachs International		326	JPY	16,000		5/13/16	$	3,835,970
Total Call Options Purchased (identified cost $2,827,980)									$	3,835,970

Short-Term Investments — 20.3%
Foreign Government Securities — 16.6%
Security	Principal Amount (000’s omitted)		Value
Georgia — 0.1%
Bank of Georgia Promissory Note, 4.00%, 1/8/15	USD	5,266	$	5,319,577
Total Georgia			$	5,319,577
Kenya — 1.8%
Kenya Treasury Bill, 0.00%, 9/22/14	KES	971,800	$	10,943,932
Kenya Treasury Bill, 0.00%, 9/29/14	KES	77,600		872,463
Kenya Treasury Bill, 0.00%, 10/20/14	KES	406,200		4,544,628
Kenya Treasury Bill, 0.00%, 11/17/14	KES	312,300		3,467,395
Kenya Treasury Bill, 0.00%, 11/24/14	KES	672,000		7,446,123
Kenya Treasury Bill, 0.00%, 12/1/14	KES	780,700		8,632,956
Kenya Treasury Bill, 0.00%, 12/15/14	KES	465,400		5,124,897
Kenya Treasury Bill, 0.00%, 4/13/15	KES	801,000		8,528,624
Kenya Treasury Bill, 0.00%, 4/20/15	KES	1,441,900		15,323,694
Kenya Treasury Bill, 0.00%, 4/27/15	KES	1,594,600		16,914,605
Total Kenya			$	81,799,317
Lebanon — 3.9%
Lebanon Treasury Bill, 0.00%, 8/14/14	LBP	24,031,000	$	15,869,320
Lebanon Treasury Bill, 0.00%, 8/28/14	LBP	4,886,430		3,221,452
Lebanon Treasury Bill, 0.00%, 10/9/14	LBP	6,932,900		4,547,660
Lebanon Treasury Bill, 0.00%, 10/16/14	LBP	12,907,000		8,459,268
Lebanon Treasury Bill, 0.00%, 10/23/14	LBP	6,971,600		4,565,350
Lebanon Treasury Bill, 0.00%, 11/6/14	LBP	1,729,980		1,130,866
Lebanon Treasury Bill, 0.00%, 11/20/14	LBP	14,587,300		9,517,017
Lebanon Treasury Bill, 0.00%, 12/18/14	LBP	25,348,700		16,470,508
Lebanon Treasury Bill, 0.00%, 12/25/14	LBP	25,102,700		16,293,333
Lebanon Treasury Bill, 0.00%, 1/1/15	LBP	12,333,000		7,996,301
Lebanon Treasury Bill, 0.00%, 1/8/15	LBP	6,301,050		4,080,909
Lebanon Treasury Bill, 0.00%, 1/15/15	LBP	36,944,000		23,900,344
Lebanon Treasury Bill, 0.00%, 1/22/15	LBP	9,805,760		6,336,513
Lebanon Treasury Bill, 0.00%, 2/5/15	LBP	24,455,530		15,768,977
Lebanon Treasury Bill, 0.00%, 2/19/15	LBP	24,804,725		15,961,985
Lebanon Treasury Bill, 0.00%, 4/16/15	LBP	7,550,000		4,818,699
Lebanon Treasury Bill, 0.00%, 4/30/15	LBP	12,359,330		7,871,667
Lebanon Treasury Bill, 0.00%, 6/11/15	LBP	6,086,700		3,851,899
Lebanon Treasury Bill, 0.00%, 7/9/15	LBP	12,844,300		8,093,057
Lebanon Treasury Bill, 0.00%, 7/23/15	LBP	5,026,200		3,159,984
Total Lebanon			$	181,915,109
Mexico — 2.1%
Mexico Cetes, 0.00%, 4/1/15	MXN	1,298,544	$	96,312,274
Total Mexico			$	96,312,274

10

Security	Principal Amount (000’s omitted)		Value
Nigeria — 1.0%
Nigeria OMO Bill, 0.00%, 9/18/14	NGN	2,216,230	$	13,511,564
Nigeria OMO Bill, 0.00%, 10/2/14	NGN	1,603,350		9,721,536
Nigeria Treasury Bill, 0.00%, 9/4/14	NGN	982,335		6,014,332
Nigeria Treasury Bill, 0.00%, 9/25/14	NGN	1,402,925		8,534,555
Nigeria Treasury Bill, 0.00%, 10/23/14	NGN	1,002,090		6,049,042
Nigeria Treasury Bill, 0.00%, 11/6/14	NGN	561,180		3,374,925
Total Nigeria			$	47,205,954
Philippines — 2.7%
Philippine Treasury Bill, 0.00%, 8/6/14	PHP	50,000	$	1,149,748
Philippine Treasury Bill, 0.00%, 9/3/14	PHP	3,349,630		76,947,788
Philippine Treasury Bill, 0.00%, 10/8/14	PHP	880,900		20,212,351
Philippine Treasury Bill, 0.00%, 11/5/14	PHP	1,142,710		26,196,863
Total Philippines			$	124,506,750
Romania — 0.0%(5)
Romania Treasury Bill, 0.00%, 3/30/15	RON	4,000	$	1,194,943
Total Romania			$	1,194,943
Serbia — 0.9%
Serbia Treasury Bill, 0.00%, 1/1/15	EUR	3,000	$	3,958,726
Serbia Treasury Bill, 0.00%, 1/29/15	RSD	1,786,060		19,703,297
Serbia Treasury Bill, 0.00%, 3/12/15	RSD	1,536,290		16,781,135
Total Serbia			$	40,443,158
Sri Lanka — 3.3%
Sri Lanka Treasury Bill, 0.00%, 9/12/14	LKR	29,120	$	222,095
Sri Lanka Treasury Bill, 0.00%, 10/3/14	LKR	981,420		7,457,427
Sri Lanka Treasury Bill, 0.00%, 10/10/14	LKR	146,010		1,108,147
Sri Lanka Treasury Bill, 0.00%, 10/17/14	LKR	973,060		7,376,317
Sri Lanka Treasury Bill, 0.00%, 10/31/14	LKR	1,427,800		10,798,148
Sri Lanka Treasury Bill, 0.00%, 11/7/14	LKR	199,550		1,507,292
Sri Lanka Treasury Bill, 0.00%, 12/5/14	LKR	1,631,690		12,260,441
Sri Lanka Treasury Bill, 0.00%, 12/12/14	LKR	584,720		4,388,040
Sri Lanka Treasury Bill, 0.00%, 12/19/14	LKR	237,560		1,780,524
Sri Lanka Treasury Bill, 0.00%, 12/26/14	LKR	1,252,160		9,373,179
Sri Lanka Treasury Bill, 0.00%, 1/2/15	LKR	548,460		4,100,378
Sri Lanka Treasury Bill, 0.00%, 1/9/15	LKR	1,875,710		14,007,012
Sri Lanka Treasury Bill, 0.00%, 1/30/15	LKR	380,000		2,828,159
Sri Lanka Treasury Bill, 0.00%, 2/20/15	LKR	2,321,580		17,210,078
Sri Lanka Treasury Bill, 0.00%, 2/27/15	LKR	1,284,190		9,506,743
Sri Lanka Treasury Bill, 0.00%, 3/6/15	LKR	3,414,430		25,242,511
Sri Lanka Treasury Bill, 0.00%, 3/13/15	LKR	255,810		1,888,804
Sri Lanka Treasury Bill, 0.00%, 3/20/15	LKR	1,666,990		12,293,047
Sri Lanka Treasury Bill, 0.00%, 4/10/15	LKR	396,470		2,912,748
Sri Lanka Treasury Bill, 0.00%, 4/24/15	LKR	240,650		1,763,588
Sri Lanka Treasury Bill, 0.00%, 6/26/15	LKR	176,180		1,276,709
Sri Lanka Treasury Bill, 0.00%, 7/24/15	LKR	314,960		2,273,175
Total Sri Lanka			$	151,574,562
Uganda — 0.2%
Uganda Treasury Bill, 0.00%, 11/13/14	UGX	7,431,400	$	2,753,635
Uganda Treasury Bill, 0.00%, 11/27/14	UGX	8,763,800		3,233,863
Uganda Treasury Bill, 0.00%, 12/26/14	UGX	3,677,000		1,345,000
Uganda Treasury Bill, 0.00%, 1/22/15	UGX	3,677,000		1,333,864
Uganda Treasury Bill, 0.00%, 2/5/15	UGX	4,866,500		1,757,658
Total Uganda			$	10,424,020

11

Security	Principal Amount (000’s omitted)		Value
Uruguay — 0.3%
Monetary Regulation Bill, 0.00%, 8/29/14(6)	UYU	22,946	$	983,630
Monetary Regulation Bill, 0.00%, 8/29/14	UYU	23,776		1,016,531
Monetary Regulation Bill, 0.00%, 10/3/14	UYU	26,300		1,110,485
Monetary Regulation Bill, 0.00%, 10/15/14	UYU	19,278		809,642
Monetary Regulation Bill, 0.00%, 1/16/15	UYU	114,480		4,645,995
Monetary Regulation Bill, 0.00%, 2/20/15	UYU	30,490		1,221,362
Monetary Regulation Bill, 0.00%, 2/20/15(6)	UYU	43,310		1,805,801
Total Uruguay			$	11,593,446
Zambia — 0.3%
Zambia Treasury Bill, 0.00%, 9/8/14	ZMW	23,985	$	3,881,991
Zambia Treasury Bill, 0.00%, 9/22/14	ZMW	55,060		8,882,779
Zambia Treasury Bill, 0.00%, 6/15/15	ZMW	8,590		1,180,940
Total Zambia			$	13,945,710
Total Foreign Government Securities (identified cost $770,806,209)			$	766,234,820
U.S. Treasury Obligations — 0.1%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 10/9/14(11)	$	6,000	$	5,999,940
Total U.S. Treasury Obligations (identified cost $5,999,690)			$	5,999,940
Repurchase Agreements — 1.9%
Description	Principal Amount (000’s omitted)		Value
Bank of America:
Dated 10/21/13 with an interest rate of 0.35%, collateralized by USD 10,000,000 Turkey Government Bond 7.50%, due 7/14/17 and a market value, including accrued interest, of $11,447,357.(13)	USD	11,743	$	11,743,000
Dated 7/30/14 with a maturity date of 8/15/14, an interest rate of 0.20% payable by the Portfolio and repurchase proceeds of EUR 17,544,135, collateralized by EUR 15,000,000 Spain Government Bond 4.60%, due 7/30/19 and a market value, including accrued interest, of $23,415,329.	EUR	17,546		23,494,305
Barclays Bank PLC:
Dated 7/8/14 with a maturity date of 8/11/14, an interest rate of 0.75% payable by the Portfolio and repurchase proceeds of USD 7,299,593, collateralized by USD 6,243,000 Qatar Government International Bond 5.750%, due 1/20/42 and a market value, including accrued interest, of $7,194,164.	USD	7,304		7,304,310
Dated 7/23/14 with a maturity date of 8/11/14, an interest rate of 0.85% payable by the Portfolio and repurchase proceeds of USD 12,812,603, collateralized by USD 12,615,000 SoQ Sukuk A Q.S.C. 3.241%, due 1/18/23 and a market value, including accrued interest, of $12,800,067.	USD	12,817		12,816,840
Dated 7/25/14 with a maturity date of 8/19/14, an interest rate of 0.55% payable by the Portfolio and repurchase proceeds of USD 4,971,414, collateralized by USD 4,900,000 Republic of Ghana 7.875%, due 8/7/23 and a market value, including accrued interest, of $4,954,794.	USD	4,973		4,973,010
Dated 7/31/14 with a maturity date of 8/18/14, an interest rate of 0.85% payable by the Portfolio and repurchase proceeds of USD 2,460,006, collateralized by USD 2,429,000 SoQ Sukuk A Q.S.C., 3.241%, due 1/18/23 and a market value, including accrued interest, of $2,464,634.	USD	2,461		2,460,820

12

Description	Principal Amount (000’s omitted)		Value
JPMorgan Chase Bank:
Dated 6/19/14 with an interest rate of 0.40%, collateralized by USD 12,000,000 Bolivarian Republic of Venezuela 5.00%, due 10/28/15 and a market value, including accrued interest, of $11,480,000.(13)	USD	11,610	$	11,610,000
Nomura International PLC:
Dated 7/18/14 with a maturity date of 8/13/14, an interest rate of 0.65% payable by the Portfolio and repurchase proceeds of USD 9,929,375, collateralized by USD 9,779,000 Republic of Ghana 7.875% due 8/7/23 and a market value, including accrued interest, of $9,888,354.	USD	9,933		9,933,142
Dated 7/31/14 with a maturity date of 8/26/14, an interest rate of 0.65% payable by the Portfolio and repurchase proceeds of USD 1,886,297, collateralized by USD 1,870,000 Republic of Ghana 7.875%, due 8/7/23 and a market value, including accrued interest, of $1,890,911.	USD	1,887		1,887,012
Total Repurchase Agreements (identified cost $86,227,694)			$	86,222,439
Other — 1.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(14)	$	80,710	$	80,710,484
Total Other (identified cost $80,710,484)			$	80,710,484
Total Short-Term Investments (identified cost $943,744,077)			$	939,167,683
Total Investments — 97.0% (identified cost $4,405,256,507)			$	4,489,801,826

Currency Put Options Written — (0.1)%
Description	Counterparty	Principal Amount of Contracts (000’s omitted)		Strike Price		Expiration Date	Value
Euro	Citibank NA	EUR	34,553	USD	1.38	4/29/15	$	(1,957,977	)
Yuan Renminbi	Goldman Sachs International	CNY	210,210	CNY	6.35	9/30/14		(3,774	)
Yuan Renminbi	Goldman Sachs International	CNY	226,620	CNY	6.35	9/30/14		(5,782	)
Yuan Renminbi Offshore	Citibank NA	CNH	436,830	CNH	6.35	10/6/14		(26,072	)
Yuan Renminbi Offshore	Deutsche Bank	CNH	491,377	CNH	6.20	3/5/15		(1,098,703	)
Yuan Renminbi Offshore	Deutsche Bank	CNH	630,000	CNH	6.30	5/14/15		(886,500	)
Yuan Renminbi Offshore	Goldman Sachs International	CNH	485,411	CNH	6.20	3/5/15		(1,085,363	)
Yuan Renminbi Offshore	Goldman Sachs International	CNH	318,212	CNH	6.20	3/6/15		(714,027	)
Total Currency Put Options Written (premiums received $8,141,129)							$	(5,778,198	)
Other Assets, Less Liabilities — 3.1%							$	141,354,282
Net Assets — 100.0%							$	4,625,377,910

13

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

AUD	-	Australian Dollar
BDT	-	Bangladesh Taka
BRL	-	Brazilian Real
CAD	-	Canadian Dollar
CNH	-	Yuan Renminbi Offshore
CNY	-	Yuan Renminbi
CRC	-	Costa Rican Colon
DOP	-	Dominican Peso
EUR	-	Euro
IDR	-	Indonesian Rupiah
INR	-	Indian Rupee
ISK	-	Icelandic Krona
JOD	-	Jordanian Dinar
JPY	-	Japanese Yen
KES	-	Kenyan Shilling
LBP	-	Lebanese Pound
LKR	-	Sri Lankan Rupee
MXN	-	Mexican Peso
NGN	-	Nigerian Naira
NZD	-	New Zealand Dollar
PHP	-	Philippine Peso
RON	-	Romanian Leu
RSD	-	Serbian Dinar
TRY	-	New Turkish Lira
UGX	-	Ugandan Shilling
USD	-	United States Dollar
UYU	-	Uruguayan Peso
ZMW	-	Zambian Kwacha

(1) Security exempt from registration under Regulation S of the Securities Act of 1933, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933. At July 31, 2014, the aggregate value of these securities is $683,343,578 or 14.8% of the Portfolio’s net assets.

(2) Security (or a portion thereof) has been pledged for the benefit of the counterparty for reverse repurchase agreements.

(3) Defaulted security.

(4) Security exempt from registration under Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $383,421,310 or 8.3% of the Portfolio’s net assets.

(5) Amount is less than 0.05%.

(6) 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.

(7) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(8) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at July 31, 2014.

(9) Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at July 31, 2014.

(10) Adjustable rate mortgage security. Rate shown is the rate at July 31, 2014.

14

(11) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts and/or securities sold short.

(12) Non-income producing.

(13) Open repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

(14) 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $138,863.

Securities Sold Short — (1.2)%
Foreign Government Bonds — (1.2)%
Security	Principal Amount (000’s omitted)			Value
Ghana — (0.4)%
Republic of Ghana, 7.875%, 8/7/23	USD	(16,549	)	$	(16,104,163	)
Total Ghana				$	(16,104,163	)
Qatar — (0.3)%
SoQ Sukuk A Q.S.C., 3.241%, 1/18/23	USD	(15,044	)	$	(15,247,094	)
Total Qatar				$	(15,247,094	)
Spain — (0.5)%
Spain Government Bond, 4.60%, 7/30/19	EUR	(15,000	)	$	(23,410,266	)
Total Spain				$	(23,410,266	)
Total Foreign Government Bonds (proceeds $51,427,519)				$	(54,761,523	)
Total Securities Sold Short (proceeds $51,427,519)				$	(54,761,523	)

EUR	-	Euro
USD	-	United States Dollar

Basis for Consolidation

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance GMP Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at July 31, 2014 were $48,442,804 or 1.0% of the Portfolio’s consolidated net assets. The Consolidated Portfolio of Investments includes positions of the Portfolio and the Subsidiary.

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation (Depreciation)
8/5/14	Swiss Franc 5,112,390	United States Dollar 5,736,872	Deutsche Bank	$	111,133	$	—	$	111,133
8/5/14	Swiss Franc 129,321,903	United States Dollar 146,896,614	Goldman Sachs International		4,589,155		—		4,589,155
8/5/14	Swiss Franc 5,799,804	United States Dollar 6,510,781	Goldman Sachs International		128,604		—		128,604
8/5/14	Swiss Franc 3,763,000	United States Dollar 4,224,345	Goldman Sachs International		83,492		—		83,492

15

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/5/14	Swiss Franc 44,981,000	United States Dollar 49,467,722	Goldman Sachs International	$	—	$	(29,939	)	$	(29,939	)
8/5/14	Swiss Franc 4,420,134	United States Dollar 4,960,724	JPMorgan Chase Bank		96,753		—			96,753
8/5/14	Swiss Franc 12,328,315	United States Dollar 13,842,474	Standard Chartered Bank		276,240		—			276,240
8/5/14	Swiss Franc 11,163,928	United States Dollar 12,523,869	Standard Chartered Bank		238,942		—			238,942
8/5/14	United States Dollar 142,221,382	Swiss Franc 129,321,903	Goldman Sachs International		86,076		—			86,076
8/5/14	United States Dollar 46,840,707	Swiss Franc 42,587,571	Goldman Sachs International		23,195		—			23,195
8/5/14	United States Dollar 50,586,489	Swiss Franc 44,981,000	Goldman Sachs International		—		(1,088,827	)		(1,088,827	)
8/6/14	Euro 35,446,000	United States Dollar 49,170,762	Goldman Sachs International		1,706,492		—			1,706,492
8/6/14	Philippine Peso 250,000,000	United States Dollar 5,732,893	Bank of America		—		(12,459	)		(12,459	)
8/6/14	Philippine Peso 257,679,000	United States Dollar 5,908,985	Citibank NA		—		(12,841	)		(12,841	)
8/6/14	Philippine Peso 250,000,000	United States Dollar 5,732,893	Goldman Sachs International		—		(12,459	)		(12,459	)
8/6/14	Philippine Peso 281,840,000	United States Dollar 6,463,034	Standard Chartered Bank		—		(14,045	)		(14,045	)
8/6/14	United States Dollar 8,365,790	Euro 6,009,000	Goldman Sachs International		—		(319,387	)		(319,387	)
8/6/14	United States Dollar 39,880,835	Euro 29,437,000	Goldman Sachs International		—		(462,968	)		(462,968	)
8/7/14	Japanese Yen 904,932,000	United States Dollar 8,854,867	Goldman Sachs International		57,439		—			57,439
8/8/14	New Turkish Lira 24,521,270	United States Dollar 11,453,185	Standard Chartered Bank		27,024		—			27,024
8/8/14	New Turkish Lira 36,330,000	United States Dollar 16,912,620	Standard Chartered Bank		—		(16,047	)		(16,047	)
8/8/14	Thai Baht 582,090,000	United States Dollar 17,871,968	Goldman Sachs International		—		(252,625	)		(252,625	)
8/8/14	United States Dollar 4,978,525	Thai Baht 158,342,000	Goldman Sachs International		—		(48,215	)		(48,215	)
8/12/14	United States Dollar 2,496,461	Indian Rupee 152,200,000	Deutsche Bank		11,542		—			11,542
8/12/14	United States Dollar 2,869,750	Indian Rupee 174,915,000	Goldman Sachs International		12,559		—			12,559
8/13/14	Euro 157,217,399	United States Dollar 216,605,485	Standard Chartered Bank		6,077,565		—			6,077,565
8/13/14	Euro 18,965,000	United States Dollar 25,658,678	Standard Chartered Bank		262,875		—			262,875
8/13/14	United States Dollar 3,927,319	Indonesian Rupiah 44,575,066,000	Deutsche Bank		—		(105,921	)		(105,921	)
8/15/14	Euro 2,998,000	British Pound Sterling 2,447,402	Goldman Sachs International		116,972		—			116,972
8/15/14	Euro 17,232,000	British Pound Sterling 13,934,312	JPMorgan Chase Bank		447,906		—			447,906
8/15/14	Euro 31,589,000	British Pound Sterling 25,786,663	Morgan Stanley & Co. International PLC		1,231,051		—			1,231,051

16

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/18/14	Euro 15,031,898	Polish Zloty 62,500,752	BNP Paribas	$	—	$	(116,824	)	$	(116,824	)
8/18/14	Euro 13,754,441	Polish Zloty 57,189,248	Citibank NA		—		(106,896	)		(106,896	)
8/18/14	Japanese Yen 4,971,273,782	United States Dollar 48,847,406	Goldman Sachs International		515,407		—			515,407
8/18/14	Thai Baht 1,042,350,000	United States Dollar 31,817,766	Goldman Sachs International		—		(622,754	)		(622,754	)
8/18/14	United States Dollar 20,570,259	Japanese Yen 2,095,842,000	Goldman Sachs International		—		(193,946	)		(193,946	)
8/20/14	Euro 9,091,193	United States Dollar 12,459,989	JPMorgan Chase Bank		285,815		—			285,815
8/20/14	Indonesian Rupiah 23,698,153,000	United States Dollar 1,997,316	Deutsche Bank		—		(21,127	)		(21,127	)
8/20/14	United States Dollar 3,819,629	Indonesian Rupiah 44,575,066,000	Deutsche Bank		—		(23,035	)		(23,035	)
8/20/14	United States Dollar 3,054,348	Indonesian Rupiah 35,567,887,000	JPMorgan Chase Bank		—		(24,924	)		(24,924	)
8/20/14	United States Dollar 9,409,113	Indonesian Rupiah 109,098,662,264	Standard Chartered Bank		—		(116,850	)		(116,850	)
8/21/14	Euro 747,150	United States Dollar 1,014,062	Bank of America		13,537		—			13,537
8/21/14	Euro 373,580	United States Dollar 507,861	Bank of America		7,592		—			7,592
8/21/14	Euro 337,908	United States Dollar 456,700	Bank of America		4,200		—			4,200
8/22/14	Thai Baht 684,035,000	United States Dollar 20,829,324	Standard Chartered Bank		—		(455,547	)		(455,547	)
8/25/14	Euro 15,554,158	United States Dollar 21,205,528	Bank of America		376,360		—			376,360
8/25/14	Euro 1,832,579	United States Dollar 2,498,236	Goldman Sachs International		44,159		—			44,159
8/26/14	Euro 6,347,607	United States Dollar 8,668,717	Bank of America		168,367		—			168,367
8/26/14	Euro 6,910,246	United States Dollar 9,444,786	Goldman Sachs International		190,982		—			190,982
8/27/14	Argentine Peso 26,342,000	United States Dollar 3,010,514	Bank of America		—		(101,260	)		(101,260	)
8/27/14	Argentine Peso 22,308,000	United States Dollar 2,509,336	Bank of America		—		(125,903	)		(125,903	)
8/27/14	Euro 17,375,000	United States Dollar 23,538,955	Goldman Sachs International		271,282		—			271,282
8/27/14	Euro 16,619,460	United States Dollar 22,796,581	JPMorgan Chase Bank		540,687		—			540,687
8/27/14	Euro 13,602,179	United States Dollar 18,514,021	JPMorgan Chase Bank		298,709		—			298,709
8/27/14	Euro 3,649,721	United States Dollar 4,967,686	JPMorgan Chase Bank		80,175		—			80,175
8/27/14	Euro 966,718	United States Dollar 1,326,028	JPMorgan Chase Bank		31,451		—			31,451
8/27/14	Ghanaian Cedi 1,812,000	United States Dollar 646,681	Standard Chartered Bank		131,643		—			131,643
8/27/14	United States Dollar 5,148,148	Argentine Peso 48,650,000	Bank of America		598,866		—			598,866
8/28/14	United States Dollar 1,334,626	Indian Rupee 79,840,000	BNP Paribas		—		(26,035	)		(26,035	)
8/28/14	United States Dollar 1,382,267	Indian Rupee 82,690,000	JPMorgan Chase Bank		—		(26,964	)		(26,964	)

17

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
8/28/14	United States Dollar 1,466,445	Indian Rupee 87,733,000	Standard Chartered Bank	$	—	$	(28,486	)	$	(28,486	)
8/29/14	Ghanaian Cedi 3,577,000	United States Dollar 1,252,890	Standard Bank		237,508		—			237,508
8/29/14	Ghanaian Cedi 3,612,000	United States Dollar 1,253,079	Standard Bank		227,762		—			227,762
9/3/14	Brazilian Real 116,205,000	United States Dollar 51,651,258	Standard Chartered Bank		880,791		—			880,791
9/3/14	Euro 29,324,802	United States Dollar 40,047,650	Bank of America		776,580		—			776,580
9/3/14	United States Dollar 9,845,936	Indian Rupee 594,793,000	Citibank NA		—		(116,699	)		(116,699	)
9/4/14	Euro 32,310,568	Singapore Dollar 55,306,000	Standard Chartered Bank		1,063,794		—			1,063,794
9/8/14	Argentine Peso 62,363,000	United States Dollar 6,936,930	Bank of America		—		(320,172	)		(320,172	)
9/8/14	South African Rand 492,684,425	United States Dollar 45,414,981	Goldman Sachs International		—		(268,665	)		(268,665	)
9/8/14	United States Dollar 6,578,376	Argentine Peso 62,363,000	Bank of America		678,727		—			678,727
9/9/14	Zambian Kwacha 14,139,000	United States Dollar 2,363,986	Standard Bank		105,934		—			105,934
9/9/14	Zambian Kwacha 9,054,000	United States Dollar 1,514,047	Standard Chartered Bank		68,089		—			68,089
9/10/14	Euro 93,509,924	United States Dollar 127,483,014	Deutsche Bank		2,253,923		—			2,253,923
9/10/14	Euro 4,244,000	United States Dollar 5,744,339	Deutsche Bank		60,747		—			60,747
9/16/14	United States Dollar 11,585,516	Indian Rupee 701,503,000	Standard Chartered Bank		—		(135,677	)		(135,677	)
9/16/14	United States Dollar 11,366,472	Indian Rupee 680,397,000	Standard Chartered Bank		—		(261,122	)		(261,122	)
9/16/14	United States Dollar 1,120,403	Zambian Kwacha 7,342,000	Barclays Bank PLC		47,201		—			47,201
9/17/14	Euro 21,293,808	United States Dollar 28,995,033	Bank of America		477,576		—			477,576
9/17/14	Euro 3,761,079	United States Dollar 5,119,073	Goldman Sachs International		82,097		—			82,097
9/17/14	Japanese Yen 14,989,110,000	United States Dollar 146,952,059	Bank of America		1,197,049		—			1,197,049
9/17/14	United States Dollar 43,739,433	Japanese Yen 4,465,140,000	Bank of America		—		(320,142	)		(320,142	)
9/22/14	United States Dollar 13,692,961	Indian Rupee 838,420,000	BNP Paribas		—		(20,933	)		(20,933	)
9/22/14	United States Dollar 10,641,258	Indian Rupee 651,245,000	Standard Chartered Bank		—		(21,474	)		(21,474	)
9/23/14	United States Dollar 1,098,039	Zambian Kwacha 7,000,000	Barclays Bank PLC		10,505		—			10,505
9/23/14	Zambian Kwacha 17,465,000	United States Dollar 2,935,294	Barclays Bank PLC		169,477		—			169,477
9/23/14	Zambian Kwacha 20,958,000	United States Dollar 3,444,207	Barclays Bank PLC		125,226		—			125,226
9/23/14	Zambian Kwacha 15,335,000	United States Dollar 2,518,062	Barclays Bank PLC		89,559		—			89,559
9/24/14	Euro 3,031,000	United States Dollar 4,101,125	Standard Chartered Bank		41,805		—			41,805

18

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
9/24/14	Euro 870,000	United States Dollar 1,178,563	Standard Chartered Bank	$	13,400	$	—		$	13,400
9/24/14	Kenyan Shilling 283,707,000	United States Dollar 3,190,049	Standard Bank		—		(10,924	)		(10,924	)
9/25/14	Euro 24,343,000	United States Dollar 33,094,309	Deutsche Bank		492,409		—			492,409
9/25/14	Euro 16,284,000	United States Dollar 22,127,839	Goldman Sachs International		319,133		—			319,133
9/25/14	Kenyan Shilling 246,560,000	United States Dollar 2,769,606	Standard Bank		—		(11,612	)		(11,612	)
9/25/14	Thai Baht 213,132,000	United States Dollar 6,539,296	Citibank NA		—		(82,093	)		(82,093	)
9/25/14	Thai Baht 247,904,000	United States Dollar 7,606,751	Goldman Sachs International		—		(94,903	)		(94,903	)
9/25/14	United States Dollar 6,539,797	Thai Baht 213,132,000	Citibank NA		81,591		—			81,591
9/25/14	United States Dollar 7,611,422	Thai Baht 247,904,000	Goldman Sachs International		90,232		—			90,232
9/29/14	United States Dollar 24,184,271	Peruvian New Sol 68,482,599	BNP Paribas		106,665		—			106,665
9/29/14	United States Dollar 23,066,596	Peruvian New Sol 65,255,401	Morgan Stanley & Co. International PLC		79,644		—			79,644
9/30/14	United States Dollar 2,925,610	Azerbaijani Manat 2,399,000	Standard Bank		126,553		—			126,553
10/1/14	Euro 7,744,000	United States Dollar 10,479,955	Goldman Sachs International		108,429		—			108,429
10/1/14	United States Dollar 544,023	New Turkish Lira 1,171,000	BNP Paribas		—		(4,615	)		(4,615	)
10/1/14	United States Dollar 3,962,417	New Turkish Lira 8,972,100	Citibank NA		170,478		—			170,478
10/1/14	United States Dollar 6,187,645	New Turkish Lira 14,010,500	Credit Suisse International		266,129		—			266,129
10/1/14	United States Dollar 4,362,669	New Turkish Lira 9,884,500	Credit Suisse International		190,511		—			190,511
10/1/14	United States Dollar 35,734,855	New Turkish Lira 80,608,900	HSBC Bank USA		1,396,703		—			1,396,703
10/2/14	Kenyan Shilling 77,600,000	United States Dollar 865,106	Citibank NA		—		(8,826	)		(8,826	)
10/7/14	Thai Baht 348,439,000	United States Dollar 10,688,313	Goldman Sachs International		—		(130,631	)		(130,631	)
10/7/14	United States Dollar 9,187,259	Indian Rupee 555,944,000	Deutsche Bank		—		(142,219	)		(142,219	)
10/7/14	United States Dollar 9,569,444	Indian Rupee 579,071,000	Goldman Sachs International		—		(148,136	)		(148,136	)
10/8/14	South African Rand 492,684,213	United States Dollar 45,154,817	Standard Chartered Bank		—		(300,556	)		(300,556	)
10/9/14	United States Dollar 5,890,798	Azerbaijani Manat 4,801,000	VTB Capital PLC		191,807		—			191,807
10/9/14	United States Dollar 5,825,660	Azerbaijani Manat 4,745,000	VTB Capital PLC		185,996		—			185,996
10/10/14	Australian Dollar 61,611,869	United States Dollar 57,531,315	Australia and New Zealand Banking Group Limited		536,206		—			536,206
10/10/14	Australian Dollar 26,374,131	United States Dollar 24,637,790	Deutsche Bank		239,951		—			239,951

19

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
10/15/14	Australian Dollar 27,282,758	United States Dollar 25,402,976	Nomura International PLC	$	173,356	$	—		$	173,356
10/15/14	Euro 55,229,000	United States Dollar 75,112,545	JPMorgan Chase Bank		1,140,488		—			1,140,488
10/15/14	United States Dollar 25,548,939	Australian Dollar 27,282,758	Morgan Stanley & Co. International PLC		—		(319,319	)		(319,319	)
10/16/14	Euro 58,714,735	Polish Zloty 244,541,000	BNP Paribas		—		(627,023	)		(627,023	)
10/16/14	Euro 54,876,301	Polish Zloty 228,579,000	JPMorgan Chase Bank		—		(578,154	)		(578,154	)
10/17/14	Russian Ruble 207,745,000	United States Dollar 5,515,598	Deutsche Bank		—		(185,817	)		(185,817	)
10/17/14	Russian Ruble 432,891,000	United States Dollar 11,484,043	HSBC Bank USA		—		(396,344	)		(396,344	)
10/17/14	Russian Ruble 503,195,000	United States Dollar 13,359,750	JPMorgan Chase Bank		—		(450,080	)		(450,080	)
10/17/14	Russian Ruble 680,319,000	United States Dollar 18,048,996	Morgan Stanley & Co. International PLC		—		(621,878	)		(621,878	)
10/17/14	United States Dollar 8,317,120	Kazakhstani Tenge 1,374,404,000	Citibank NA		—		(906,349	)		(906,349	)
10/20/14	Polish Zloty 47,734,000	United States Dollar 15,535,008	BNP Paribas		310,480		—			310,480
10/20/14	United States Dollar 6,639,915	Kazakhstani Tenge 1,096,250,000	Deutsche Bank		—		(732,079	)		(732,079	)
10/22/14	Euro 26,718,000	United States Dollar 36,417,436	Australia and New Zealand Banking Group Limited		631,120		—			631,120
10/22/14	United States Dollar 6,167,270	Indonesian Rupiah 73,261,004,000	Bank of America		—		(66,762	)		(66,762	)
10/22/14	United States Dollar 249,522	Indonesian Rupiah 2,950,596,000	BNP Paribas		—		(3,823	)		(3,823	)
10/22/14	United States Dollar 6,374,225	Indonesian Rupiah 75,764,039,000	Deutsche Bank		—		(65,287	)		(65,287	)
10/23/14	United States Dollar 4,282,246	Kazakhstani Tenge 705,500,000	JPMorgan Chase Bank		—		(482,225	)		(482,225	)
10/24/14	Canadian Dollar 34,563,260	United States Dollar 32,161,473	Deutsche Bank		525,096		—			525,096
10/24/14	Canadian Dollar 82,173,819	United States Dollar 76,447,873	Nomura International PLC		1,232,690		—			1,232,690
10/24/14	United States Dollar 19,866,620	Euro 14,727,000	Goldman Sachs International		—		(140,989	)		(140,989	)
10/24/14	United States Dollar 26,778,158	Singapore Dollar 33,193,000	Deutsche Bank		—		(170,065	)		(170,065	)
10/27/14	United States Dollar 6,174,598	Kazakhstani Tenge 1,018,500,000	HSBC Bank USA		—		(692,542	)		(692,542	)
10/29/14	Euro 54,553,229	United States Dollar 73,776,150	Goldman Sachs International		704,987		—			704,987
10/31/14	Australian Dollar 34,586,000	United States Dollar 32,287,760	JPMorgan Chase Bank		339,982		—			339,982
10/31/14	New Zealand Dollar 131,940,604	United States Dollar 111,384,258	Australia and New Zealand Banking Group Limited		253,836		—			253,836
11/5/14	Euro 2,140,695	United States Dollar 2,895,354	Goldman Sachs International		27,924		—			27,924
11/5/14	Swiss Franc 42,587,571	United States Dollar 46,871,381	Goldman Sachs International		—		(24,516	)		(24,516	)
11/5/14	Swiss Franc 84,340,903	United States Dollar 92,824,608	Goldman Sachs International		—		(48,552	)		(48,552	)

20

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
11/5/14	United States Dollar 7,601,216	Kazakhstani Tenge 1,250,400,000	Citibank NA	$	—	$	(881,590	)	$	(881,590	)
11/12/14	United States Dollar 7,411,298	Kazakhstani Tenge 1,213,600,000	Deutsche Bank		—		(897,225	)		(897,225	)
11/12/14	United States Dollar 20,011,628	Kazakhstani Tenge 3,269,900,000	Deutsche Bank		—		(2,460,239	)		(2,460,239	)
11/21/14	United States Dollar 4,153,846	Kazakhstani Tenge 675,000,000	JPMorgan Chase Bank		—		(536,298	)		(536,298	)
11/21/14	United States Dollar 6,279,213	Kazakhstani Tenge 1,021,000,000	VTB Capital PLC		—		(807,337	)		(807,337	)
12/3/14	United States Dollar 2,909,639	Kazakhstani Tenge 479,072,000	Deutsche Bank		—		(347,373	)		(347,373	)
12/3/14	United States Dollar 18,933,728	Kazakhstani Tenge 3,117,438,272	Deutsche Bank		—		(2,260,439	)		(2,260,439	)
12/9/14	Ghanaian Cedi 10,250,001	United States Dollar 3,424,315	Standard Bank		727,465		—			727,465
12/12/14	Ghanaian Cedi 5,200,001	United States Dollar 1,734,779	Standard Bank		369,464		—			369,464
12/19/14	Ghanaian Cedi 5,200,001	United States Dollar 1,729,011	Standard Bank		370,284		—			370,284
12/19/14	Thai Baht 213,132,000	United States Dollar 6,513,814	Citibank NA		—		(83,296	)		(83,296	)
12/19/14	Thai Baht 247,904,000	United States Dollar 7,580,003	Goldman Sachs International		—		(93,410	)		(93,410	)
12/22/14	United States Dollar 31,790,563	Kazakhstani Tenge 5,221,600,000	VTB Capital PLC		—		(3,953,326	)		(3,953,326	)
12/30/14	United States Dollar 5,580,365	Uruguyan Peso 131,585,000	Citibank NA		—		(130,267	)		(130,267	)
1/2/15	Euro 8,650,195	United States Dollar 11,771,185	Goldman Sachs International		181,536		—			181,536
1/2/15	Euro 3,000,000	United States Dollar 4,117,650	Goldman Sachs International		98,209		—			98,209
1/12/15	United States Dollar 3,318,143	Ugandan Shilling 9,075,120,000	Citibank NA		22,164		—			22,164
1/12/15	United States Dollar 2,345,786	Ugandan Shilling 6,403,995,000	Standard Chartered Bank		11,352		—			11,352
1/20/15	United States Dollar 5,469,861	Ugandan Shilling 14,899,900,000	Barclays Bank PLC		3,796		—			3,796
1/23/15	United States Dollar 2,554,939	Ugandan Shilling 6,906,000,000	Citibank NA		—		(19,774	)		(19,774	)
1/29/15	United States Dollar 3,243,553	Ugandan Shilling 8,725,157,000	Barclays Bank PLC		—		(45,212	)		(45,212	)
2/5/15	United States Dollar 2,770,572	Kazakhstani Tenge 459,915,000	Deutsche Bank		—		(337,239	)		(337,239	)
2/6/15	United States Dollar 5,080,645	Uruguayan Peso 126,000,000	Citibank NA		74,166		—			74,166
2/13/15	United States Dollar 5,070,423	Uruguayan Peso 126,000,000	Citibank NA		73,022		—			73,022
2/20/15	Argentine Peso 23,000,000	United States Dollar 2,207,294	Bank of America		—		(65,523	)		(65,523	)
2/20/15	Argentine Peso 45,000,000	United States Dollar 4,347,826	Citibank NA		—		(98,988	)		(98,988	)
2/20/15	United States Dollar 1,982,759	Argentine Peso 23,000,000	Bank of America		290,058		—			290,058
2/20/15	United States Dollar 3,879,310	Argentine Peso 45,000,000	Citibank NA		567,504		—			567,504
2/23/15	Argentine Peso 10,260,000	United States Dollar 983,230	Citibank NA		—		(28,454	)		(28,454	)
2/23/15	Argentine Peso 24,000,000	United States Dollar 2,314,368	Citibank NA		—		(52,142	)		(52,142	)

21

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
2/23/15	Argentine Peso 28,590,000	United States Dollar 2,755,928	Citibank NA	$	—	$	(63,177	)	$	(63,177	)
2/23/15	United States Dollar 5,418,103	Argentine Peso 62,850,000	Citibank NA		779,196		—			779,196
2/24/15	Argentine Peso 21,210,000	United States Dollar 2,031,026	Citibank NA		—		(58,873	)		(58,873	)
2/24/15	Argentine Peso 33,790,000	United States Dollar 3,231,019	Citibank NA		—		(98,433	)		(98,433	)
2/24/15	United States Dollar 4,741,379	Argentine Peso 55,000,000	Citibank NA		677,971		—			677,971
2/25/15	Argentine Peso 20,856,000	United States Dollar 1,993,881	Bank of America		—		(59,659	)		(59,659	)
2/25/15	Argentine Peso 33,660,000	United States Dollar 3,216,128	Citibank NA		—		(98,129	)		(98,129	)
2/25/15	Argentine Peso 44,660,000	United States Dollar 4,280,238	Citibank NA		—		(117,111	)		(117,111	)
2/25/15	Argentine Peso 60,680,000	United States Dollar 5,843,606	Citibank NA		—		(131,117	)		(131,117	)
2/25/15	United States Dollar 1,805,714	Argentine Peso 20,856,000	Bank of America		247,826		—			247,826
2/25/15	United States Dollar 12,034,632	Argentine Peso 139,000,000	Citibank NA		1,651,696		—			1,651,696
2/27/15	United States Dollar 3,376,414	Uruguayan Peso 83,600,000	Citibank NA		21,237		—			21,237
3/13/15	Euro 6,037,712	Serbian Dinar 765,280,000	Citibank NA		327,470		—			327,470
3/23/15	Euro 7,932,685	Romanian Leu 36,522,082	Bank of America		294,231		—			294,231
3/23/15	Euro 7,929,105	Romanian Leu 36,251,868	Bank of America		218,185		—			218,185
3/23/15	Euro 19,268,356	Romanian Leu 88,451,387	Citibank NA		636,856		—			636,856
3/23/15	Euro 9,490,976	Romanian Leu 43,382,304	Citibank NA		258,039		—			258,039
3/23/15	Euro 5,218,249	Romanian Leu 24,037,865	JPMorgan Chase Bank		197,453		—			197,453
3/23/15	Euro 11,219,478	Romanian Leu 51,637,648	Standard Chartered Bank		411,106		—			411,106
3/23/15	Euro 3,525,207	Romanian Leu 16,164,836	Standard Chartered Bank		111,241		—			111,241
3/23/15	Romanian Leu 21,354,000	Euro 4,662,445	JPMorgan Chase Bank		—		(139,456	)		(139,456	)
3/31/15	Euro 22,560,509	Romanian Leu 103,259,451	Bank of America		640,415		—			640,415
3/31/15	Euro 21,128,961	Romanian Leu 96,758,597	Citibank NA		615,134		—			615,134
3/31/15	United States Dollar 3,394,716	Uruguayan Peso 84,800,000	Citibank NA		17,460		—			17,460
3/31/15	United States Dollar 5,580,306	Uruguyan Peso 135,155,000	Citibank NA		—		(141,949	)		(141,949	)
4/30/15	United States Dollar 6,082,149	Uruguayan Peso 154,000,000	Citibank NA		57,301		—			57,301
5/21/15	United States Dollar 18,144,666	New Turkish Lira 41,677,027	Bank of America		159,372		—			159,372
5/21/15	United States Dollar 11,947,570	New Turkish Lira 27,420,869	Morgan Stanley & Co. International PLC		95,338		—			95,338

22

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
6/2/15	Philippine Peso 800,000,000	United States Dollar 18,136,066	Bank of America	$	—	$	(99,087	)	$	(99,087	)
6/2/15	Philippine Peso 1,625,246,000	United States Dollar 36,827,763	Goldman Sachs International		—		(217,999	)		(217,999	)
6/2/15	Philippine Peso 700,000,000	United States Dollar 15,861,866	JPMorgan Chase Bank		—		(93,893	)		(93,893	)
6/11/15	United States Dollar 1,148,292	Zambian Kwacha 8,572,000	Standard Chartered Bank		49,164		—			49,164
6/12/15	United States Dollar 712,235	Zambian Kwacha 5,210,000	Citibank NA		15,238		—			15,238
6/12/15	United States Dollar 472,028	Zambian Kwacha 3,363,200	Citibank NA		—		(2,424	)		(2,424	)
6/12/15	United States Dollar 1,153,206	Zambian Kwacha 8,110,500	Citibank NA		—		(20,736	)		(20,736	)
6/17/15	United States Dollar 1,139,782	Zambian Kwacha 8,395,000	Standard Chartered Bank		29,746		—			29,746
6/18/15	United States Dollar 1,563,215	Zambian Kwacha 11,438,000	Standard Chartered Bank		29,516		—			29,516
6/18/15	United States Dollar 666,557	Zambian Kwacha 4,860,000	Standard Chartered Bank		10,194		—			10,194
6/25/15	United States Dollar 2,218,608	Zambian Kwacha 15,774,300	Barclays Bank PLC		—		(29,020	)		(29,020	)
				$	48,014,798	$	(27,746,682	)	$	20,268,116

Futures Contracts

Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
Commodity Futures
12/14	274 Gold	Short	$	(35,591,230	)	$	(35,148,720	)	$	442,510
12/14	210 LME Copper	Long		34,103,423			37,330,126			3,226,703
12/14	210 LME Copper	Short		(38,457,021	)		(37,330,125	)		1,126,896
Equity Futures
8/14	3,205 SGX CNX Nifty Index	Long		50,138,643			49,351,347			(787,296	)
9/14	420 TOPIX Index	Long		50,425,315			52,202,818			1,777,503
Foreign Currency Futures
9/14	5 BMF U.S. Dollar	Long		247,553			251,952			4,399
Interest Rate Futures
9/14	1,061 Euro-Bobl	Short		(181,861,657	)		(182,379,398	)		(517,741	)
9/14	566 Euro-Bund	Short		(110,365,748	)		(112,161,977	)		(1,796,229	)
9/14	41 Euro-Schatz	Short		(6,071,782	)		(6,075,351	)		(3,569	)
9/14	855 IMM 10-Year Interest Rate Swap	Long		81,909,513			81,630,869			(278,644	)
9/14	234 Japan 10-Year Bond	Short		(330,030,234	)		(331,942,643	)		(1,912,409	)
9/14	345 U.K. Gilt	Short		(64,245,702	)		(64,467,038	)		(221,336	)
9/14	517 U.S. 2-Year Deliverable Interest Rate Swap	Short		(51,954,461	)		(51,885,797	)		68,664
9/14	809 U.S. 5-Year Deliverable Interest Rate Swap	Short		(82,072,645	)		(82,037,656	)		34,989
9/14	2,662 U.S. 5-Year Treasury Note	Short		(318,340,533	)		(316,341,267	)		1,999,266
9/14	1,573 U.S. 10-Year Deliverable Interest Rate Swap	Short		(163,769,666	)		(164,624,281	)		(854,615	)
9/14	3,331 U.S. 10-Year Treasury Note	Short		(416,289,606	)		(415,073,828	)		1,215,778
9/14	241 U.S. Long Treasury Bond	Short		(32,823,293	)		(33,114,907	)		(291,614	)
3/16	3,812 CME 90-Day Eurodollar	Short		(940,277,450	)		(939,896,250	)		381,200
									$	3,614,455

23

BMF	-	Brazilian Mercantile and Futures Exchange.
CME	-	Chicago Mercantile Exchange.
LME	-	London Metal Exchange.

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.

Euro-Schatz: Short-term debt securities issued by the Federal Republic of Germany with a term to maturity of 1.75 to 2.25 years.

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

SGX CNX Nifty Index: Price-weighted average of 50 large and highly liquid companies listed on the National Stock Exchange of India.

TOPIX Index: Market capitalization-weighted stock index for all companies listed on the First Section of the Tokyo Stock Exchange.

U.K. Gilt: Gilt issues having a maturity of 8.25 to 13 years from the calendar day of the delivery month.

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
LCH.Clearnet	GBP	33,739	Receives	6-month GBP LIBOR		2.00	%		2/20/19	$	(121,358	)
LCH.Clearnet	HUF	5,992,000	Receives	6-month HUF BUBOR		4.57			11/14/18		(2,191,286	)
LCH.Clearnet	HUF	7,698,000	Receives	6-month HUF BUBOR		4.43			11/15/18		(2,605,681	)
LCH.Clearnet	HUF	13,713,000	Receives	6-month HUF BUBOR		3.78			11/15/18		(2,443,037	)
LCH.Clearnet	NZD	235,000	Pays	3-month NZD Bank Bill		4.71			10/8/16		648,007
LCH.Clearnet	NZD	64,000	Pays	3-month NZD Bank Bill		4.74			10/10/16		187,950
LCH.Clearnet	NZD	244,000	Pays	3-month NZD Bank Bill		4.76			10/10/16		762,783
LCH.Clearnet	NZD	131,000	Pays	3-month NZD Bank Bill		4.74			10/12/16		386,046
										$	(5,376,576	)

GBP	-	British Pound Sterling
HUF	-	Hungarian Forint
NZD	-	New Zealand Dollar

Interest Rate Swaps

Counterparty

Notional Amount (000’s  omitted)

Portfolio Pays/Receives Floating Rate

Floating Rate Index

Annual Fixed Rate

Termination Date

Net Unrealized Appreciation (Depreciation)

Bank of America

HUF

589,390

Receives

6-month HUF BUBOR

7.32

%

12/16/16

$

(374,319

)

Bank of America

HUF

2,409,000

Pays

6-month HUF BUBOR

5.13

12/21/16

867,022

Bank of America

HUF

607,650

Pays

6-month HUF BUBOR

5.14

1/16/17

218,632

Bank of America

MYR

123,219

Pays

3-month MYR KLIBOR

3.51

1/15/16

(131,191

)

Bank of America

MYR

30,160

Receives

3-month MYR KLIBOR

4.58

1/15/24

(122,463

)

Bank of America

PLN

31,619

Pays

6-month PLN WIBOR

4.34

7/30/17

492,752

Bank of America

PLN

31,619

Receives

6-month PLN WIBOR

3.35

7/30/17

(207,859

)

Bank of America

PLN

14,470

Pays

6-month PLN WIBOR

3.83

11/14/17

267,685

Bank of America

PLN

14,470

Receives

6-month PLN WIBOR

3.61

11/14/17

(227,387

)

Bank of America

PLN

102,310

Receives

6-month PLN WIBOR

3.52

11/16/17

(1,493,989

)

Barclays Bank PLC

PLN

66,483

Pays

6-month PLN WIBOR

4.32

8/2/17

1,671,374

Barclays Bank PLC

PLN

28,300

Pays

6-month PLN WIBOR

4.35

8/27/17

714,949

Barclays Bank PLC

PLN

102,310

Pays

6-month PLN WIBOR

3.81

11/16/17

1,863,856

Barclays Bank PLC

PLN

173,050

Pays

6-month PLN WIBOR

3.82

11/19/17

3,185,565

Barclays Bank PLC

PLN

173,050

Receives

6-month PLN WIBOR

3.53

11/19/17

(2,546,469

)

Barclays Bank PLC

PLN

57,540

Pays

6-month PLN WIBOR

3.80

11/20/17

1,042,533

BNP Paribas

PLN

69,044

Pays

6-month PLN WIBOR

4.25

8/7/17

1,670,950

BNP Paribas

PLN

69,044

Receives

6-month PLN WIBOR

3.60

8/7/17

(1,122,224

)

BNP Paribas

PLN

15,700

Pays

6-month PLN WIBOR

3.85

11/13/17

294,370

BNP Paribas

PLN

15,700

Receives

6-month PLN WIBOR

3.38

11/13/17

(204,073

)

24

Counterparty	Notional Amount (000’s  omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation (Depreciation)
BNP Paribas	PLN	76,000	Pays	6-month PLN WIBOR		3.83	%		11/14/17	$	1,405,946
BNP Paribas	PLN	2,200	Pays	6-month PLN WIBOR		3.81			11/20/17		40,131
BNP Paribas	PLN	2,200	Receives	6-month PLN WIBOR		3.60			11/20/17		(34,280	)
Citibank NA	MYR	120,126	Pays	3-month MYR KLIBOR		3.51			1/15/16		(130,654	)
Citibank NA	MYR	82,320	Pays	3-month MYR KLIBOR		3.60			2/25/16		(51,579	)
Citibank NA	MYR	29,137	Receives	3-month MYR KLIBOR		4.58			1/15/24		(118,309	)
Citibank NA	MYR	19,892	Receives	3-month MYR KLIBOR		4.57			2/25/24		(85,870	)
Citibank NA	PLN	27,794	Pays	6-month PLN WIBOR		4.33			7/30/17		432,510
Citibank NA	PLN	41,457	Pays	6-month PLN WIBOR		4.31			8/2/17		1,039,653
Citibank NA	PLN	9,684	Pays	6-month PLN WIBOR		4.24			8/7/17		233,763
Citibank NA	PLN	29,987	Pays	6-month PLN WIBOR		4.30			8/10/17		744,334
Citibank NA	PLN	26,940	Pays	6-month PLN WIBOR		4.40			8/20/17		697,965
Citibank NA	PLN	31,670	Pays	6-month PLN WIBOR		4.30			9/18/17		777,927
Citibank NA	PLN	31,670	Receives	6-month PLN WIBOR		3.59			9/18/17		(499,045	)
Citibank NA	PLN	30,600	Pays	6-month PLN WIBOR		3.81			11/13/17		558,681
Citibank NA	PLN	24,940	Pays	6-month PLN WIBOR		3.82			11/14/17		458,312
Citibank NA	PLN	75,150	Pays	6-month PLN WIBOR		3.82			11/19/17		1,375,071
Citibank NA	PLN	75,150	Receives	6-month PLN WIBOR		3.60			11/19/17		(1,172,410	)
Credit Suisse International	HUF	589,390	Pays	6-month HUF BUBOR		5.20			12/16/16		218,044
Credit Suisse International	HUF	829,350	Pays	6-month HUF BUBOR		5.12			1/16/17		296,331
Credit Suisse International	HUF	1,437,000	Receives	6-month HUF BUBOR		7.63			1/16/17		(962,565	)
Credit Suisse International	HUF	680,000	Pays	6-month HUF BUBOR		5.22			1/20/17		251,199
Credit Suisse International	PLN	33,910	Pays	6-month PLN WIBOR		4.40			8/20/17		878,545
Deutsche Bank	CLP	4,209,192	Receives	6-month Sinacofi Chile Interbank Rate		4.78			5/10/18		(286,754	)
Deutsche Bank	CLP	12,138,861	Receives	6-month Sinacofi Chile Interbank Rate		4.74			5/14/18		(794,638	)
Deutsche Bank	MYR	124,694	Pays	3-month MYR KLIBOR		3.48			1/13/16		(151,813	)
Deutsche Bank	MYR	165,451	Pays	3-month MYR KLIBOR		3.60			2/26/16		(104,306	)
Deutsche Bank	MYR	30,518	Receives	3-month MYR KLIBOR		4.54			1/13/24		(94,502	)
Deutsche Bank	MYR	40,095	Receives	3-month MYR KLIBOR		4.56			2/26/24		(167,539	)
Deutsche Bank	PLN	19,510	Pays	6-month PLN WIBOR		3.79			11/16/17		350,626
Deutsche Bank	PLN	19,510	Receives	6-month PLN WIBOR		3.60			11/16/17		(304,557	)
Goldman Sachs International	MYR	118,649	Pays	3-month MYR KLIBOR		3.47			1/13/16		(149,872	)
Goldman Sachs International	MYR	28,780	Receives	3-month MYR KLIBOR		4.53			1/13/24		(82,060	)
Goldman Sachs International	PLN	20,449	Pays	6-month PLN WIBOR		4.35			8/1/17		522,164
Goldman Sachs International	PLN	37,986	Pays	6-month PLN WIBOR		3.80			11/20/17		688,246
JPMorgan Chase Bank	HUF	2,409,000	Receives	6-month HUF BUBOR		7.36			12/21/16		(1,539,117	)
JPMorgan Chase Bank	HUF	1,991,000	Pays	6-month HUF BUBOR		5.09			1/20/17		701,637
JPMorgan Chase Bank	HUF	2,671,000	Receives	6-month HUF BUBOR		7.75			1/20/17		(1,825,934	)
JPMorgan Chase Bank	MYR	79,910	Pays	3-month MYR KLIBOR		3.60			2/25/16		(50,069	)
JPMorgan Chase Bank	MYR	159,007	Pays	3-month MYR KLIBOR		3.60			2/26/16		(100,243	)
JPMorgan Chase Bank	MYR	19,640	Receives	3-month MYR KLIBOR		4.56			2/25/24		(81,077	)
JPMorgan Chase Bank	MYR	38,970	Receives	3-month MYR KLIBOR		4.57			2/26/24		(165,296	)
JPMorgan Chase Bank	NZD	178,000	Pays	3-month NZD Bank Bill		4.70			10/8/16		446,828
JPMorgan Chase Bank	NZD	13,240	Pays	3-month NZD Bank Bill		4.06			6/4/23		(533,336	)
JPMorgan Chase Bank	PLN	26,580	Pays	6-month PLN WIBOR		4.33			8/17/17		662,967
										$	9,154,769

CLP	-	Chilean Peso
HUF	-	Hungarian Forint
MYR	-	Malaysian Ringgit
NZD	-	New Zealand Dollar
PLN	-	Polish Zloty

25

Credit Default Swaps — Sell Protection

Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
Romania	BNP Paribas	$	6,620		1.00	%(1)		9/20/18		1.14	%	$	(28,621	)	$	203,543	$	174,922
Romania	Goldman Sachs International		6,470		1.00	(1)		9/20/18		1.14			(27,972	)		198,628		170,656
Russia	Barclays Bank PLC		8,230		1.00	(1)		3/20/19		2.30			(449,229	)		463,422		14,193
Russia	BNP Paribas		19,670		1.00	(1)		3/20/19		2.30			(1,073,674	)		1,067,700		(5,974	)
Russia	Deutsche Bank		32,960		1.00	(1)		3/20/19		2.30			(1,799,099	)		1,802,477		3,378
Russia	Goldman Sachs International		16,380		1.00	(1)		3/20/19		2.30			(894,091	)		889,117		(4,974	)
South Africa	Bank of America		5,575		1.00	(1)		9/20/15		0.60			31,737			20,712		52,449
South Africa	Bank of America		16,990		1.00	(1)		12/20/15		0.74			80,357			37,990		118,347
South Africa	Bank of America		5,160		1.00	(1)		12/20/15		0.74			24,405			12,093		36,498
South Africa	Bank of America		19,900		1.00	(1)		9/20/17		1.32			(171,127	)		409,482		238,355
South Africa	Bank of America		20,830		1.00	(1)		9/20/17		1.32			(179,125	)		223,502		44,377
South Africa	Bank of America		16,100		1.00	(1)		9/20/17		1.32			(138,449	)		153,982		15,533
South Africa	Bank of America		29,280		1.00	(1)		9/20/17		1.32			(251,788	)		236,538		(15,250	)
South Africa	Barclays Bank PLC		10,000		1.00	(1)		6/20/15		0.55			51,817			77,902		129,719
South Africa	Barclays Bank PLC		12,000		1.00	(1)		9/20/15		0.60			68,312			100,916		169,228
South Africa	Barclays Bank PLC		12,010		1.00	(1)		12/20/15		0.74			56,803			31,517		88,320
South Africa	Barclays Bank PLC		7,340		1.00	(1)		12/20/15		0.74			34,716			19,100		53,816
South Africa	Barclays Bank PLC		4,000		1.00	(1)		6/20/17		1.25			(24,049	)		78,032		53,983
South Africa	Barclays Bank PLC		11,400		1.00	(1)		9/20/17		1.32			(98,033	)		181,957		83,924
South Africa	Barclays Bank PLC		9,080		1.00	(1)		9/20/17		1.32			(78,082	)		135,150		57,068
South Africa	BNP Paribas		19,000		1.00	(1)		9/20/17		1.32			(163,387	)		314,277		150,890
South Africa	BNP Paribas		9,200		1.00	(1)		9/20/17		1.32			(79,114	)		176,088		96,974
South Africa	BNP Paribas		16,830		1.00	(1)		9/20/17		1.32			(144,727	)		235,530		90,803
South Africa	Citibank NA		5,000		1.00	(1)		6/20/15		0.55			25,909			25,929		51,838
South Africa	Citibank NA		4,600		1.00	(1)		6/20/17		1.25			(27,657	)		88,520		60,863
South Africa	Credit Suisse International		10,000		1.00	(1)		6/20/15		0.55			51,817			76,345		128,162
South Africa	Credit Suisse International		5,000		1.00	(1)		6/20/15		0.55			25,908			26,326		52,234
South Africa	Credit Suisse International		16,990		1.00	(1)		12/20/15		0.74			80,357			44,649		125,006
South Africa	Credit Suisse International		10,450		1.00	(1)		12/20/15		0.74			49,425			61,040		110,465
South Africa	Credit Suisse International		7,740		1.00	(1)		12/20/15		0.74			36,607			22,141		58,748
South Africa	Credit Suisse International		10,000		1.00	(1)		9/20/17		1.32			(85,993	)		222,948		136,955
South Africa	Deutsche Bank		12,500		1.00	(1)		9/20/15		0.60			71,158			67,797		138,955
South Africa	Deutsche Bank		5,500		1.00	(1)		9/20/15		0.60			31,309			30,696		62,005
South Africa	Deutsche Bank		5,575		1.00	(1)		9/20/15		0.60			31,736			21,881		53,617
South Africa	Deutsche Bank		1,450		1.00	(1)		9/20/15		0.60			8,254			7,247		15,501
South Africa	Deutsche Bank		13,005		1.00	(1)		12/20/15		0.74			61,510			34,128		95,638
South Africa	Deutsche Bank		16,940		1.00	(1)		9/20/17		1.32			(145,672	)		387,174		241,502
South Africa	Deutsche Bank		15,200		1.00	(1)		9/20/17		1.32			(130,710	)		312,770		182,060
South Africa	Deutsche Bank		9,200		1.00	(1)		9/20/17		1.32			(79,114	)		146,842		67,728
South Africa	Goldman Sachs International		17,335		1.00	(1)		12/20/15		0.74			81,989			47,749		129,738

26

Reference Entity	Counterparty	Notional Amount* (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Current Market Annual Fixed Rate***			Market Value			Unamortized Upfront Payments Received (Paid)		Net Unrealized Appreciation (Depreciation)
South Africa	Goldman Sachs International	$	8,020		1.00	%(1)		12/20/15		0.74	%	$	37,932		$	22,942	$	60,874
South Africa	Goldman Sachs International		10,690		1.00	(1)		9/20/17		1.32			(91,926	)		232,115		140,189
South Africa	Goldman Sachs International		8,022		1.00	(1)		12/20/17		1.40			(97,622	)		128,865		31,243
South Africa	HSBC Bank USA		9,200		1.00	(1)		9/20/17		1.32			(79,114	)		202,423		123,309
South Africa	HSBC Bank USA		9,146		1.00	(1)		9/20/17		1.32			(78,649	)		145,980		67,331
South Africa	HSBC Bank USA		7,300		1.00	(1)		12/20/17		1.40			(88,836	)		121,874		33,038
South Africa	JPMorgan Chase Bank		5,000		1.00	(1)		6/20/15		0.55			25,908			39,340		65,248
South Africa	JPMorgan Chase Bank		5,000		1.00	(1)		6/20/15		0.55			25,909			25,532		51,441
South Africa	JPMorgan Chase Bank		9,200		1.00	(1)		9/20/17		1.32			(79,114	)		170,787		91,673
South Africa	Morgan Stanley & Co. International PLC		4,400		1.00	(1)		6/20/17		1.25			(26,455	)		83,507		57,052
South Africa	Morgan Stanley & Co. International PLC		9,200		1.00	(1)		9/20/17		1.32			(79,114	)		168,134		89,020
South Africa	Nomura International PLC		8,900		1.00	(1)		9/20/17		1.32			(76,534	)		109,094		32,560
South Africa	Nomura International PLC		4,000		1.00	(1)		9/20/17		1.32			(34,398	)		38,345		3,947
South Africa	Nomura International PLC		7,068		1.00	(1)		12/20/17		1.40			(86,013	)		115,771		29,758
Turkey	Bank of America		94,932		1.00	(1)		12/20/17		1.38			(1,093,271	)		1,527,167		433,896
Turkey	Deutsche Bank		20,000		1.00	(1)		12/20/17		1.38			(230,326	)		321,738		91,412
Total		$	701,588									$	(7,217,210	)	$	12,147,451	$	4,930,241

Credit Default Swaps — Buy Protection

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Brazil	Bank of America	$	7,450		1.00	%(1)		12/20/20	$	346,778		$	(165,968	)	$	180,810
Brazil	Bank of America		5,080		1.00	(1)		12/20/20		236,461			(120,942	)		115,519
Brazil	Bank of America		4,575		1.00	(1)		12/20/20		212,954			(106,539	)		106,415
Brazil	Bank of America		3,600		1.00	(1)		12/20/20		167,570			(73,307	)		94,263
Brazil	Barclays Bank PLC		9,000		1.65			9/20/19		(77,847	)		—			(77,847	)
Brazil	Barclays Bank PLC		13,860		1.00	(1)		12/20/20		645,146			(337,668	)		307,478
Brazil	Goldman Sachs International		5,100		1.00	(1)		3/20/24		443,548			(578,503	)		(134,955	)
Brazil	Morgan Stanley & Co. International PLC		6,920		1.00	(1)		3/20/24		601,834			(785,748	)		(183,914	)
Bulgaria	Barclays Bank PLC		9,861		1.00	(1)		12/20/18		59,514			(102,506	)		(42,992	)
Bulgaria	BNP Paribas		4,574		1.00	(1)		6/20/18		7,086			(20,444	)		(13,358	)
Bulgaria	BNP Paribas		4,600		1.00	(1)		9/20/18		15,306			(41,381	)		(26,075	)
Bulgaria	BNP Paribas		6,620		1.00	(1)		9/20/18		22,027			(51,927	)		(29,900	)
Bulgaria	BNP Paribas		4,640		1.00	(1)		12/20/18		28,004			(42,321	)		(14,317	)
Bulgaria	Goldman Sachs International		6,470		1.00	(1)		9/20/18		21,528			(45,639	)		(24,111	)
Bulgaria	Goldman Sachs International		4,500		1.00	(1)		12/20/18		27,159			(46,606	)		(19,447	)
Bulgaria	Goldman Sachs International		9,000		1.00	(1)		12/20/18		54,318			(91,408	)		(37,090	)
China	Bank of America		22,200		1.00	(1)		3/20/17		(401,968	)		(349,380	)		(751,348	)
China	Barclays Bank PLC		37,413		1.00	(1)		3/20/17		(677,425	)		(535,821	)		(1,213,246	)
China	Deutsche Bank		13,655		1.00	(1)		3/20/17		(247,247	)		(185,858	)		(433,105	)
China	Deutsche Bank		15,969		1.00	(1)		3/20/17		(289,146	)		(217,354	)		(506,500	)

27

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Colombia	Barclays Bank PLC	$	20,000		1.00	%(1)		6/20/17	$	(279,234	)	$	(379,123	)	$	(658,357	)
Colombia	Deutsche Bank		6,634		1.00	(1)		6/20/22		123,786			(347,991	)		(224,205	)
Colombia	Deutsche Bank		14,170		1.00	(1)		6/20/22		264,402			(841,731	)		(577,329	)
Colombia	Goldman Sachs International		7,090		1.00	(1)		6/20/17		(98,988	)		(134,399	)		(233,387	)
Colombia	Goldman Sachs International		3,390		1.00	(1)		9/20/21		43,956			(106,764	)		(62,808	)
Colombia	Goldman Sachs International		5,380		1.00	(1)		6/20/22		100,387			(335,736	)		(235,349	)
Colombia	HSBC Bank USA		14,730		1.00	(1)		6/20/17		(205,655	)		(283,120	)		(488,775	)
Croatia	BNP Paribas		2,000		1.00	(1)		12/20/17		66,453			(91,269	)		(24,816	)
Croatia	BNP Paribas		8,480		1.00	(1)		6/20/18		367,551			(524,258	)		(156,707	)
Croatia	Citibank NA		1,500		1.00	(1)		12/20/17		49,840			(67,633	)		(17,793	)
Croatia	Citibank NA		5,000		1.00	(1)		12/20/17		166,132			(230,661	)		(64,529	)
Croatia	Citibank NA		3,070		1.00	(1)		3/20/18		117,508			(148,141	)		(30,633	)
Croatia	Citibank NA		4,050		1.00	(1)		3/20/18		155,019			(195,393	)		(40,374	)
Croatia	Citibank NA		4,287		1.00	(1)		3/20/18		164,091			(287,531	)		(123,440	)
Croatia	Citibank NA		2,670		1.00	(1)		6/20/18		115,727			(195,528	)		(79,801	)
Croatia	Citibank NA		13,270		1.00	(1)		6/20/18		575,166			(959,514	)		(384,348	)
Croatia	Deutsche Bank		410		1.00	(1)		12/20/17		13,623			(19,249	)		(5,626	)
Croatia	Goldman Sachs International		2,000		1.00	(1)		12/20/17		66,452			(90,416	)		(23,964	)
Croatia	HSBC Bank USA		6,508		1.00	(1)		3/20/18		249,102			(436,492	)		(187,390	)
Croatia	JPMorgan Chase Bank		2,967		1.00	(1)		6/20/18		128,599			(217,454	)		(88,855	)
Croatia	Morgan Stanley & Co. International PLC		1,611		1.00	(1)		12/20/16		22,706			(54,307	)		(31,601	)
Croatia	Morgan Stanley & Co. International PLC		1,385		1.00	(1)		12/20/17		46,018			(60,570	)		(14,552	)
Croatia	Morgan Stanley & Co. International PLC		1,595		1.00	(1)		12/20/17		52,996			(74,590	)		(21,594	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		12/20/17		83,066			(114,589	)		(31,523	)
Croatia	Morgan Stanley & Co. International PLC		2,500		1.00	(1)		12/20/17		83,066			(116,807	)		(33,741	)
Croatia	Morgan Stanley & Co. International PLC		3,082		1.00	(1)		3/20/18		117,968			(208,700	)		(90,732	)
Croatia	Morgan Stanley & Co. International PLC		2,816		1.00	(1)		6/20/18		122,054			(215,405	)		(93,351	)
Croatia	Morgan Stanley & Co. International PLC		6,310		1.00	(1)		6/20/18		273,497			(442,047	)		(168,550	)
Croatia	Morgan Stanley & Co. International PLC		5,869		1.00	(1)		6/20/18		254,382			(459,600	)		(205,218	)
Croatia	Nomura International PLC		5,000		1.00	(1)		3/20/18		191,382			(225,592	)		(34,210	)
Croatia	Nomura International PLC		40,700		1.00	(1)		3/20/18		1,557,846			(1,967,557	)		(409,711	)
Egypt	Bank of America		7,050		1.00	(1)		9/20/15		97,956			(76,750	)		21,206
Egypt	Barclays Bank PLC		9,000		1.00	(1)		9/20/15		125,049			(97,978	)		27,071
Egypt	Citibank NA		3,050		1.00	(1)		12/20/15		59,360			(56,898	)		2,462
Egypt	Citibank NA		4,550		1.00	(1)		6/20/20		507,440			(296,992	)		210,448
Egypt	Citibank NA		50		1.00	(1)		6/20/20		5,576			(3,428	)		2,148

28

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Egypt	Credit Suisse International	$	11,000		1.00	%(1)		12/20/15	$	214,086		$	(192,246	)	$	21,840
Egypt	Deutsche Bank		9,540		1.00	(1)		6/20/15		93,657			(68,062	)		25,595
Egypt	Deutsche Bank		710		1.00	(1)		6/20/15		6,970			(7,939	)		(969	)
Egypt	Deutsche Bank		8,200		1.00	(1)		9/20/15		113,934			(91,146	)		22,788
Egypt	Deutsche Bank		4,175		1.00	(1)		9/20/15		58,009			(58,315	)		(306	)
Egypt	Deutsche Bank		2,855		1.00	(1)		12/20/15		55,565			(48,450	)		7,115
Egypt	Deutsche Bank		5,100		1.00	(1)		6/20/20		568,779			(295,997	)		272,782
Egypt	Deutsche Bank		4,600		1.00	(1)		6/20/20		513,017			(301,684	)		211,333
Egypt	Deutsche Bank		4,550		1.00	(1)		6/20/20		507,440			(298,806	)		208,634
Egypt	Goldman Sachs International		9,700		1.00	(1)		9/20/15		134,775			(111,106	)		23,669
Guatemala	Citibank NA		18,256		1.00	(1)		9/20/20		1,378,024			(860,629	)		517,395
Lebanon	Barclays Bank PLC		4,200		1.00	(1)		12/20/14		(2,140	)		(24,980	)		(27,120	)
Lebanon	Barclays Bank PLC		4,900		1.00	(1)		3/20/15		(449	)		(44,588	)		(45,037	)
Lebanon	Barclays Bank PLC		4,900		1.00	(1)		3/20/15		(449	)		(50,997	)		(51,446	)
Lebanon	Barclays Bank PLC		6,700		1.00	(1)		3/20/15		(615	)		(59,895	)		(60,510	)
Lebanon	Barclays Bank PLC		5,000		1.00	(1)		12/20/15		39,471			(122,370	)		(82,899	)
Lebanon	Citibank NA		4,600		3.30			9/20/14		(70,101	)		—			(70,101	)
Lebanon	Citibank NA		4,300		1.00	(1)		12/20/14		(2,192	)		(25,574	)		(27,766	)
Lebanon	Citibank NA		4,500		1.00	(1)		12/20/14		(2,294	)		(26,226	)		(28,520	)
Lebanon	Citibank NA		5,500		1.00	(1)		12/20/14		(2,803	)		(33,205	)		(36,008	)
Lebanon	Citibank NA		2,800		1.00	(1)		3/20/15		(257	)		(22,298	)		(22,555	)
Lebanon	Citibank NA		6,000		1.00	(1)		9/20/15		19,106			(135,977	)		(116,871	)
Lebanon	Citibank NA		15,000		1.00	(1)		9/20/15		47,765			(315,721	)		(267,956	)
Lebanon	Credit Suisse International		4,600		1.00	(1)		3/20/15		(422	)		(41,338	)		(41,760	)
Lebanon	Credit Suisse International		8,800		1.00	(1)		3/20/15		(807	)		(78,624	)		(79,431	)
Lebanon	Credit Suisse International		9,900		1.00	(1)		6/20/15		15,369			(115,786	)		(100,417	)
Lebanon	Credit Suisse International		5,000		1.00	(1)		9/20/15		15,922			(105,430	)		(89,508	)
Lebanon	Credit Suisse International		4,450		1.00	(1)		12/20/15		35,130			(104,896	)		(69,766	)
Lebanon	Credit Suisse International		5,000		1.00	(1)		12/20/15		39,472			(120,921	)		(81,449	)
Lebanon	Credit Suisse International		8,300		1.00	(1)		12/20/15		65,523			(196,085	)		(130,562	)
Lebanon	Credit Suisse International		22,710		1.00	(1)		12/20/15		179,280			(562,377	)		(383,097	)
Lebanon	Deutsche Bank		6,100		1.00	(1)		3/20/15		(559	)		(50,604	)		(51,163	)
Lebanon	Deutsche Bank		4,900		1.00	(1)		6/20/15		7,606			(57,307	)		(49,701	)
Lebanon	Deutsche Bank		5,000		1.00	(1)		6/20/15		7,762			(59,245	)		(51,483	)
Lebanon	Deutsche Bank		6,700		1.00	(1)		9/20/15		21,336			(125,768	)		(104,432	)
Lebanon	Deutsche Bank		3,085		1.00	(1)		12/20/15		24,354			(75,993	)		(51,639	)
Lebanon	Deutsche Bank		5,000		1.00	(1)		12/20/15		39,472			(123,817	)		(84,345	)
Lebanon	Deutsche Bank		6,890		1.00	(1)		12/20/15		54,392			(169,025	)		(114,633	)
Lebanon	Goldman Sachs International		3,600		1.00	(1)		9/20/15		11,464			(75,910	)		(64,446	)
Lebanon	Goldman Sachs International		19,400		1.00	(1)		6/20/18		1,396,807			(2,033,821	)		(637,014	)
Lebanon	Goldman Sachs International		7,552		5.00	(1)		12/20/18		(592,661	)		374,089			(218,572	)
Lebanon	Goldman Sachs International		6,999		5.00	(1)		12/20/18		(549,263	)		320,658			(228,605	)
Lebanon	HSBC Bank USA		1,250		1.00	(1)		12/20/17		71,622			(120,650	)		(49,028	)
Lebanon	JPMorgan Chase Bank		10,000		5.00	(1)		12/20/17		(760,724	)		145,131			(615,593	)

29

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Mexico	Bank of America	$	14,100		1.00	%(1)		6/20/22	$	152,454		$	(818,060	)	$	(665,606	)
Mexico	Barclays Bank PLC		3,900		1.00	(1)		6/20/22		42,168			(237,344	)		(195,176	)
Mexico	Citibank NA		4,150		1.00	(1)		6/20/22		44,871			(217,602	)		(172,731	)
Mexico	Deutsche Bank		6,900		1.00	(1)		6/20/22		74,606			(356,657	)		(282,051	)
Mexico	Deutsche Bank		14,300		1.00	(1)		6/20/22		154,616			(768,137	)		(613,521	)
Philippines	Bank of America		9,300		1.00	(1)		9/20/15		(102,725	)		(46,713	)		(149,438	)
Philippines	Barclays Bank PLC		9,131		1.00	(1)		3/20/15		(61,412	)		(33,593	)		(95,005	)
Philippines	Barclays Bank PLC		10,000		1.00	(1)		6/20/15		(88,886	)		(51,406	)		(140,292	)
Philippines	Citibank NA		10,000		1.00	(1)		6/20/15		(88,886	)		(55,783	)		(144,669	)
Philippines	Deutsche Bank		9,750		1.00	(1)		3/20/15		(65,575	)		(38,967	)		(104,542	)
Philippines	Deutsche Bank		10,000		1.00	(1)		6/20/15		(88,886	)		(49,897	)		(138,783	)
Philippines	Deutsche Bank		9,500		1.00	(1)		9/20/15		(104,934	)		(59,780	)		(164,714	)
Philippines	Deutsche Bank		10,000		1.00	(1)		9/20/15		(110,457	)		(61,649	)		(172,106	)
Philippines	Goldman Sachs International		10,000		1.00	(1)		3/20/15		(67,257	)		(42,702	)		(109,959	)
Philippines	Goldman Sachs International		10,000		1.00	(1)		6/20/15		(88,886	)		(50,511	)		(139,397	)
Philippines	Goldman Sachs International		7,200		1.00	(1)		9/20/15		(79,529	)		(34,721	)		(114,250	)
Philippines	HSBC Bank USA		10,000		1.00	(1)		6/20/15		(88,886	)		(49,897	)		(138,783	)
Philippines	HSBC Bank USA		4,400		1.00	(1)		9/20/15		(48,601	)		(25,908	)		(74,509	)
Philippines	HSBC Bank USA		10,000		1.00	(1)		9/20/15		(110,457	)		(67,993	)		(178,450	)
Philippines	HSBC Bank USA		10,000		1.00	(1)		9/20/15		(110,456	)		(71,993	)		(182,449	)
Philippines	JPMorgan Chase Bank		10,000		1.00	(1)		6/20/15		(88,887	)		(54,233	)		(143,120	)
Philippines	Standard Chartered Bank		10,000		1.00	(1)		9/20/15		(110,456	)		(66,941	)		(177,397	)
Qatar	Bank of America		1,710		1.00	(1)		6/20/19		(39,408	)		42,098			2,690
Qatar	Bank of America		1,710		1.00	(1)		6/20/19		(39,408	)		39,660			252
Qatar	Barclays Bank PLC		13,218		1.00	(1)		12/20/18		(316,157	)		190,143			(126,014	)
Qatar	Barclays Bank PLC		3,800		1.00	(1)		3/20/19		(89,242	)		54,368			(34,874	)
Qatar	Barclays Bank PLC		15,980		1.00	(1)		9/20/23		(143,495	)		12,600			(130,895	)
Qatar	BNP Paribas		1,713		1.00	(1)		6/20/19		(39,477	)		29,806			(9,671	)
Qatar	Citibank NA		6,450		1.00	(1)		6/20/19		(148,645	)		146,896			(1,749	)
Qatar	Deutsche Bank		1,713		1.00	(1)		6/20/19		(39,477	)		28,093			(11,384	)
Qatar	Deutsche Bank		3,920		1.00	(1)		6/20/19		(90,339	)		64,287			(26,052	)
Qatar	Goldman Sachs International		2,200		1.00	(1)		3/20/19		(51,666	)		36,443			(15,223	)
Qatar	Goldman Sachs International		4,380		1.00	(1)		3/20/19		(102,863	)		61,075			(41,788	)
Qatar	Goldman Sachs International		3,700		1.00	(1)		12/20/23		(30,916	)		(11,871	)		(42,787	)
Qatar	JPMorgan Chase Bank		1,830		1.00	(1)		3/20/19		(42,977	)		28,610			(14,367	)
Qatar	JPMorgan Chase Bank		1,630		1.00	(1)		6/20/19		(37,564	)		40,182			2,618
Qatar	JPMorgan Chase Bank		2,000		1.00	(1)		6/20/19		(46,092	)		31,841			(14,251	)
Qatar	JPMorgan Chase Bank		3,284		1.00	(1)		6/20/19		(75,682	)		60,227			(15,455	)
Qatar	Nomura International PLC		1,380		1.00	(1)		3/20/19		(32,409	)		19,727			(12,682	)
Qatar	Nomura International PLC		3,460		1.00	(1)		3/20/19		(81,257	)		51,023			(30,234	)
Qatar	Nomura International PLC		9,620		1.00	(1)		9/20/24		(62,728	)		33,430			(29,298	)
Qatar	UBS AG		9,246		1.00	(1)		12/20/23		(77,257	)		(30,059	)		(107,316	)
Russia	Bank of America		32,210		1.00	(1)		9/20/17		935,486			(1,074,503	)		(139,017	)
Russia	Barclays Bank PLC		17,300		1.00	(1)		9/20/17		502,449			(615,198	)		(112,749	)
Russia	Citibank NA		13,760		1.00	(1)		9/20/17		399,637			(300,399	)		99,238
Russia	Credit Suisse International		28,990		1.00	(1)		9/20/17		841,966			(975,060	)		(133,094	)
Russia	Deutsche Bank		4,750		1.00	(1)		9/20/17		137,956			(99,562	)		38,394
Russia	Deutsche Bank		9,800		1.00	(1)		9/20/17		284,625			(348,494	)		(63,869	)

30

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Russia	Deutsche Bank	$	41,153		1.00	%(1)		6/20/18	$	1,695,640		$	(573,792	)	$	1,121,848
Russia	Deutsche Bank		35,840		1.00	(1)		6/20/18		1,476,728			(493,626	)		983,102
Russia	JPMorgan Chase Bank		17,700		1.00	(1)		9/20/17		514,067			(386,539	)		127,528
Russia	JPMorgan Chase Bank		7,900		1.00	(1)		9/20/17		229,442			(174,739	)		54,703
Russia	JPMorgan Chase Bank		16,870		1.00	(1)		6/20/18		695,100			(235,740	)		459,360
Russia	JPMorgan Chase Bank		16,587		1.00	(1)		6/20/18		683,439			(225,811	)		457,628
Russia	JPMorgan Chase Bank		8,550		1.00	(1)		6/20/18		352,289			(107,807	)		244,482
Russia	Morgan Stanley & Co. International PLC		9,180		1.00	(1)		9/20/17		266,617			(205,689	)		60,928
Serbia	Nomura International PLC		10,000		5.00	(1)		6/20/19		(1,126,863	)		1,058,408			(68,455	)
South Africa	Bank of America		6,300		1.00	(1)		12/20/19		282,847			(157,433	)		125,414
South Africa	Bank of America		5,575		1.00	(1)		9/20/20		319,332			(149,826	)		169,506
South Africa	Bank of America		16,990		1.00	(1)		12/20/20		1,040,134			(418,112	)		622,022
South Africa	Bank of America		5,160		1.00	(1)		12/20/20		315,897			(139,286	)		176,611
South Africa	Bank of America		29,280		1.00	(1)		9/20/22		2,585,463			(1,688,248	)		897,215
South Africa	Bank of America		20,830		1.00	(1)		9/20/22		1,839,316			(1,330,120	)		509,196
South Africa	Bank of America		16,100		1.00	(1)		9/20/22		1,421,651			(981,594	)		440,057
South Africa	Bank of America		19,900		1.00	(1)		9/20/22		1,757,197			(1,598,822	)		158,375
South Africa	Barclays Bank PLC		6,300		1.00	(1)		12/20/19		282,847			(181,986	)		100,861
South Africa	Barclays Bank PLC		5,000		1.00	(1)		3/20/20		245,367			(112,599	)		132,768
South Africa	Barclays Bank PLC		5,000		1.00	(1)		3/20/20		245,366			(128,241	)		117,125
South Africa	Barclays Bank PLC		5,000		1.00	(1)		3/20/20		245,367			(183,453	)		61,914
South Africa	Barclays Bank PLC		10,000		1.00	(1)		6/20/20		532,164			(534,841	)		(2,677	)
South Africa	Barclays Bank PLC		12,000		1.00	(1)		9/20/20		687,352			(575,907	)		111,445
South Africa	Barclays Bank PLC		12,010		1.00	(1)		12/20/20		735,256			(294,461	)		440,795
South Africa	Barclays Bank PLC		7,340		1.00	(1)		12/20/20		449,357			(190,744	)		258,613
South Africa	Barclays Bank PLC		10,850		1.00	(1)		9/20/22		958,069			(748,465	)		209,604
South Africa	Barclays Bank PLC		9,080		1.00	(1)		9/20/22		801,776			(671,812	)		129,964
South Africa	BNP Paribas		16,830		1.00	(1)		9/20/22		1,486,112			(1,174,154	)		311,958
South Africa	BNP Paribas		10,850		1.00	(1)		9/20/22		958,070			(769,011	)		189,059
South Africa	Citibank NA		3,910		1.00	(1)		12/20/19		175,545			(128,414	)		47,131
South Africa	Citibank NA		5,300		1.00	(1)		3/20/20		260,089			(186,278	)		73,811
South Africa	Citibank NA		4,600		1.00	(1)		3/20/20		225,737			(166,868	)		58,869
South Africa	Citibank NA		5,000		1.00	(1)		6/20/20		266,081			(194,518	)		71,563
South Africa	Credit Suisse International		5,100		1.00	(1)		3/20/20		250,274			(125,952	)		124,322
South Africa	Credit Suisse International		4,600		1.00	(1)		3/20/20		225,737			(138,207	)		87,530
South Africa	Credit Suisse International		5,000		1.00	(1)		6/20/20		266,082			(196,714	)		69,368
South Africa	Credit Suisse International		10,000		1.00	(1)		6/20/20		532,163			(522,072	)		10,091
South Africa	Credit Suisse International		16,990		1.00	(1)		12/20/20		1,040,133			(444,541	)		595,592
South Africa	Credit Suisse International		10,450		1.00	(1)		12/20/20		639,752			(353,144	)		286,608
South Africa	Credit Suisse International		7,740		1.00	(1)		12/20/20		473,845			(212,816	)		261,029
South Africa	Credit Suisse International		10,000		1.00	(1)		9/20/22		883,013			(834,255	)		48,758
South Africa	Deutsche Bank		12,500		1.00	(1)		9/20/20		715,992			(436,346	)		279,646
South Africa	Deutsche Bank		5,575		1.00	(1)		9/20/20		319,332			(148,472	)		170,860
South Africa	Deutsche Bank		5,500		1.00	(1)		9/20/20		315,037			(177,900	)		137,137
South Africa	Deutsche Bank		1,450		1.00	(1)		9/20/20		83,055			(46,945	)		36,110
South Africa	Deutsche Bank		13,005		1.00	(1)		12/20/20		796,171			(332,303	)		463,868

31

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
South Africa	Deutsche Bank	$	16,940		1.00	%(1)		9/20/22	$	1,495,824		$	(1,358,442	)	$	137,382
South Africa	Deutsche Bank		15,200		1.00	(1)		9/20/22		1,342,180			(1,213,685	)		128,495
South Africa	Goldman Sachs International		17,335		1.00	(1)		12/20/20		1,061,255			(451,888	)		609,367
South Africa	Goldman Sachs International		8,020		1.00	(1)		12/20/20		490,987			(212,454	)		278,533
South Africa	Goldman Sachs International		10,690		1.00	(1)		9/20/22		943,941			(830,776	)		113,165
South Africa	Goldman Sachs International		8,022		1.00	(1)		12/20/22		738,106			(653,493	)		84,613
South Africa	HSBC Bank USA		7,300		1.00	(1)		12/20/22		671,675			(571,075	)		100,600
South Africa	JPMorgan Chase Bank		5,200		1.00	(1)		12/20/19		233,461			(178,084	)		55,377
South Africa	JPMorgan Chase Bank		4,590		1.00	(1)		12/20/19		206,075			(188,654	)		17,421
South Africa	JPMorgan Chase Bank		5,100		1.00	(1)		3/20/20		250,274			(123,737	)		126,537
South Africa	JPMorgan Chase Bank		5,000		1.00	(1)		3/20/20		245,366			(125,651	)		119,715
South Africa	JPMorgan Chase Bank		5,200		1.00	(1)		3/20/20		255,182			(180,588	)		74,594
South Africa	JPMorgan Chase Bank		5,000		1.00	(1)		6/20/20		266,082			(190,118	)		75,964
South Africa	JPMorgan Chase Bank		5,000		1.00	(1)		6/20/20		266,081			(269,543	)		(3,462	)
South Africa	Nomura International PLC		8,900		1.00	(1)		9/20/22		785,882			(609,123	)		176,759
South Africa	Nomura International PLC		4,000		1.00	(1)		9/20/22		353,206			(252,327	)		100,879
South Africa	Nomura International PLC		7,068		1.00	(1)		12/20/22		650,329			(566,655	)		83,674
Spain	Bank of America		15,000		1.00	(1)		6/20/20		(186,955	)		(212,028	)		(398,983	)
Spain	Bank of America		7,500		1.00	(1)		9/20/20		(84,238	)		(354,548	)		(438,786	)
Spain	Barclays Bank PLC		11,400		1.00	(1)		3/20/20		(156,347	)		(77,135	)		(233,482	)
Spain	Barclays Bank PLC		10,000		1.00	(1)		6/20/20		(124,637	)		(500,982	)		(625,619	)
Spain	Barclays Bank PLC		7,412		1.00	(1)		9/20/20		(83,249	)		(444,007	)		(527,256	)
Spain	Barclays Bank PLC		4,700		1.00	(1)		12/20/20		(47,153	)		(306,741	)		(353,894	)
Spain	Barclays Bank PLC		44,330		1.00	(1)		12/20/20		(444,748	)		(2,936,884	)		(3,381,632	)
Spain	Citibank NA		2,500		1.00	(1)		3/20/20		(34,287	)		(79,542	)		(113,829	)
Spain	Citibank NA		11,400		1.00	(1)		3/20/20		(156,347	)		(176,131	)		(332,478	)
Spain	Citibank NA		5,000		1.00	(1)		9/20/20		(56,158	)		(173,686	)		(229,844	)
Spain	Deutsche Bank		9,200		1.00	(1)		3/20/20		(126,175	)		(134,222	)		(260,397	)
Spain	Deutsche Bank		10,000		1.00	(1)		6/20/20		(124,637	)		(314,324	)		(438,961	)
Spain	Deutsche Bank		13,950		1.00	(1)		6/20/20		(173,868	)		(581,768	)		(755,636	)
Spain	Deutsche Bank		12,825		1.00	(1)		12/20/20		(128,669	)		(728,671	)		(857,340	)
Spain	Deutsche Bank		23,922		1.00	(1)		12/20/20		(240,002	)		(1,584,844	)		(1,824,846	)
Spain	Goldman Sachs International		5,000		1.00	(1)		6/20/20		(62,319	)		(252,520	)		(314,839	)
Spain	Goldman Sachs International		8,543		1.00	(1)		9/20/20		(95,952	)		(522,666	)		(618,618	)
Spain	JPMorgan Chase Bank		5,000		1.00	(1)		9/20/20		(56,158	)		(169,120	)		(225,278	)
Spain	JPMorgan Chase Bank		15,000		1.00	(1)		9/20/20		(168,475	)		(1,005,124	)		(1,173,599	)
Thailand	Bank of America		4,000		1.00	(1)		9/20/15		(44,931	)		(6,379	)		(51,310	)
Thailand	Barclays Bank PLC		7,500		0.97			9/20/19		16,937			—			16,937
Thailand	Citibank NA		7,700		0.86			12/20/14		(30,987	)		—			(30,987	)
Thailand	Citibank NA		3,700		0.95			9/20/19		12,057			—			12,057
Thailand	Credit Suisse International		5,000		1.00	(1)		9/20/15		(56,163	)		(11,149	)		(67,312	)

32

Reference Entity	Counterparty	Notional Amount (000’s omitted)		Contract Annual Fixed Rate**			Termination Date		Market Value			Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation (Depreciation)
Thailand	Deutsche Bank	$	10,000		1.00	%(1)		3/20/15	$	(70,096	)	$	(10,489	)	$	(80,585	)
Thailand	Goldman Sachs International		4,700		1.00	(1)		9/20/15		(52,794	)		(6,984	)		(59,778	)
Thailand	Goldman Sachs International		9,000		1.00	(1)		9/20/15		(101,094	)		(13,386	)		(114,480	)
Thailand	HSBC Bank USA		10,000		1.00	(1)		9/20/15		(112,326	)		(14,874	)		(127,200	)
Thailand	JPMorgan Chase Bank		3,900		0.87			12/20/14		(15,893	)		—			(15,893	)
Thailand	Standard Chartered Bank		5,000		1.00	(1)		9/20/15		(56,163	)		(7,430	)		(63,593	)
Thailand	Standard Chartered Bank		5,000		1.00	(1)		9/20/15		(56,163	)		(10,623	)		(66,786	)
Tunisia	Barclays Bank PLC		7,030		1.00	(1)		9/20/17		365,443			(395,343	)		(29,900	)
Tunisia	Citibank NA		3,990		1.00	(1)		9/20/17		207,413			(241,179	)		(33,766	)
Tunisia	Deutsche Bank		13,700		1.00	(1)		6/20/17		626,834			(626,223	)		611
Tunisia	Deutsche Bank		7,390		1.00	(1)		6/20/17		338,124			(356,557	)		(18,433	)
Tunisia	Goldman Sachs International		6,700		1.00	(1)		9/20/17		348,288			(341,127	)		7,161
Tunisia	Goldman Sachs International		7,430		1.00	(1)		9/20/17		386,237			(398,173	)		(11,936	)
Tunisia	Goldman Sachs International		6,700		1.00	(1)		9/20/17		348,288			(377,708	)		(29,420	)
Tunisia	JPMorgan Chase Bank		8,770		1.00	(1)		9/20/17		455,894			(518,665	)		(62,771	)
Tunisia	Morgan Stanley & Co. International PLC		2,000		1.00	(1)		6/20/17		91,508			(96,429	)		(4,921	)
Tunisia	Nomura International PLC		5,700		1.00	(1)		12/20/17		329,581			(395,212	)		(65,631	)
									$	51,287,814		$	(66,961,948	)	$	(15,674,134	)

* 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 July 31, 2014, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $701,588,000.

** 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) 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.

33

Total Return Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Receives	Portfolio Pays	Termination Date	Net Unrealized Appreciation
JPMorgan Chase Bank	PLN	33,834	Negative Return on WIG20 Index	Positive Return on WIG20 Index	9/20/14	$	634,912
JPMorgan Chase Bank	PLN	84,989	Negative Return on WIG20 Index	Positive Return on WIG20 Index	9/20/14		1,504,285
						$	2,139,197

PLN - Polish Zloty

Cross-Currency Swaps

Counterparty	Portfolio Receives Fixed Rate on Notional Amount (000’s omitted)		Portfolio Pays Floating Rate on Notional Amount (000’s omitted)		Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation
Deutsche Bank	CLF	183	CLP	4,209,200	6-month Sinacofi Chile Interbank Rate		2.09	%		5/10/18	$	642,441
Deutsche Bank	CLF	529	CLP	12,138,861	6-month Sinacofi Chile Interbank Rate		2.11			5/14/18		1,888,849
											$	2,531,290

Counterparty	Notional Amount on Fixed Rate (Currency Received) (000’s omitted)*		Notional Amount on Floating  Rate (Currency Delivered) (000’s omitted)*		Floating Rate	Annual Fixed Rate			Termination Date		Net Unrealized Appreciation
Bank of America	TRY	26,000	$	14,619	3-month USD- LIBOR-BBA		6.97	%		8/18/21	$	2,688,286
Barclays Bank PLC	TRY	60,000		40,080	3-month USD- LIBOR-BBA		8.25			8/11/20		10,128,900
Barclays Bank PLC	TRY	25,350		16,650	3-month USD- LIBOR-BBA		8.32			8/16/20		3,673,568
Citibank NA	TRY	25,000		16,700	3-month USD- LIBOR-BBA		8.20			8/11/20		4,253,313
Citibank NA	TRY	3,909		2,449	3-month USD- LIBOR-BBA		8.23			2/25/21		591,544
Deutsche Bank	TRY	22,254		14,861	3-month USD- LIBOR-BBA		8.26			8/11/20		3,745,959
Deutsche Bank	TRY	14,321		8,996	3-month USD- LIBOR-BBA		8.20			2/24/21		2,199,203
JPMorgan Chase Bank	TRY	27,000		18,012	3-month USD- LIBOR-BBA		8.29			8/11/20		4,505,494
JPMorgan Chase Bank	TRY	20,000		13,333	3-month USD- LIBOR-BBA		8.36			8/11/20		3,291,623
JPMorgan Chase Bank	TRY	10,000		5,610	3-month USD- LIBOR-BBA		6.96			8/18/21		1,024,237
											$	36,102,127

34

Counterparty	Notional Amount  on Floating Rate (Currency  Received) (000’s omitted)*		Notional Amount on Fixed Rate (Currency Delivered) (000’s omitted)*		Floating Rate	Annual Fixed Rate	Termination Date		Net Unrealized Appreciation
JPMorgan Chase Bank	$	24,435	TRY	52,047	3-month USD-LIBOR-BBA	10.76%		4/8/16	$	1,665,610
									$	1,665,610
									$	40,299,027

CLF	-	Chilean Unidad de Fomento
CLP	-	Chilean Peso
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 options activity for the fiscal year to date ended July 31, 2014 was as follows:

	Principal Amount of  Contracts (000’s ommitted)			Principal Amount of Contracts (000’s ommitted)			Principal Amount of  Contracts (000’s ommitted)		Principal Amount of Contracts (000’s ommitted)		Principal Amount of Contracts (000’s ommitted)		Premiums Received
Outstanding, beginning of period	INR	23,640,919		COP	—		EUR	—	CNH	—	CNY	—	$	6,399,976
Options written		11,267,249			66,779,001			34,553		2,361,830		436,830		8,930,129
Options expired		(34,908,168	)		(66,779,001	)		—		—		—		(7,188,976	)
Outstanding, end of period	INR	—		COP	—		EUR	34,553	CNH	2,361,830	CNY	436,830	$	8,141,129

CNH	-	Yuan Renminbi Offshore
CNY	-	Yuan Renminbi
COP	-	Colombian Peso
EUR	-	Euro
INR	-	Indian Rupee

At July 31, 2014, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

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

Commodity Risk: The Portfolio invests in commodities-linked derivative investments, including commodity futures contracts, that provide exposure to the investment returns of certain commodities. Commodities-linked derivative investments are used to enhance total return and/or as a substitute for the purchase or sale of commodities.

Credit Risk: The Portfolio enters into credit default swap contracts to manage certain investment risks and/or to enhance total return.

Equity Price Risk: The Portfolio enters into equity futures contracts, options on equity indices and total return swaps to enhance total return and/or to manage certain investment risks.

Foreign Exchange Risk: The Portfolio engages in forward foreign currency exchange contracts, foreign currency futures contracts, options on currencies, total return swaps and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in currency exchange rates and/or as a substitute for the purchase or sale of securities or currencies.

Interest Rate Risk: The Portfolio utilizes various interest rate derivatives including interest rate futures contracts, interest rate swaps and swaptions and cross-currency swaps to enhance total return, to seek to hedge against fluctuations in interest rates, and/or to change the effective duration of its portfolio.

35

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2014 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Commodity	Futures Contracts*	$	4,796,109	$	—
Total		$	4,796,109	$	—
Credit	Credit Default Swaps	$	63,911,017	$	(19,840,413	)
Total		$	63,911,017	$	(19,840,413	)
Equity Price	Futures Contracts*	$	1,777,503	$	(787,296	)
Equity Price	Options Purchased		3,835,970		—
Equity Price	Total Return Swaps		2,139,197		—
Total		$	7,752,670	$	(787,296	)
Foreign Exchange	Currency Options Purchased	$	12,606,858	$	—
Foreign Exchange	Currency Options Written		—		(5,778,198	)
Foreign Exchange	Forward Foreign Currency Exchange Contracts		48,014,798		(27,746,682	)
Foreign Exchange	Futures Contracts*		4,399		—
Total		$	60,626,055	$	(33,524,880	)
Interest Rate	Cross-Currency Swaps	$	40,299,027	$	—
Interest Rate	Futures Contracts*		3,699,897		(5,876,157	)
Interest Rate	Interest Rate Swaps		25,070,568		(15,915,799	)
Interest Rate	Interest Rate Swaps (Centrally Cleared)		1,984,786		(7,361,362	)
Interest Rate	Interest Rate Swaptions Purchased		0		—
Total		$	71,054,278	$	(29,153,318	)

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

Reverse Repurchase Agreements

Reverse repurchase agreements outstanding as of July 31, 2014 were as follows:

Counterparty	Trade Date		Maturity Date(1)		Interest Rate Paid (Received)			Principal Amount		Value Including Accrued Interest
Barclays Bank PLC		6/25/14		Open		(1.85	)%	$	2,028,295	$	2,028,295
Barclays Bank PLC		7/10/14		Open		(1.75	)%		3,037,759		3,037,759
JPMorgan Chase Bank		7/1/14		Open		(2.00	)%		1,850,433		1,850,433
JPMorgan Chase Bank		7/16/14		Open		(2.25	)%		1,653,095		1,653,095
JPMorgan Chase Bank		7/23/14		Open		(1.75	)%		6,260,458		6,260,458
JPMorgan Chase Bank		7/23/14		Open		(2.25	)%		4,268,173		4,268,173

(1) Open reverse repurchase agreement with no specific maturity date. Either party may terminate the agreement upon demand.

Based on the short-term nature of the borrowings under the reverse repurchase agreements, the carrying value of the payable for reverse repurchase agreements approximated its fair value at July 31, 2014. If measured at fair value, borrowings under the reverse repurchase agreements would have been considered as Level 2 in the fair value hierarchy at July 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	4,446,181,181
Gross unrealized appreciation	$	141,432,188
Gross unrealized depreciation		(97,811,543	)
Net unrealized appreciation	$	43,620,645

36

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Foreign Government Bonds	$	—		$	2,105,945,589		$	—	$	2,105,945,589
Foreign Corporate Bonds		—			4,732,380			—		4,732,380
Corporate Bonds & Notes		—			614,397			—		614,397
Collateralized Mortgage Obligations		—			66,438,428			—		66,438,428
Mortgage Pass-Throughs		—			920,439,382			—		920,439,382
U.S. Government Agency Obligations		—			195,123,347			—		195,123,347
U.S. Treasury Obligations		—			161,056,720			—		161,056,720
Common Stocks		—			30,677,965	*		—		30,677,965
Investment Funds		—			12,671,638			—		12,671,638
Precious Metals		36,491,469			—			—		36,491,469
Currency Put Options Purchased		—			12,606,858			—		12,606,858
Interest Rate Swaptions Purchased		—			0			—		0
Call Options Purchased		—			3,835,970			—		3,835,970
Short-Term Investments —
Foreign Government Securities		—			766,234,820			—		766,234,820
U.S. Treasury Obligations		—			5,999,940			—		5,999,940
Repurchase Agreements		—			86,222,439			—		86,222,439
Other		—			80,710,484			—		80,710,484
Total Investments	$	36,491,469		$	4,453,310,357		$	—	$	4,489,801,826
Forward Foreign Currency Exchange Contracts	$	—		$	48,014,798		$	—	$	48,014,798
Futures Contracts		8,500,405			1,777,503			—		10,277,908
Swap Contracts		—			133,404,595			—		133,404,595
Total	$	44,991,874		$	4,636,507,253		$	—	$	4,681,499,127
Liability Description
Currency Put Options Written	$	—		$	(5,778,198	)	$	—	$	(5,778,198	)
Securities Sold Short		—			(54,761,523	)		—		(54,761,523	)
Forward Foreign Currency Exchange Contracts		—			(27,746,682	)		—		(27,746,682	)
Futures Contracts		(5,876,157	)		(787,296	)		—		(6,663,453	)
Swap Contracts		—			(43,117,574	)		—		(43,117,574	)
Total	$	(5,876,157	)	$	(132,191,273	)	$	—	$	(138,067,430	)

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments 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, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

37

Derivatives. Financial and commodities futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded, with adjustments for fair valuation for certain foreign financial futures contracts as described below.

Foreign Securities, Financial Futures Contracts and Currencies. Foreign securities, financial futures contracts and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities and certain exchange-traded foreign financial futures contracts generally is determined as of the close of trading on the principal exchange on which such securities and contracts trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities and certain foreign financial futures contracts to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities and foreign financial futures contracts that meet certain criteria, the Portfolio’s Trustees have approved the use of a fair value service that values such securities and foreign financial futures contracts to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities and foreign financial futures contracts.

For additional 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.

38

Eaton Vance

Government Obligations Fund

July 31, 2014 (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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $617,239,837 and the Fund owned 89.0% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Government Obligations Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Mortgage Pass-Throughs — 90.4%

Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
2.36%, with maturity at 2038(1)	$	4,692	$	5,036,773
2.364%, with maturity at 2036(1)		4,219		4,510,638
2.879%, with maturity at 2035(1)		7,207		7,658,298
2.904%, with maturity at 2034(1)		1,738		1,851,278
4.50%, with maturity at 2035		5,227		5,567,010
5.00%, with various maturities to 2018		1,974		2,090,765
5.50%, with various maturities to 2032		3,196		3,389,934
6.00%, with various maturities to 2035		13,710		15,393,542
6.50%, with various maturities to 2036		35,581		40,357,539
6.87%, with maturity at 2024		105		117,723
7.00%, with various maturities to 2035		20,747		23,787,955
7.09%, with maturity at 2023		433		491,193
7.25%, with maturity at 2022		640		728,068
7.31%, with maturity at 2027		139		163,567
7.50%, with various maturities to 2035		17,840		21,133,577
7.63%, with maturity at 2019		141		151,376
7.75%, with maturity at 2018		11		11,862
7.78%, with maturity at 2022		83		95,278
7.85%, with maturity at 2020		111		120,310
8.00%, with various maturities to 2028		4,445		4,978,645
8.13%, with maturity at 2019		271		299,189
8.15%, with various maturities to 2021		161		180,822
8.25%, with maturity at 2017		25		27,229
8.50%, with various maturities to 2031		4,275		4,986,482
9.00%, with various maturities to 2027		2,478		2,665,427
9.25%, with maturity at 2017		17		17,928
9.50%, with various maturities to 2026		944		1,062,732
10.50%, with maturity at 2020		333		378,917
11.00%, with maturity at 2015		5		5,589
			$	147,259,646
Federal National Mortgage Association:
1.917%, with various maturities to 2026(1)	$	1,838	$	1,884,223
1.932%, with various maturities to 2035(1)		20,442		21,144,636
1.951%, with various maturities to 2033(1)		2,666		2,767,079
1.988%, with maturity at 2022(1)		925		942,590
2.018%, with maturity at 2035(1)		1,319		1,359,739
2.021%, with maturity at 2031(1)		1,777		1,813,965
2.239%, with maturity at 2037(1)		4,288		4,478,450
2.261%, with maturity at 2040(1)		1,370		1,446,497
2.394%, with maturity at 2036(1)		4,878		5,228,175
2.571%, with maturity at 2036(1)		1,128		1,163,587
3.004%, with maturity at 2036(1)		1,221		1,261,341
3.508%, with maturity at 2021(1)		864		895,338
3.645%, with maturity at 2034(1)		4,826		5,246,805
3.714%, with maturity at 2036(1)		353		374,945
3.737%, with maturity at 2035(1)		5,294		5,755,942
3.888%, with maturity at 2036(1)		16,665		18,119,325
3.95%, with maturity at 2034(1)		4,518		4,911,824
4.188%, with maturity at 2035(1)		5,193		5,727,084
4.67%, with maturity at 2034(1)		12,868		14,172,326

1

Security	Principal Amount (000’s omitted)			Value
5.00%, with maturity at 2027	$	288		$	317,176
5.50%, with various maturities to 2030		2,339			2,493,515
6.00%, with various maturities to 2038		16,479			18,558,330
6.457%, with maturity at 2025(2)		133			145,840
6.50%, with various maturities to 2038		119,764			136,666,624
7.00%, with various maturities to 2036		66,086			76,013,470
7.50%, with various maturities to 2032		5,578			6,538,531
7.875%, with maturity at 2021		479			549,968
8.00%, with various maturities to 2032		23,655			28,412,465
8.021%, with maturity at 2030(2)		9			11,402
8.25%, with maturity at 2025		195			227,473
8.33%, with maturity at 2020		331			368,081
8.485%, with maturity at 2021(2)		47			54,010
8.50%, with various maturities to 2032		4,054			4,848,719
9.00%, with various maturities to 2030		523			615,043
9.415%, with maturity at 2020(2)		5			5,646
9.50%, with various maturities to 2030		1,049			1,207,806
9.589%, with maturity at 2021(2)		40			44,340
9.644%, with maturity at 2025(2)		17			19,251
9.75%, with maturity at 2019		10			11,082
9.838%, with maturity at 2021(2)		44			50,996
9.935%, with maturity at 2025(2)		12			13,286
9.993%, with maturity at 2023(2)		29			33,222
10.069%, with maturity at 2025(2)		4			4,700
10.102%, with maturity at 2021(2)		31			34,530
11.00%, with maturity at 2020		122			130,243
11.255%, with maturity at 2021(2)		3			2,760
11.499%, with maturity at 2019(2)		6			6,521
11.90%, with maturity at 2018(2)		2			2,100
12.679%, with maturity at 2015(2)		2			2,414
				$	376,083,415
Government National Mortgage Association:
1.625%, with maturity at 2027(1)	$	223		$	229,035
2.00%, with maturity at 2026(1)		252			262,517
6.00%, with various maturities to 2033		34,175			38,910,863
6.10%, with maturity at 2033		8,660			9,689,838
6.50%, with various maturities to 2034		9,150			10,553,441
7.00%, with various maturities to 2034		22,661			26,124,046
7.25%, with maturity at 2022		0	(6)		275
7.50%, with various maturities to 2025		3,364			3,874,012
8.00%, with various maturities to 2027		4,935			5,710,656
8.25%, with maturity at 2019		61			67,626
8.30%, with maturity at 2020		21			23,068
8.50%, with various maturities to 2018		520			559,139
9.00%, with various maturities to 2027		3,911			4,819,656
9.50%, with various maturities to 2026		2,308			2,763,146
				$	103,587,318
Total Mortgage Pass-Throughs (identified cost $607,153,185)				$	626,930,379

2

Collateralized Mortgage Obligations — 4.6%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 30, Class I, 7.50%, 4/25/24	$	146	$	167,852
Series 1822, Class Z, 6.90%, 3/15/26		714		800,175
Series 1829, Class ZB, 6.50%, 3/15/26		298		328,783
Series 1896, Class Z, 6.00%, 9/15/26		367		402,329
Series 2075, Class PH, 6.50%, 8/15/28		177		197,829
Series 2091, Class ZC, 6.00%, 11/15/28		642		717,295
Series 2102, Class Z, 6.00%, 12/15/28		168		188,720
Series 2115, Class K, 6.00%, 1/15/29		1,225		1,353,195
Series 2142, Class Z, 6.50%, 4/15/29		404		462,219
Series 2245, Class A, 8.00%, 8/15/27		5,594		6,642,048
			$	11,260,445
Federal National Mortgage Association:
Series G-8, Class E, 9.00%, 4/25/21	$	164	$	185,909
Series G92-44, Class ZQ, 8.00%, 7/25/22		113		120,830
Series G93-36, Class ZQ, 6.50%, 12/25/23		6,830		7,682,636
Series 1993-16, Class Z, 7.50%, 2/25/23		226		256,286
Series 1993-39, Class Z, 7.50%, 4/25/23		647		740,734
Series 1993-45, Class Z, 7.00%, 4/25/23		769		872,062
Series 1993-149, Class M, 7.00%, 8/25/23		241		269,420
Series 1993-178, Class PK, 6.50%, 9/25/23		526		583,725
Series 1993-250, Class Z, 7.00%, 12/25/23		54		55,512
Series 1994-40, Class Z, 6.50%, 3/25/24		539		597,959
Series 1994-42, Class K, 6.50%, 4/25/24		2,449		2,719,821
Series 1994-82, Class Z, 8.00%, 5/25/24		966		1,111,609
Series 1997-81, Class PD, 6.35%, 12/18/27		343		383,357
Series 2000-49, Class A, 8.00%, 3/18/27		549		641,155
Series 2001-81, Class HE, 6.50%, 1/25/32		1,215		1,358,374
Series 2002-1, Class G, 7.00%, 7/25/23		331		369,821
Series 2005-37, Class SU, 28.58%, 3/25/35(3)		1,785		2,545,813
			$	20,495,023
Government National Mortgage Association:
Series 1998-19, Class ZB, 6.50%, 7/20/28	$	351	$	402,891
			$	402,891
Total Collateralized Mortgage Obligations (identified cost $29,742,838)			$	32,158,359
U.S. Government Agency Obligations — 1.2%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Bank:
4.75%, 3/10/23	$	4,500	$	5,226,417
5.75%, 6/12/26		2,720		3,375,022
Total U.S. Government Agency Obligations (identified cost $7,416,931)			$	8,601,439

3

U.S. Treasury Obligations — 1.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bond, 7.125%, 2/15/23(4)	$	6,000	$	8,207,814
Total U.S. Treasury Obligations (identified cost $6,165,479)			$	8,207,814
Short-Term Investments — 1.8%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(5)	$	12,721	$	12,721,272
Total Short-Term Investments (identified cost $12,721,272)			$	12,721,272
Total Investments — 99.2% (identified cost $663,199,705)			$	688,619,263
Other Assets, Less Liabilities — 0.8%			$	5,207,811
Net Assets — 100.0%			$	693,827,074

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

(1) Adjustable rate mortgage security. Rate shown is the rate at July 31, 2014.

(2) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at July 31, 2014.

(3) Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at July 31, 2014.

(4) Security (or a portion thereof) has been pledged to cover margin requirements on open derivative 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $12,432.

(6) Principal amount is less than $500.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	672,692,688
Gross unrealized appreciation	$	21,776,164
Gross unrealized depreciation		(5,849,589	)
Net unrealized appreciation	$	15,926,575

A summary of open financial instruments at July 31, 2014 is as follows:

Futures Contracts

Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation
9/14	260 U.S. 10-Year Treasury Note	Short	$	(32,500,001	)	$	(32,398,438	)	$	101,563
9/14	95 U.S. Ultra-Long Treasury Bond	Long		14,107,500			14,330,156			222,656
									$	324,219

4

Centrally Cleared Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate		Floating Rate Index	Annual Fixed Rate	Termination Date		Net Unrealized Depreciation
CME Group, Inc.	$	1,000		Receives	3-month USD- LIBOR-BBA	1.664%		2/24/19	$	(1,960	)
									$	(1,960	)

Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Effective Date/ Termination Date	Net Unrealized Appreciation (Depreciation)
Deutsche Bank AG	$	20,000	Pays	3-month USD- LIBOR-BBA		2.61	%	June 1, 2017/ June 1, 2022	$	(538,300	)
Deutsche Bank AG		20,000	Receives	3-month USD- LIBOR-BBA		2.82		June 1, 2017/ June 1, 2047		2,774,500
									$	2,236,200

The effective date represents the date on which the Portfolio and the counterparty to the interest rate swap contract begin interest payment accruals.

Written swaptions activity for the fiscal year to date ended July 31, 2014 was as follows:

	Notional Amount			Premiums Received
Outstanding, beginning of period	$	200,000,000		$	2,530,000
Swaptions expired		(200,000,000	)		(2,530,000	)
Outstanding, end of period	$	—		$	—

At July 31, 2014, 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 objective. Because the Portfolio holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Portfolio utilizes various interest rate derivatives including U.S. Treasury futures, interest rate swaps and swaptions to enhance total return, to change the overall duration of the portfolio and to hedge against fluctuations in securities prices due to changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at July 31, 2014 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Futures contracts	$	324,219	(1)	$	—
Swap contracts		2,774,500			(538,300	)
Swap contracts (centrally cleared)		—			(1,960	)
Total	$	3,098,719		$	(540,260	)

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

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)

5

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Mortgage Pass-Throughs	$	—	$	626,930,379		$	—	$	626,930,379
Collateralized Mortgage Obligations		—		32,158,359			—		32,158,359
U.S. Government Agency Obligations		—		8,601,439			—		8,601,439
U.S. Treasury Obligations		—		8,207,814			—		8,207,814
Short-Term Investments		—		12,721,272			—		12,721,272
Total Investments	$	—	$	688,619,263		$	—	$	688,619,263
Futures Contracts	$	324,219	$	—		$	—	$	324,219
Swap Contracts		—		2,774,500			—		2,774,500
Total	$	324,219	$	691,393,763		$	—	$	691,717,982
Liability Description
Swap Contracts	$	—	$	(540,260	)	$	—	$	(540,260	)
Total	$	—	$	(540,260	)	$	—	$	(540,260	)

The Portfolio held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

High Income Opportunities Fund

July 31, 2014 (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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $551,571,356 and the Fund owned 51.0% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

High Income Opportunities Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Corporate Bonds & Notes — 80.3%

Security	Principal Amount (000’s omitted)		Value
Aerospace — 0.9%
Alliant Techsystems, Inc., 5.25%, 10/1/21(1)	$	1,415	$	1,450,375
GenCorp, Inc., 7.125%, 3/15/21		1,525		1,635,562
Huntington Ingalls Industries, Inc., 7.125%, 3/15/21		80		86,000
TransDigm, Inc., 6.00%, 7/15/22(1)		3,055		3,074,094
TransDigm, Inc., 6.50%, 7/15/24(1)		2,440		2,467,450
TransDigm, Inc., 7.50%, 7/15/21		490		537,775
			$	9,251,256
Automotive & Auto Parts — 1.9%
American Axle & Manufacturing, Inc., 5.125%, 2/15/19	$	660	$	686,400
Chrysler Group, LLC/CG Co-Issuer, Inc., 8.00%, 6/15/19		2,140		2,289,800
Chrysler Group, LLC/CG Co-Issuer, Inc., 8.25%, 6/15/21		6,275		6,918,187
Ford Motor Credit Co., LLC, 12.00%, 5/15/15		1,305		1,421,808
General Motors Financial Co., Inc., 3.25%, 5/15/18		340		340,425
General Motors Financial Co., Inc., 4.25%, 5/15/23		490		483,263
General Motors Financial Co., Inc., 4.75%, 8/15/17		320		336,000
General Motors Financial Co., Inc., 6.75%, 6/1/18		1,375		1,557,188
Navistar International Corp., 8.25%, 11/1/21		3,285		3,404,081
Schaeffler Finance Holding BV, 6.875%, 8/15/18(1)(2)		2,700		2,848,500
			$	20,285,652
Banks & Thrifts — 0.3%
JPMorgan Chase & Co., 6.75% to 2/1/24, 1/29/49(3)	$	2,700	$	2,895,750
			$	2,895,750
Broadcasting — 1.5%
AMC Networks, Inc., 4.75%, 12/15/22	$	1,030	$	1,032,575
AMC Networks, Inc., 7.75%, 7/15/21		2,825		3,107,500
Clear Channel Communications, Inc., 11.25%, 3/1/21		1,500		1,655,625
Crown Media Holdings, Inc., 10.50%, 7/15/19		4,695		5,234,925
Sirius XM Radio, Inc., 5.875%, 10/1/20(1)		665		681,625
Sirius XM Radio, Inc., 6.00%, 7/15/24(1)		2,995		3,017,462
Starz, LLC/Starz Finance Corp., 5.00%, 9/15/19		1,475		1,504,500
			$	16,234,212
Building Materials — 1.7%
Builders FirstSource, Inc., 7.625%, 6/1/21(1)	$	445	$	466,137
HD Supply, Inc., 7.50%, 7/15/20		2,195		2,315,725
HD Supply, Inc., 8.125%, 4/15/19		815		884,275
Hillman Group, Inc. (The), 6.375%, 7/15/22(1)		2,885		2,856,150
Interface, Inc., 7.625%, 12/1/18		1,138		1,197,745
Interline Brands, Inc., 10.00%, 11/15/18(2)		3,115		3,301,900
Nortek, Inc., 8.50%, 4/15/21		1,655		1,803,950
Nortek, Inc., 10.00%, 12/1/18		1,815		1,932,975
Rexel SA, 5.25%, 6/15/20(1)		2,700		2,754,000
USG Corp., 5.875%, 11/1/21(1)		880		907,500
			$	18,420,357
Cable/Satellite TV — 4.3%
Altice SA, 7.75%, 5/15/22(1)	$	5,560	$	5,699,000

1

Security	Principal Amount (000’s omitted)		Value
Cablevision Systems Corp., 7.75%, 4/15/18	$	790	$	881,838
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.25%, 9/30/22		2,165		2,129,819
CCO Holdings, LLC/CCO Holdings Capital Corp., 5.75%, 1/15/24		2,010		1,999,950
CCO Holdings, LLC/CCO Holdings Capital Corp., 7.25%, 10/30/17		2,120		2,215,400
CCO Holdings, LLC/CCO Holdings Capital Corp., 8.125%, 4/30/20		125		133,594
CSC Holdings, LLC, 5.25%, 6/1/24(1)		1,210		1,161,600
CSC Holdings, LLC, 6.75%, 11/15/21		5,020		5,402,775
DISH DBS Corp., 5.875%, 7/15/22		3,500		3,666,250
DISH DBS Corp., 6.75%, 6/1/21		5,985		6,598,462
Numericable Group SA, 4.875%, 5/15/19(1)		3,430		3,451,437
Numericable Group SA, 6.00%, 5/15/22(1)		3,700		3,704,625
Numericable Group SA, 6.25%, 5/15/24(1)		1,300		1,308,125
Unitymedia Hessen GmbH & Co. KG/Unitymedia NRW GmbH, 5.50%, 1/15/23(1)		2,370		2,393,700
UPCB Finance V, Ltd., 7.25%, 11/15/21(1)		1,170		1,275,300
UPCB Finance VI, Ltd., 6.875%, 1/15/22(1)		1,875		2,015,625
Virgin Media Finance PLC, 6.375%, 4/15/23(1)		1,050		1,107,750
VTR Finance BV, 6.875%, 1/15/24(1)		1,615		1,677,581
			$	46,822,831
Capital Goods — 0.7%
Accudyne Industries Borrower/Accudyne Industries, LLC, 7.75%, 12/15/20(1)	$	2,070	$	2,178,675
CNH Industrial Capital, LLC, 6.25%, 11/1/16		1,910		2,053,250
Harbinger Group, Inc., 7.875%, 7/15/19		2,065		2,250,850
Manitowoc Co., Inc. (The), 5.875%, 10/15/22		820		883,550
Milacron, LLC/Mcron Finance Corp., 7.75%, 2/15/21(1)		520		562,900
			$	7,929,225
Chemicals — 2.0%
Axalta Coating Systems US Holdings, Inc./Axalta Coating Systems Dutch Holding B BV, 7.375%, 5/1/21(1)	$	2,825	$	3,015,687
Celanese US Holdings, LLC, 5.875%, 6/15/21		960		1,044,000
Celanese US Holdings, LLC, 6.625%, 10/15/18		805		839,816
Chemtura Corp., 5.75%, 7/15/21		725		739,500
Ineos Finance PLC, 8.375%, 2/15/19(1)		2,900		3,142,875
Kissner Milling Co., Ltd., 7.25%, 6/1/19(1)		3,400		3,485,000
Kraton Polymers, LLC, 6.75%, 3/1/19		905		953,644
Polymer Group, Inc., 7.75%, 2/1/19		1,683		1,775,565
Rockwood Specialties Group, Inc., 4.625%, 10/15/20		2,825		2,948,594
Tronox Finance, LLC, 6.375%, 8/15/20		3,735		3,791,025
			$	21,735,706
Consumer Products — 1.0%
Alphabet Holding Co., Inc., 7.75%, 11/1/17(2)	$	5,685	$	5,805,806
CBC Ammo, LLC/CBC FinCo, Inc., 7.25%, 11/15/21(1)		2,430		2,454,300
Spectrum Brands, Inc., 6.375%, 11/15/20		1,110		1,173,825
Tempur Sealy International, Inc., 6.875%, 12/15/20		1,230		1,314,563
			$	10,748,494
Containers — 2.4%
Ardagh Finance Holdings SA, 8.625%, 6/15/19(1)(2)	$	695	$	703,688
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 3.232%, 12/15/19(1)(4)		1,105		1,085,662
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 6.00%, 6/30/21(1)		670		641,525
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 6.25%, 1/31/19(1)		785		785,000
Ardagh Packaging Finance PLC/Ardagh MP Holdings USA, Inc., 7.00%, 11/15/20(1)		520		514,509
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holding II Issuer, Inc., 5.625%, 12/15/16(1)		785		779,113
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holding II Issuer, Inc., 6.00%, 6/15/17(1)		1,085		1,071,437

2

Security	Principal Amount (000’s omitted)		Value
BOE Merger Corp., 9.50%, 11/1/17(1)(2)	$	1,940	$	2,039,425
BWAY Holding Co., 10.00%, 6/15/18		550		578,188
Reynolds Group Holdings, Inc., 6.875%, 2/15/21		3,905		4,090,487
Reynolds Group Holdings, Inc., 7.125%, 4/15/19		2,290		2,381,600
Reynolds Group Holdings, Inc., 7.875%, 8/15/19		1,145		1,223,719
Reynolds Group Holdings, Inc., 9.875%, 8/15/19		4,270		4,622,275
Sealed Air Corp., 8.375%, 9/15/21(1)		3,955		4,439,487
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc., 6.375%, 5/1/22(1)		1,320		1,303,500
			$	26,259,615
Diversified Financial Services — 3.8%
Alliance Data Systems Corp., 6.375%, 4/1/20(1)	$	1,155	$	1,221,413
Ally Financial, Inc., 5.50%, 2/15/17		1,200		1,280,250
Ally Financial, Inc., 6.25%, 12/1/17		4,075		4,431,562
Ally Financial, Inc., 8.00%, 11/1/31		1,900		2,379,750
AWAS Aviation Capital, Ltd., 7.00%, 10/17/16(1)		1,730		1,779,449
CIT Group, Inc., 5.25%, 3/15/18		605		639,788
CIT Group, Inc., 5.375%, 5/15/20		230		244,663
CIT Group, Inc., 5.50%, 2/15/19(1)		1,020		1,092,038
E*TRADE Financial Corp., 6.375%, 11/15/19		1,005		1,070,325
Icahn Enterprises, LP/Icahn Enterprises Finance Corp., 3.50%, 3/15/17		1,530		1,526,175
Icahn Enterprises, LP/Icahn Enterprises Finance Corp., 6.00%, 8/1/20		1,390		1,456,025
International Lease Finance Corp., 6.25%, 5/15/19		975		1,060,313
International Lease Finance Corp., 8.25%, 12/15/20		1,565		1,885,825
International Lease Finance Corp., 8.625%, 1/15/22		1,815		2,250,600
International Lease Finance Corp., 8.75%, 3/15/17		1,230		1,398,356
Navient, LLC, 5.50%, 1/15/19		4,845		5,026,687
Navient, LLC, 6.125%, 3/25/24		1,630		1,595,362
Navient, LLC, 7.25%, 1/25/22		150		164,625
Navient, LLC, 8.00%, 3/25/20		6,065		6,868,612
Neuberger Berman Group, LLC/Neuberger Berman Finance Corp., 5.625%, 3/15/20(1)		3,320		3,494,300
			$	40,866,118
Diversified Media — 1.0%
Clear Channel Worldwide Holdings, Inc., Series A, 6.50%, 11/15/22	$	1,095	$	1,149,750
Clear Channel Worldwide Holdings, Inc., Series B, 6.50%, 11/15/22		2,125		2,241,875
Clear Channel Worldwide Holdings, Inc., Series A, 7.625%, 3/15/20		445		467,250
IAC/InterActiveCorp, 4.875%, 11/30/18		1,845		1,904,962
National CineMedia, LLC, 6.00%, 4/15/22		1,215		1,260,562
Nielsen Co. Luxembourg S.a.r.l. (The), 5.50%, 10/1/21(1)		1,135		1,160,538
Southern Graphics, Inc., 8.375%, 10/15/20(1)		1,845		1,955,700
WMG Acquisition Corp., 5.625%, 4/15/22(1)		365		363,175
			$	10,503,812
Energy — 12.5%
American Energy-Permian Basin, LLC/AEPB Finance Corp., 7.125%, 11/1/20(1)	$	885	$	855,131
American Energy-Permian Basin, LLC/AEPB Finance Corp., 7.375%, 11/1/21(1)		1,260		1,217,475
AmeriGas Finance LLC/AmeriGas Finance Corp., 6.75%, 5/20/20		1,150		1,216,125
AmeriGas Finance LLC/AmeriGas Finance Corp., 7.00%, 5/20/22		4,260		4,579,500
AmeriGas Partners LP/AmeriGas Finance Corp., 6.25%, 8/20/19		1,260		1,319,850
Antero Resources Finance Corp., 5.375%, 11/1/21		2,680		2,723,550
Antero Resources Finance Corp., 6.00%, 12/1/20		425		445,188
Athlon Holdings LP/Athlon Finance Corp., 6.00%, 5/1/22(1)		1,205		1,211,025
Atlas Pipeline Partners, LP/Atlas Pipeline Finance Corp., 4.75%, 11/15/21		535		508,250
Berry Petroleum Co., 6.375%, 9/15/22		1,660		1,701,500
Bonanza Creek Energy, Inc., 6.75%, 4/15/21		1,965		2,053,425
Calfrac Holdings, LP, 7.50%, 12/1/20(1)		825		874,500
Chesapeake Energy Corp., 3.484%, 4/15/19(4)		2,195		2,203,231

3

Security	Principal Amount (000’s omitted)		Value
Chesapeake Energy Corp., 6.125%, 2/15/21	$	2,910	$	3,171,900
Chesapeake Energy Corp., 7.25%, 12/15/18		2,990		3,401,125
Concho Resources, Inc., 5.50%, 4/1/23		3,450		3,588,000
Concho Resources, Inc., 6.50%, 1/15/22		1,340		1,433,800
Concho Resources, Inc., 7.00%, 1/15/21		1,585		1,703,875
CrownRock, LP/CrownRock Finance, Inc., 7.125%, 4/15/21(1)		2,030		2,070,600
CVR Refining, LLC/Coffeyville Finance, Inc., 6.50%, 11/1/22		3,645		3,790,800
Denbury Resources, Inc., 5.50%, 5/1/22		965		949,319
Endeavor Energy Resources, LP/EER Finance, Inc., 7.00%, 8/15/21(1)		3,500		3,736,250
Energy Transfer Equity, LP, 5.875%, 1/15/24(1)		1,585		1,624,625
EP Energy, LLC/Everest Acquisition Finance, Inc., 6.875%, 5/1/19		3,950		4,157,375
EP Energy, LLC/Everest Acquisition Finance, Inc., 7.75%, 9/1/22		795		870,525
EP Energy, LLC/Everest Acquisition Finance, Inc., 9.375%, 5/1/20		2,880		3,204,000
EPL Oil & Gas, Inc., 8.25%, 2/15/18		1,120		1,176,000
Harvest Operations Corp., 6.875%, 10/1/17		800		866,000
Holly Energy Partners, LP/Holly Energy Finance Corp., 6.50%, 3/1/20		575		603,750
Kinder Morgan, Inc., 5.00%, 2/15/21(1)		3,120		3,178,500
Kodiak Oil & Gas Corp., 5.50%, 1/15/21		410		432,550
Kodiak Oil & Gas Corp., 8.125%, 12/1/19		3,420		3,762,342
Laredo Petroleum, Inc., 7.375%, 5/1/22		2,030		2,222,850
MEG Energy Corp., 6.375%, 1/30/23(1)		2,190		2,261,175
Memorial Resource Development Corp., 5.875%, 7/1/22(1)		850		827,688
Murphy Oil USA, Inc., 6.00%, 8/15/23		3,995		4,224,712
Oasis Petroleum, Inc., 6.50%, 11/1/21		890		947,850
Oasis Petroleum, Inc., 6.875%, 3/15/22(1)		4,050		4,404,375
Oasis Petroleum, Inc., 6.875%, 1/15/23		1,420		1,544,250
Parsley Energy LLC/Parsley Finance Corp., 7.50%, 2/15/22(1)		1,090		1,139,050
PBF Holding Co., LLC/PBF Finance Corp., 8.25%, 2/15/20		1,700		1,831,750
Plains Exploration & Production Co., 6.875%, 2/15/23		928		1,078,800
Precision Drilling Corp., 6.50%, 12/15/21		2,210		2,359,175
Precision Drilling Corp., 6.625%, 11/15/20		1,000		1,050,000
Range Resources Corp., 6.75%, 8/1/20		1,580		1,682,700
Rice Energy, Inc., 6.25%, 5/1/22(1)		3,465		3,447,675
Rosetta Resources, Inc., 5.625%, 5/1/21		1,740		1,761,750
Rosetta Resources, Inc., 5.875%, 6/1/22		2,735		2,796,538
Sabine Pass Liquefaction, LLC, 5.625%, 2/1/21		3,625		3,770,000
Sabine Pass Liquefaction, LLC, 5.625%, 4/15/23(1)		2,400		2,448,000
Sabine Pass Liquefaction, LLC, 5.625%, 4/15/23		1,470		1,499,400
Sabine Pass Liquefaction, LLC, 5.75%, 5/15/24(1)		4,810		4,888,162
Sabine Pass LNG, LP, 6.50%, 11/1/20		2,260		2,384,300
Samson Investment Co., 10.75% to 8/19/14, 2/15/20(1)(5)		4,200		4,273,500
SandRidge Energy, Inc., 8.125%, 10/15/22		405		433,350
SESI, LLC, 6.375%, 5/1/19		3,445		3,634,475
Seven Generations Energy, Ltd., 8.25%, 5/15/20(1)		3,905		4,246,687
Seventy Seven Energy, Inc., 6.50%, 7/15/22(1)		725		732,250
Seventy Seven Operating, LLC, 6.625%, 11/15/19		1,025		1,081,375
SM Energy Co., 6.50%, 1/1/23		1,685		1,815,588
Tesoro Corp., 5.375%, 10/1/22		1,970		1,989,700
Triangle USA Petroleum Corp., 6.75%, 7/15/22(1)		1,335		1,340,006
Ultra Petroleum Corp., 5.75%, 12/15/18(1)		530		552,525
WPX Energy, Inc., 5.25%, 1/15/17		715		754,325
WPX Energy, Inc., 6.00%, 1/15/22		670		703,500
			$	134,757,567
Entertainment/Film — 0.3%
Activision Blizzard, Inc., 6.125%, 9/15/23(1)	$	1,070	$	1,155,600
Cinemark USA, Inc., 7.375%, 6/15/21		695		755,813
Regal Entertainment Group, 5.75%, 3/15/22		1,065		1,091,625
			$	3,003,038

4

Security	Principal Amount (000’s omitted)		Value
Environmental — 0.7%
ADS Waste Holdings, Inc., 8.25%, 10/1/20	$	1,145	$	1,225,150
Clean Harbors, Inc., 5.125%, 6/1/21		1,180		1,180,000
Covanta Holding Corp., 5.875%, 3/1/24		1,570		1,577,850
Covanta Holding Corp., 6.375%, 10/1/22		1,970		2,102,975
Darling Ingredients, Inc., 5.375%, 1/15/22(1)		1,250		1,289,063
			$	7,375,038
Food/Beverage/Tobacco — 1.2%
ASG Consolidated, LLC/ASG Finance, Inc., 15.00%, 5/15/17(1)(2)	$	2,880	$	2,616,261
Constellation Brands, Inc., 4.25%, 5/1/23		2,840		2,790,300
Constellation Brands, Inc., 6.00%, 5/1/22		565		623,619
Cott Beverages, Inc., 5.375%, 7/1/22(1)		2,650		2,620,187
Pinnacle Operating Corp., 9.00%, 11/15/20(1)		1,210		1,303,775
Post Holdings, Inc., 6.00%, 12/15/22(1)		1,250		1,239,063
Post Holdings, Inc., 6.75%, 12/1/21(1)		1,015		1,056,869
Post Holdings, Inc., 7.375%, 2/15/22		490		518,175
			$	12,768,249
Gaming — 3.3%
Boyd Gaming Corp. Step Coupon HoldCo Note, 6.00% to 11/20/15, 11/20/18(2)(5)(6)(7)	$	2,449	$	2,561,320
Buffalo Thunder Development Authority, 9.375%, 12/15/14(1)(8)		5,755		2,417,100
Caesars Entertainment Operating Co., Inc., 8.50%, 2/15/20		1,875		1,650,000
Caesars Entertainment Operating Co., Inc., 9.00%, 2/15/20		1,105		925,438
GLP Capital, LP/GLP Financing II, Inc., 4.875%, 11/1/20		3,475		3,544,500
MGM Resorts International, 6.625%, 12/15/21		1,060		1,147,450
MGM Resorts International, 7.75%, 3/15/22		3,900		4,485,000
New Cotai, LLC/New Cotai Capital Corp., 10.625%, 5/1/19(1)(2)		2,422		2,721,423
Penn National Gaming, Inc., 5.875%, 11/1/21		1,345		1,260,938
Station Casinos, LLC, 7.50%, 3/1/21		2,530		2,688,125
Studio City Finance, Ltd., 8.50%, 12/1/20(1)		7,210		7,949,025
Tunica-Biloxi Gaming Authority, 9.00%, 11/15/15(1)		3,605		2,235,100
Waterford Gaming, LLC, 8.625%, 9/15/14(1)(6)		2,281		702,938
Wynn Macau, Ltd., 5.25%, 10/15/21(1)		1,875		1,879,687
			$	36,168,044
Health Care — 9.3%
Air Medical Group Holdings, Inc., 9.25%, 11/1/18	$	1,352	$	1,422,980
Alere, Inc., 6.50%, 6/15/20		1,020		1,048,050
Alere, Inc., 8.625%, 10/1/18		1,300		1,360,125
Amsurg Corp., 5.625%, 11/30/20		2,035		2,080,787
Amsurg Corp., 5.625%, 7/15/22(1)		1,825		1,840,969
Biomet, Inc., 6.50%, 8/1/20		4,205		4,546,236
Capsugel SA, 7.00%, 5/15/19(1)(2)		785		792,359
CHS/Community Health Systems, Inc., 5.125%, 8/15/18		1,325		1,361,438
CHS/Community Health Systems, Inc., 6.875%, 2/1/22(1)		3,555		3,652,762
CHS/Community Health Systems, Inc., 7.125%, 7/15/20		2,685		2,869,594
ConvaTec Finance International SA, 8.25%, 1/15/19(1)(2)		4,550		4,652,375
ConvaTec Healthcare E SA, 10.50%, 12/15/18(1)		3,420		3,672,225
Endo Finance, LLC & Endo Finco, Inc., 7.00%, 7/15/19(1)		915		966,469
Endo Finance, LLC & Endo Finco, Inc., 7.00%, 12/15/20(1)		540		571,725
Endo Finance, LLC & Endo Finco, Inc., 7.25%, 1/15/22(1)		185		196,563
Fresenius Medical Care US Finance II, Inc., 5.625%, 7/31/19(1)		1,510		1,615,700
Fresenius Medical Care US Finance II, Inc., 5.875%, 1/31/22(1)		1,260		1,382,850
Grifols Worldwide Operations, Ltd., 5.25%, 4/1/22(1)		1,290		1,298,063
HCA Holdings, Inc., 6.25%, 2/15/21		1,030		1,089,740
HCA, Inc., 6.50%, 2/15/20		505		549,819
HCA, Inc., 7.50%, 2/15/22		1,530		1,736,550
Hologic, Inc., 6.25%, 8/1/20		5,415		5,672,212

5

Security	Principal Amount (000’s omitted)		Value
IMS Health, Inc., 6.00%, 11/1/20(1)	$	1,710	$	1,791,225
INC Research, LLC, 11.50%, 7/15/19(1)		3,110		3,498,750
Jaguar Holding Co. I, 9.375%, 10/15/17(1)(2)		815		831,300
Jaguar Holding Co. II/Jaguar Merger Sub, Inc., 9.875%, 1/15/19(1)		1,435		1,582,087
Kinetic Concepts, Inc./KCI USA, Inc., 10.50%, 11/1/18		3,630		4,029,300
MPH Acquisition Holdings, LLC, 6.625%, 4/1/22(1)		8,020		8,240,550
Opal Acquisition, Inc., 8.875%, 12/15/21(1)		2,235		2,321,606
Pharmaceutical Product Development, Inc., 9.50%, 12/1/19(1)		4,700		5,099,500
ResCare, Inc., 10.75%, 1/15/19		2,925		3,173,625
Salix Pharmaceuticals, Ltd., 6.00%, 1/15/21(1)		1,825		1,911,687
STHI Holding Corp., 8.00%, 3/15/18(1)		1,395		1,469,981
Teleflex, Inc., 5.25%, 6/15/24(1)		845		859,788
Teleflex, Inc., 6.875%, 6/1/19		545		579,063
Tenet Healthcare Corp., 5.00%, 3/1/19(1)		875		864,063
Tenet Healthcare Corp., 6.00%, 10/1/20		1,615		1,699,787
Tenet Healthcare Corp., 8.125%, 4/1/22		4,945		5,538,400
United Surgical Partners International, Inc., 9.00%, 4/1/20		1,775		1,934,750
Valeant Pharmaceuticals International, Inc., 6.375%, 10/15/20(1)		4,395		4,554,319
Valeant Pharmaceuticals International, Inc., 7.50%, 7/15/21(1)		1,530		1,658,137
VWR Funding, Inc., 7.25%, 9/15/17		1,545		1,637,700
WellCare Health Plans, Inc., 5.75%, 11/15/20		3,100		3,177,500
			$	100,832,709
Homebuilders/Real Estate — 0.3%
Brookfield Residential Properties, Inc., 6.50%, 12/15/20(1)	$	1,750	$	1,841,875
CB Richard Ellis Service, Inc., 6.625%, 10/15/20		1,145		1,206,544
			$	3,048,419
Hotels — 0.4%
Hilton Worldwide Finance, LLC/Hilton Worldwide Finance Corp., 5.625%, 10/15/21(1)	$	3,310	$	3,473,431
Playa Resorts Holding B.V., 8.00%, 8/15/20(1)		1,175		1,245,500
			$	4,718,931
Insurance — 0.7%
A-S Co-Issuer Subsidiary, Inc./A-S Merger Sub, LLC, 7.875%, 12/15/20(1)	$	1,790	$	1,866,075
Hub Holdings, LLC/Hub Holdings Finance, Inc., 8.125%, 7/15/19(1)(2)		1,840		1,826,200
USI, Inc., 7.75%, 1/15/21(1)		3,370		3,361,575
			$	7,053,850
Leisure — 1.1%
MISA Investments, Ltd., 8.625%, 8/15/18(1)(2)	$	2,160	$	2,212,380
NCL Corp., Ltd., 5.00%, 2/15/18		905		927,625
Royal Caribbean Cruises, 7.25%, 6/15/16		535		589,837
Royal Caribbean Cruises, 7.25%, 3/15/18		1,355		1,537,925
Seven Seas Cruises, S. DE R.L., 9.125%, 5/15/19		3,180		3,450,300
Viking Cruises, Ltd., 8.50%, 10/15/22(1)		3,110		3,428,775
			$	12,146,842
Metals/Mining — 2.2%
Alpha Natural Resources, Inc., 7.50%, 8/1/20(1)	$	600	$	555,000
CONSOL Energy, Inc., 5.875%, 4/15/22(1)		3,295		3,346,484
Eldorado Gold Corp., 6.125%, 12/15/20(1)		3,720		3,822,300
First Quantum Minerals, Ltd., 6.75%, 2/15/20(1)		1,433		1,468,825
First Quantum Minerals, Ltd., 7.00%, 2/15/21(1)		1,433		1,483,155
IAMGOLD Corp., 6.75%, 10/1/20(1)		2,210		2,044,250
Imperial Metals Corp., 7.00%, 3/15/19(1)		1,055		1,090,606
KGHM International, Ltd., 7.75%, 6/15/19(1)		3,720		3,989,700
New Gold, Inc., 6.25%, 11/15/22(1)		1,535		1,623,263
New Gold, Inc., 7.00%, 4/15/20(1)		905		969,481

6

Security	Principal Amount (000’s omitted)		Value
Novelis, Inc., 8.375%, 12/15/17	$	1,025	$	1,078,813
SunCoke Energy Inc., 7.625%, 8/1/19		477		505,978
SunCoke Energy Partners, LP/SunCoke Energy Partners Finance Corp., 7.375%, 2/1/20(1)		525		553,875
SunCoke Energy Partners, LP/SunCoke Energy Partners Finance Corp., 7.375%, 2/1/20(1)		1,200		1,272,000
			$	23,803,730
Paper — 0.6%
Domtar Corp., 10.75%, 6/1/17	$	2,300	$	2,840,560
Weyerhaeuser Real Estate Co., 4.375%, 6/15/19(1)		1,860		1,839,075
Weyerhaeuser Real Estate Co., 5.875%, 6/15/24(1)		1,940		1,976,375
			$	6,656,010
Publishing/Printing — 0.7%
McGraw-Hill Global Education Holdings, LLC/McGraw-Hill Global Education Finance, 9.75%, 4/1/21	$	3,625	$	4,069,062
MHGE Parent, LLC/MHGE Parent Finance, Inc., 8.50%, 8/1/19(1)(2)		2,665		2,595,044
RR Donnelley & Sons Co., 6.00%, 4/1/24		500		496,250
			$	7,160,356
Railroad — 0.2%
Florida East Coast Holdings Corp., 6.75%, 5/1/19(1)	$	840	$	871,500
Watco Cos., LLC/Watco Finance Corp., 6.375%, 4/1/23(1)		1,045		1,065,900
			$	1,937,400
Restaurants — 0.5%
NPC International, Inc., 10.50%, 1/15/20	$	5,030	$	5,608,450
			$	5,608,450
Services — 5.7%
ADT Corp. (The), 6.25%, 10/15/21	$	1,080	$	1,120,500
Algeco Scotsman Global Finance PLC, 10.75%, 10/15/19(1)		1,990		1,990,000
Audatex North America, Inc., 6.00%, 6/15/21(1)		1,610		1,694,525
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 9.75%, 3/15/20		2,550		2,849,625
BlueLine Rental Finance Corp., 7.00%, 2/1/19(1)		865		901,763
Carlson Travel Holdings, Inc., 7.50%, 8/15/19(1)(2)		1,985		2,019,738
Carlson Wagonlit BV, 6.875%, 6/15/19(1)		3,655		3,906,281
FTI Consulting, Inc., 6.00%, 11/15/22		1,230		1,262,288
Garda World Security Corp., 7.25%, 11/15/21(1)		4,060		4,151,350
Hertz Corp. (The), 6.25%, 10/15/22		1,130		1,175,200
Hertz Corp. (The), 7.50%, 10/15/18		20		20,850
Iron Mountain, Inc., 6.00%, 8/15/23		2,695		2,823,012
Laureate Education, Inc., 9.25%, 9/1/19(1)		17,315		17,401,575
Modular Space Corp., 10.25%, 1/31/19(1)		550		567,875
RSC Equipment Rental, Inc./RSC Holdings III, LLC, 8.25%, 2/1/21		200		219,250
ServiceMaster Co. (The), 7.00%, 8/15/20		819		841,523
ServiceMaster Co. (The), 8.00%, 2/15/20		2,431		2,582,937
TMS International Corp., 7.625%, 10/15/21(1)		2,095		2,236,412
TransUnion Holding Co., Inc., 8.125%, 6/15/18(2)		2,335		2,422,562
TransUnion Holding Co., Inc., 9.625%, 6/15/18(2)		3,710		3,867,675
United Rentals North America, Inc., 6.125%, 6/15/23		1,105		1,148,509
United Rentals North America, Inc., 7.375%, 5/15/20		4,060		4,374,650
United Rentals North America, Inc., 7.625%, 4/15/22		625		685,938
United Rentals North America, Inc., 8.375%, 9/15/20		505		545,400
Vander Intermediate Holding II Corp., 9.75%, 2/1/19(1)(2)		325		342,063
			$	61,151,501
Steel — 0.2%
AK Steel Corp., 8.75%, 12/1/18	$	1,030	$	1,147,163
ArcelorMittal, 6.75%, 2/25/22		670		728,625
			$	1,875,788

7

Security	Principal Amount (000’s omitted)		Value
Super Retail — 5.7%
Burlington Holdings, LLC/Burlington Holding Finance, Inc., 9.00%, 2/15/18(1)(2)	$	848	$	866,028
Claire’s Stores, Inc., 9.00%, 3/15/19(1)		3,700		3,755,500
Dufry Finance SCA, 5.50%, 10/15/20(1)		1,770		1,840,234
Express, LLC/Express Finance Corp., 8.75%, 3/1/18		2,765		2,882,513
Hot Topic, Inc., 9.25%, 6/15/21(1)		4,405		4,867,525
L Brands, Inc., 6.625%, 4/1/21		5,170		5,790,400
L Brands, Inc., 8.50%, 6/15/19		3,620		4,380,200
Men’s Wearhouse, Inc. (The), 7.00%, 7/1/22(1)		3,755		3,923,975
Michaels FinCo Holdings, LLC/Michaels FinCo, Inc., 7.50%, 8/1/18(1)(2)		2,542		2,580,130
Michaels Stores, Inc., 5.875%, 12/15/20(1)		2,620		2,582,010
Michaels Stores, Inc., 7.75%, 11/1/18		864		901,260
Neiman Marcus Group, Ltd., Inc., 8.00%, 10/15/21(1)		1,375		1,457,500
Neiman Marcus Group, Ltd., Inc., 8.75%, 10/15/21(1)(2)		2,085		2,236,163
New Academy Finance Co., LLC/New Academy Finance Corp., 8.00%, 6/15/18(1)(2)		3,490		3,516,175
Pantry, Inc. (The), 8.375%, 8/1/20		1,615		1,732,088
Party City Holdings, Inc., 8.875%, 8/1/20		2,705		2,928,162
Petco Animal Supplies, Inc., 9.25%, 12/1/18(1)		3,945		4,191,562
Petco Holdings, Inc., 8.50%, 10/15/17(1)(2)		4,590		4,647,375
Radio Systems Corp., 8.375%, 11/1/19(1)		1,365		1,501,500
rue21, Inc., 9.00%, 10/15/21(1)		2,740		2,055,000
Sally Holdings, LLC/Sally Capital, Inc., 5.75%, 6/1/22		2,815		2,941,675
			$	61,576,975
Technology — 4.0%
Alcatel-Lucent USA, Inc., 4.625%, 7/1/17(1)	$	1,110	$	1,123,875
Alcatel-Lucent USA, Inc., 6.75%, 11/15/20(1)		2,270		2,332,425
Alcatel-Lucent USA, Inc., 8.875%, 1/1/20(1)		5,960		6,645,400
Avaya, Inc., 9.00%, 4/1/19(1)		1,540		1,578,500
Avaya, Inc., 10.50%, 3/1/21(1)		3,578		3,148,508
BMC Software Finance, Inc., 8.125%, 7/15/21(1)		2,835		2,835,000
Ceridian, LLC/Comdata, Inc., 8.125%, 11/15/17(1)		1,780		1,780,000
CommScope Holding Co., Inc., 6.625%, 6/1/20(1)(2)		1,565		1,658,900
First Data Corp., 6.75%, 11/1/20(1)		390		413,400
First Data Corp., 7.375%, 6/15/19(1)		2,330		2,458,150
First Data Corp., 10.625%, 6/15/21		1,251		1,426,922
First Data Corp., 11.25%, 1/15/21		1,758		1,995,330
First Data Corp., 11.75%, 8/15/21		1,889		2,214,266
Freescale Semiconductor, Inc., 6.00%, 1/15/22(1)		1,685		1,739,762
Infor Software Parent, LLC/Infor Software Parent, Inc., 7.125%, 5/1/21(1)(2)		2,790		2,776,050
Infor US, Inc., 9.375%, 4/1/19		2,720		2,981,800
Lender Processing Services, Inc., 5.75%, 4/15/23		935		1,007,463
Nuance Communications, Inc., 5.375%, 8/15/20(1)		2,600		2,639,000
NXP BV/NXP Funding, LLC, 5.75%, 2/15/21(1)		805		841,225
SunGard Availability Services Capital, Inc., 8.75%, 4/1/22(1)		2,465		2,181,525
			$	43,777,501
Telecommunications — 7.3%
CenturyLink, Inc., 6.75%, 12/1/23	$	3,215	$	3,500,331
Digicel Group, Ltd., 7.125%, 4/1/22(1)		1,205		1,226,088
Digicel, Ltd., 6.00%, 4/15/21(1)		2,680		2,733,600
Digicel, Ltd., 8.25%, 9/1/17(1)		3,255		3,344,512
Equinix, Inc., 7.00%, 7/15/21		1,335		1,456,819
Frontier Communications Corp., 7.625%, 4/15/24		285		298,538
Hughes Satellite Systems Corp., 6.50%, 6/15/19		3,430		3,803,012
Intelsat Jackson Holdings SA, 7.25%, 10/15/20		2,210		2,337,075
Intelsat Luxembourg SA, 7.75%, 6/1/21		4,615		4,736,144
Intelsat Luxembourg SA, 8.125%, 6/1/23		3,520		3,665,200

8

Security	Principal Amount (000’s omitted)		Value
NII International Telecom SCA, 7.875%, 8/15/19(1)	$	2,030	$	1,689,975
SBA Communications Corp., 5.625%, 10/1/19		920		959,100
SBA Telecommunications, Inc., 5.75%, 7/15/20		1,915		1,996,388
SBA Telecommunications, Inc., 8.25%, 8/15/19		497		518,396
Sprint Capital Corp., 8.75%, 3/15/32		1,255		1,399,325
Sprint Communications, Inc., 7.00%, 8/15/20		780		828,750
Sprint Communications, Inc., 9.00%, 11/15/18(1)		4,995		5,869,125
Sprint Communications, Inc., 9.125%, 3/1/17		1,140		1,313,850
Sprint Corp., 7.25%, 9/15/21(1)		3,550		3,794,062
Sprint Corp., 7.875%, 9/15/23(1)		10,330		11,104,750
T-Mobile USA, Inc., 6.25%, 4/1/21		895		938,631
T-Mobile USA, Inc., 6.625%, 4/1/23		1,475		1,552,438
T-Mobile USA, Inc., 6.633%, 4/28/21		1,580		1,664,925
T-Mobile USA, Inc., 6.731%, 4/28/22		1,055		1,109,069
T-Mobile USA, Inc., 6.836%, 4/28/23		525		557,156
Wind Acquisition Finance SA, 4.75%, 7/15/20(1)		5,710		5,595,800
Wind Acquisition Finance SA, 7.375%, 4/23/21(1)		6,190		6,468,550
Windstream Corp., 7.75%, 10/1/21		4,550		4,931,062
			$	79,392,671
Textiles/Apparel — 0.6%
Levi Strauss & Co., 6.875%, 5/1/22	$	2,270	$	2,451,600
Phillips-Van Heusen Corp., 7.75%, 11/15/23		3,385		4,165,154
			$	6,616,754
Transportation Ex Air/Rail — 0.2%
CEVA Group, PLC, 7.00%, 3/1/21(1)	$	500	$	512,500
CEVA Group, PLC, 9.00%, 9/1/21(1)		1,760		1,804,000
			$	2,316,500
Utilities — 1.1%
AES Corp. (The), 5.50%, 3/15/24	$	1,065	$	1,049,025
Calpine Corp., 5.375%, 1/15/23		2,075		2,030,906
Calpine Corp., 5.75%, 1/15/25		925		900,719
NRG Energy, Inc., 7.875%, 5/15/21		2,090		2,278,100
NRG Energy, Inc., 8.25%, 9/1/20		3,315		3,580,200
RJS Power Holdings, LLC, 5.125%, 7/15/19(1)		1,825		1,806,750
			$	11,645,700
Total Corporate Bonds & Notes (identified cost $840,356,119)			$	867,345,051
Senior Floating-Rate Interests — 5.5%(9)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Automotive & Auto Parts — 0.2%
Gates Global, Inc., Term Loan, 4.25%, Maturing 7/5/21	$	2,200	$	2,188,804
			$	2,188,804
Containers — 0.1%
Anchor Glass Container Corp., Term Loan, 4.25%, Maturing 6/30/21	$	1,000	$	1,002,813
			$	1,002,813
Diversified Financial Services — 0.2%
Nuveen Investments, Inc., Term Loan - Second Lien, 6.50%, Maturing 2/28/19	$	2,000	$	2,005,834
			$	2,005,834

9

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Diversified Media — 0.2%
WMG Acquisition Corp., Term Loan, 3.75%, Maturing 7/1/20	$	1,836	$	1,802,463
			$	1,802,463
Energy — 0.1%
EP Energy LLC, Term Loan, 3.50%, Maturing 5/24/18	$	1,333	$	1,330,139
			$	1,330,139
Food/Beverage/Tobacco — 0.1%
New HB Acquisition, LLC, Term Loan, 6.75%, Maturing 4/9/20	$	798	$	824,932
			$	824,932
Health Care — 0.3%
Rural/Metro Corporation, Term Loan, 9.00%, (8.00% Cash, 1.00% PIK), Maturing 6/29/18	$	3,569	$	3,408,806
			$	3,408,806
Hotels — 0.2%
Hilton Worldwide Finance, LLC, Term Loan, 3.50%, Maturing 10/26/20	$	1,847	$	1,841,115
			$	1,841,115
Insurance — 0.2%
Alliant Holdings I, Inc., Term Loan, 4.25%, Maturing 12/20/19	$	1,962	$	1,966,737
			$	1,966,737
Metals/Mining — 0.3%
FMG Resources (August 2006) Pty Ltd., Term Loan, 3.75%, Maturing 6/30/19	$	3,732	$	3,726,183
			$	3,726,183
Publishing/Printing — 0.3%
Cengage Learning Acquisitions, Inc., Term Loan, 7.00%, Maturing 3/31/20	$	1,596	$	1,609,566
McGraw-Hill Global Education Holdings, LLC, Term Loan, 5.75%, Maturing 3/22/19		1,791		1,810,590
			$	3,420,156
Services — 0.6%
Advantage Sales & Marketing, Inc., Term Loan - Second Lien, Maturing 7/25/22(10)	$	1,500	$	1,506,875
AlixPartners, LLP, Term Loan - Second Lien, 9.00%, Maturing 7/12/21		2,800		2,845,500
Brickman Group Ltd. LLC, Term Loan - Second Lien, 7.50%, Maturing 12/17/21		2,164		2,188,162
			$	6,540,537
Super Retail — 0.9%
Hudson’s Bay Company, Term Loan, 4.75%, Maturing 11/4/20	$	1,850	$	1,867,344
National Vision, Inc., Term Loan, 4.00%, Maturing 3/12/21		3,990		3,961,739
National Vision, Inc., Term Loan - Second Lien, 6.75%, Maturing 3/7/22		2,000		1,981,250
rue21, Inc., Term Loan, 5.625%, Maturing 10/7/20		2,779		2,425,372
			$	10,235,705
Technology — 0.4%
SkillSoft Corporation, Term Loan - Second Lien, 7.75%, Maturing 4/28/22	$	4,400	$	4,328,500
			$	4,328,500
Telecommunications — 0.6%
Asurion LLC, Term Loan, 5.00%, Maturing 5/24/19	$	3,118	$	3,135,226
Asurion LLC, Term Loan - Second Lien, 8.50%, Maturing 3/3/21		3,700		3,824,875
			$	6,960,101
Transportation Ex Air/Rail — 0.2%
CEVA Group PLC, Term Loan, 6.50%, Maturing 3/19/21	$	500	$	490,391
CEVA Intercompany B.V., Term Loan, 6.50%, Maturing 3/19/21		579		567,658
Ceva Logistics Canada, ULC, Term Loan, 6.50%, Maturing 3/19/21		100		97,872
Ceva Logisitics US Holdings, Inc., Term Loan, 6.50%, Maturing 3/19/21		799		783,268
			$	1,939,189

10

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Utilities — 0.6%
Energy Future Intermediate Holding Co., LLC, DIP Loan, 4.25%, Maturing 6/19/16	$	3,500	$	3,515,381
Texas Competitive Electric Holdings Company, LLC, DIP Loan, 3.75%, Maturing 5/5/16		959		964,653
Texas Competitive Electric Holdings Company, LLC, Term Loan, 4.646%, Maturing 10/10/17		2,627		2,002,847
			$	6,482,881
Total Senior Floating-Rate Interests (identified cost $59,766,722)			$	60,004,895
Convertible Bonds — 0.9%
Security	Principal Amount (000’s omitted)		Value
Energy — 0.3%
American Energy - Utica, LLC, 3.50%, 3/1/21(1)(2)	$	3,030	$	3,590,550
			$	3,590,550
Health Care — 0.6%
NuVasive, Inc., 2.75%, 7/1/17	$	5,500	$	6,414,375
			$	6,414,375
Total Convertible Bonds (identified cost $8,245,530)			$	10,004,925
Commercial Mortgage-Backed Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value
HILT, Series 2013-HLT, Class EFX, 5.609%, 11/5/30(1)(11)	$	2,065	$	2,123,529
Total Commercial Mortgage-Backed Securities (identified cost $2,073,420)			$	2,123,529
Common Stocks — 5.1%
Security	Shares		Value
Automotive & Auto Parts — 0.1%
General Motors Co.		25,000	$	845,500
			$	845,500
Broadcasting — 0.2%
AMC Networks, Inc., Class A(12)		35,000	$	2,095,450
			$	2,095,450
Building Materials — 0.3%
Panolam Holdings Co.(6)(7)(12)		3,117	$	2,836,376
			$	2,836,376
Chemicals — 0.3%
LyondellBasell Industries NV, Class A		25,000	$	2,656,250
Tronox Ltd., Class A		42,600		1,130,604
			$	3,786,854
Consumer Products — 0.3%
HF Holdings, Inc.(6)(7)(12)		13,600	$	184,280
Spectrum Brands Holdings, Inc.		40,000		3,336,000
			$	3,520,280

11

Security	Shares		Value
Diversified Financial Services — 0.2%
Ally Financial, Inc.(12)		70,000	$	1,607,200
CIT Group, Inc.		25,000		1,227,750
			$	2,834,950
Energy — 1.6%
Cheniere Energy, Inc.(12)		35,000	$	2,476,600
El Paso Pipeline Partners, LP		70,000		2,333,100
Memorial Resource Development Corp.(12)		50,000		1,149,000
Parsley Energy, Inc.(12)		25,000		564,250
Seven Generations Energy, Ltd.(6)(7)(12)		280,000		10,752,247
			$	17,275,197
Food/Beverage/Tobacco — 0.8%
Constellation Brands, Inc., Class A(12)		105,000	$	8,742,300
			$	8,742,300
Gaming — 0.4%
Las Vegas Sands Corp.		54,500	$	4,024,825
New Cotai Participation Corp., Class B(6)(7)(12)		7		216,125
			$	4,240,950
Health Care — 0.7%
Amsurg Corp.(12)		75,000	$	3,582,000
Hologic, Inc.(12)		140,000		3,649,800
			$	7,231,800
Services — 0.2%
Hertz Global Holdings, Inc.(12)		70,000	$	1,975,400
			$	1,975,400
Total Common Stocks (identified cost $44,544,328)			$	55,385,057
Convertible Preferred Stocks — 0.6%
Security	Shares		Value
Energy — 0.1%
Chesapeake Energy Corp., 4.50%		10,851	$	1,029,337
Chesapeake Energy Corp., 5.75%(1)		130		155,187
			$	1,184,524
Health Care — 0.5%
Alere, Inc., 3.00%		14,925	$	4,977,488
			$	4,977,488
Total Convertible Preferred Stocks (identified cost $4,821,534)			$	6,162,012
Miscellaneous — 0.9%
Security	Shares		Value
Cable/Satellite TV — 0.0%(13)
Adelphia, Inc., Escrow Certificate(12)		7,585,000	$	62,576
Adelphia, Inc., Escrow Certificate(12)		3,555,000		29,329
			$	91,905
Energy — 0.0%(13)
SemGroup Corp., Escrow Certificate(12)		6,330,000	$	126,600
			$	126,600

12

Security	Shares		Value
Gaming — 0.8%
BLB Worldwide Holdings, Inc., Contingent Value Rights, Expires 11/5/17(6)(7)(12)		5,410	$	4,936,625
PGP Investors, LLC, Membership Interests (6)(7)(12)		11,429		4,000,000
			$	8,936,625
Utilities — 0.1%
EME Reorganization Trust		2,640,437	$	358,043
			$	358,043
Total Miscellaneous (identified cost $4,583,059)			$	9,513,173
Warrants — 0.0%(13)
Security	Shares		Value
Food/Beverage/Tobacco — 0.0%(13)
ASG Consolidated, LLC/ASG Finance, Inc., Expires 5/15/18		1,610	$	201,250
			$	201,250
Total Warrants (identified cost $0)			$	201,250
Short-Term Investments — 4.2%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(14)	$	45,098	$	45,098,032
Total Short-Term Investments (identified cost $45,098,032)			$	45,098,032
Total Investments — 97.7% (identified cost $1,009,488,744)			$	1,055,837,924
Other Assets, Less Liabilities — 2.3%			$	24,834,394
Net Assets — 100.0%			$	1,080,672,318

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

DIP	-	Debtor in Possession
HILT	-	Hilton USA Trust
PIK	-	Payment In Kind

(1) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $424,453,376 or 39.3% of the Portfolio’s net assets.

(2) Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. The interest rate paid in additional principal is generally higher than the indicated cash rate.

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

(4) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(5) Multi-step coupon bond. Interest rate represents the rate in effect at July 31, 2014.

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

(7) Restricted security.

13

(8) Currently the issuer is in default with respect to interest payments or has filed for bankruptcy. For a variable rate security, interest rate has been adjusted to reflect non-accrual status.

(9) 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.

(10) This Senior Loan will settle after July 31, 2014, at which time the interest rate will be determined.

(11) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at July 31, 2014.

(12) Non-income producing security.

(13) Amount is less than 0.05%.

(14) 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $37,962.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	1,023,927,373
Gross unrealized appreciation	$	43,257,499
Gross unrealized depreciation		(11,346,948	)
Net unrealized appreciation	$	31,910,551

Restricted Securities

At July 31, 2014, the Portfolio owned the following securities (representing 2.4% 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.

Description	Date of Acquisition		Principal Amount/ Shares		Cost		Value
Corporate Bonds & Notes
Boyd Gaming Corp. Step Coupon HoldCo Note, 6.00% to 11/20/15, 11/20/18		11/30/12, 5/20/14	$	2,448,681	$	2,187,860	$	2,561,320
Total Corporate Bonds & Notes					$	2,187,860	$	2,561,320
Common Stocks
HF Holdings, Inc.		10/27/09		13,600	$	730,450	$	184,280
New Cotai Participation Corp., Class B		4/12/13		7		216,125		216,125
Panolam Holdings Co.		12/30/09		3,117		1,712,792		2,836,376
Seven Generations Energy, Ltd.		12/5/13		280,000		6,578,020		10,752,247
Total Common Stocks					$	9,237,387	$	13,989,028
Miscellaneous
BLB Worldwide Holdings, Inc., Contingent Value Rights, Expires 11/5/17		11/22/10		5,410	$	94,675	$	4,936,625
PGP Investors, LLC, Membership Interests		10/23/12		11,429		4,000,000		4,000,000
Total Miscellaneous					$	4,094,675	$	8,936,625
Total Restricted Securities					$	15,519,922	$	25,486,973

14

A summary of open financial instruments at July 31, 2014 is as follows:

Forward Foreign Currency Exchange Contracts

Settlement Date	Deliver	In Exchange For	Counterparty	Unrealized Appreciation		Unrealized (Depreciation)		Net Unrealized Appreciation
8/29/14	Canadian Dollar 7,000,000	United States Dollar 6,446,759	JPMorgan Chase Bank NA	$	31,023	$	—	$	31,023
				$	31,023	$	—	$	31,023

Credit Default Swaps - Sell Protection

Counterparty	Reference Entity	Credit Rating*	Notional Amount** (000’s omitted)		Receive Annual Fixed Rate			Termination Date		Market Value		Unamortized Upfront Payments Received (Paid)			Net Unrealized Appreciation
Bank of America NA	Amkor Technology, Inc.	B2/BB	$	1,150		5.00	%(1)		6/20/15	$	54,158	$	9,040		$	63,198
Barclays Bank PLC	Amkor Technology, Inc.	B2/BB		2,000		5.00	(1)		6/20/15		94,187		24,430			118,617
Credit Suisse International	Ford Motor Co.	Baa3/BBB-		1,000		5.00	(1)		12/20/16		115,254		(963	)		114,291
Deutsche Bank AG	Ford Motor Co.	Baa3/BBB-		1,100		5.00	(1)		9/20/16		115,791		(20,721	)		95,070
Deutsche Bank AG	Ford Motor Co.	Baa3/BBB-		1,100		5.00	(1)		9/20/16		115,790		(37,084	)		78,706
Deutsche Bank AG	Ford Motor Co.	Baa3/BBB-		2,100		5.00	(1)		12/20/16		242,034		(50,757	)		191,277
Goldman Sachs International	Ford Motor Co.	Baa3/BBB-		1,100		5.00	(1)		9/20/16		115,790		(23,998	)		91,792
Goldman Sachs International	Ford Motor Co.	Baa3/BBB-		2,100		5.00	(1)		12/20/16		242,034		(37,600	)		204,434
Total			$	11,650						$	1,095,038	$	(137,653	)	$	957,385

* Credit ratings are those of Moody’s Investors Service, Inc. and Standard & Poor’s Corp. The credit rating 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 July 31, 2014, such maximum potential amount for all open credit default swaps in which the Portfolio is the seller was $11,650,000.

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

At July 31, 2014, 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 enters 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.

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 the risk, the Portfolio enters into forward foreign currency exchange contracts.

15

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2014 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Credit	Swap contracts	$	1,095,038	$	—
Total		$	1,095,038	$	—
Foreign Exchange	Forward foreign currency exchange contracts	$	31,023	$	—
Total		$	31,023	$	—

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	864,080,793	$	3,264,258	$	867,345,051
Senior Floating-Rate Interests		—		60,004,895		—		60,004,895
Convertible Bonds		—		10,004,925		—		10,004,925
Commercial Mortgage-Backed Securities		—		2,123,529		—		2,123,529
Common Stocks		41,396,029		—		13,989,028		55,385,057
Convertible Preferred Stocks		1,029,337		5,132,675		—		6,162,012
Miscellaneous		358,043		218,505		8,936,625		9,513,173
Warrants		—		201,250		—		201,250
Short-Term Investments				45,098,032		—		45,098,032
Total Investments	$	42,783,409	$	986,864,604	$	26,189,911	$	1,055,837,924
Forward Foreign Currency Exchange Contracts	$	—	$	31,023	$	—	$	31,023
Swap Contracts		—		1,095,038		—		1,095,038
Total	$	42,783,409	$	987,990,665	$	26,189,911	$	1,056,963,985

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

	Investments in Corporate Bonds & Notes			Investments in Convertible Bonds			Investments in Common Stocks		Investments in Miscellaneous			Total
Balance as of October 31, 2013	$	7,754,574		$	20,350		$	3,274,155	$	4,000,000		$	15,049,079
Realized gains (losses)		—			32,930			—		(9,737,406	)		(9,704,476	)
Change in net unrealized appreciation (depreciation)		(251,450	)		(20,350	)		4,136,853		11,255,818			15,120,871
Cost of purchases(1)		71,321			—			6,578,020		—			6,649,341
Proceeds from sales(1)		(271,300	)		(32,930	)		—		(30,662	)		(334,892	)

16

	Investments in Corporate Bonds & Notes			Investments in Convertible Bonds		Investments in Common Stocks		Investments in Miscellaneous		Total
Accrued discount (premium)	$	39,270		$	—	$	—	$	—	$	39,270
Transfers to Level 3*		—			—		—		3,448,875		3,448,875
Transfers from Level 3*		(4,078,157	)		—		—		—		(4,078,157	)
Balance as of July 31, 2014	$	3,264,258		$	—	$	13,989,028	$	8,936,625	$	26,189,911
Change in net unrealized appreciation (depreciation) on investments still held as of July 31, 2014	$	(395,293	)	$	—	$	4,136,853	$	1,487,750	$	5,229,310

(1) Cost of purchases may include securities received in corporate actions; proceeds from sales may include securities delivered in corporate actions.

* Transfers are reflected at the value of the securities at the beginning of the period.

The valuation techniques and significant amounts of unobservable inputs used in the fair value measurements of the Portfolio’s Level 3 securities are outlined bellow:

Asset	($ in thousands)		Valuation Technique	Unobservable Inputs	Range (Weighted Average)
Corporate Bonds		2,561	Market comparable bond pricing model	Spread Discount for lack of marketability	0.5% - 1.5% (1%) 0% - 10% (0%)
Corporate Bonds		703	Discounted cash flow	Yield Probability of default Loss Severity	15% - 25% (20%) 100% (100%) 10% - 50% (20%)
Common Stock		3,021	Market comparable companies	EBITDA Multiple	6.675 - 9.5 (7.37)
				Discount for lack of marketability	10% - 25% (15%)
Common Stock		10,968	Consensus Pricing	Share tender offered quote	as published
				Discount for lack of marketability	0% - 10% (0%)
Miscellaneous		4,000	Consensus Pricing	Share tender offered quote	$350
				Discount for lack of marketability	0% - 10% (0%)
Miscellaneous		4,937	Consensus Pricing	Total value of equity	$300 - $800 ($700)
				Discount for lack of marketability	0% - 20% (15%)
				Projected value of rights	$43 - $145 ($130)

EBITDA - Earnings Before Interest, Taxes, Depreciation and Amortization

For the unobservable inputs listed in the table above, a significant increase in the loss severity or discount for lack of marketability, or a decrease in the tender price offered could result in a decrease to the fair value measurement. A significant increase in EBITDA multiples could result in an increase to the fair value measurement. Conversely, significant movements in the opposite direction in each of these unobservable inputs could have the inverse effect on the fair value measurement.

At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

17

Eaton Vance

Multi-Strategy Absolute Return Fund

July 31, 2014 (Unaudited)

Eaton Vance Multi-Strategy Absolute Return Fund (the Fund), a diversified series of Eaton Vance Mutual Funds Trust, currently pursues its investment objective by investing all of its investable assets in interests 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 July 31, 2014, the Fund owned 57.1% of CMBS Portfolio’s outstanding interests, 0.4% of Eaton Vance Floating Rate Portfolio’s outstanding interests, 2.2% of Global Macro Absolute Return Advantage Portfolio’s outstanding interests, 1.7% of Government Obligations Portfolio’s outstanding interests, 99.1% of MSAR Completion Portfolio’s outstanding interests, 54.3% of Parametric Market Neutral Portfolio’s outstanding interests and 5.4% of Short-Term U.S. Government Portfolio’s outstanding interests. The Fund’s Schedule of Investments at July 31, 2014 is set forth below.

Investments in Affiliated Portfolios	Value			% of Net Assets
CMBS Portfolio (identified cost, $20,093,590)	$	20,079,036			8.1	%
Eaton Vance Floating Rate Portfolio (identified cost, $60,268,088)		58,760,557			23.8
Global Macro Absolute Return Advantage Portfolio (identified cost, $37,583,481)		37,892,893			15.3
Government Obligations Portfolio (identified cost, $8,791,376)		12,118,877			4.9
MSAR Completion Portfolio (identified cost, $58,973,587)		58,867,604			23.8
Parametric Market Neutral Portfolio (identified cost, $39,049,499)		48,521,425			19.6
Short-Term U.S. Government Portfolio (identified cost, $12,461,575)		12,269,310			5.0
Total Investments in Affiliated Portfolios (identified cost $237,221,196)	$	248,509,702			100.5	%
Other Assets, Less Liabilities	$	(1,263,515	)		(0.5	)%
Net Assets	$	247,246,187			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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At July 31, 2014 and October 31, 2013, 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

Multi-Strategy All Market Fund

July 31, 2014 (Unaudited)

Eaton Vance Multi-Strategy All Market Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, currently pursues its investment objective by investing substantially all of its investable assets in interests in one or more registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates and in shares of Eaton Vance Hexavest Global Equity Fund, Parametric Emerging Markets Fund and Parametric International Equity Fund (the Affiliated Investment Funds). The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At July 31, 2014, the Fund owned 0.1% of Boston Income Portfolio’s outstanding interests, 7.1% of CMBS Portfolio’s outstanding interests, 0.1% of Eaton Vance Floating Rate Portfolio’s outstanding interests, 0.6% of Global Macro Absolute Return Advantage Portfolio’s outstanding interests, less than 0.05% of Government Obligations Portfolio’s outstanding interests, less than 0.05% of International Income Portfolio’s outstanding interests, 99.9% of MSAM Completion Portfolio’s outstanding interests and 5.0% of Parametric Market Neutral Portfolio’s outstanding interests. The Fund’s Consolidated Portfolio of Investments at July 31, 2014 is set forth below.

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

Investments in Affiliated Portfolios

Description			Value		% of Net Assets
Boston Income Portfolio (identified cost, $3,336,376)			$	3,951,647		7.3	%
CMBS Portfolio (identified cost, $2,521,134)				2,510,689		4.7
Eaton Vance Floating Rate Portfolio (identified cost, $14,473,256)				14,599,265		27.1
Global Macro Absolute Return Advantage Portfolio (identified cost, $9,624,656)				9,829,419		18.3
Government Obligations Portfolio (identified cost, $55,464)				3,258		0.0	(1)
International Income Portfolio (identified cost, $14,442)				1		0.0	(1)
MSAM Completion Portfolio (identified cost, $4,020,592)				3,978,540		7.4
Parametric Market Neutral Portfolio (identified cost, $4,072,446)				4,500,047		8.4
Total Investments in Affiliated Portfolios (identified cost $38,118,366)			$	39,372,866		73.2	%
Investments in Affiliated Investment Funds
Security	Shares		Value		% of Net Assets
Eaton Vance Hexavest Global Equity Fund, Class I		554,912	$	6,769,931		12.6	%
Parametric Emerging Markets Fund, Institutional Class		178,954		2,875,795		5.3
Parametric International Equity Fund, Institutional Class		213,233		2,748,578		5.1
Total Investments in Affiliated Investment Funds (identified cost $11,509,418)			$	12,394,304		23.0	%

Exchange-Traded Funds
Description	Shares		Value			% of Net Assets
SPDR Gold Trust(2)		17,139	$	2,114,781			3.9	%
Total Exchange-Traded Funds (identified cost $2,391,873)			$	2,114,781			3.9	%
Total Investments (identified cost $52,019,657)			$	53,881,951			100.1	%
Other Assets, Less Liabilities			$	(71,667	)		(0.1	)%
Net Assets			$	53,810,284			100.0	%

(1) Amount is less than 0.05%.

(2) Non-income producing.

Basis for Consolidation

The Fund seeks to gain exposure to the commodity markets, in whole or in part, through investments in Eaton Vance AM Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Fund. The Fund may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at July 31, 2014 were $2,113,023 or 3.9% of the Fund’s consolidated net assets. The Consolidated Portfolio of Investments includes positions of the Fund and the Subsidiary.

A summary of open financial instruments at July 31, 2014 is as follows:

Futures Contracts

Expiration Month/Year	Contracts	Position		Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
Foreign Currency Futures
9/14	4 Euro		Short	$	(676,488	)	$	(669,600	)	$	6,888
Interest Rate Futures
9/14	20 U.S. 2-Year Treasury Note		Short		(4,391,370	)		(4,388,438	)		2,932
9/14	12 U.S. 5-Year Treasury Note		Short		(1,425,353	)		(1,426,031	)		(678	)
9/14	27 U.S. 10-Year Treasury Note		Long		3,372,518			3,364,453			(8,065	)
9/14	7 U.S. Ultra-Long Treasury Bond		Long		1,034,044			1,055,906			21,862
										$	22,939

Total Return Swaps

Counterparty

Notional Amount (000’s  omitted)

Fund Pays/Receives Return on Reference Index

Reference Index

Fund Pays/Receives Rate

Rate

Expiration Date

Net Unrealized Appreciation (Depreciation)

Societe Generale

$

825

Receives

SGI Vol Invest Alpha 2 Index

Pays

0.30%

6/15/15

$

(22,678

)

Societe Generale

1,650

Receives

SGI Vol Invest Beta 2 Index

Pays

1-Month USD- LIBOR-BBA + 0.30%%

6/15/15

$

8,178

$

(14,500

)

At July 31, 2014, the Fund had sufficient cash and/or securities to cover commitments under these contracts.

In the normal course of pursuing its investment objective, the Fund is subject to the following risks:

Equity Price Risk: The Fund enters into total return swap agreements on a security, basket of securities or an index to hedge against fluctuations in securities prices.

2

Foreign Exchange Risk: The Fund enters into foreign currency futures contracts to enhance total return.

Interest Rate Risk: The Fund enters into interest rate futures contracts to manage the effective duration of the Fund and to hedge against fluctuations in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2014 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Equity Price	Total return swaps	$	8,178	$	(22,678	)
Foreign Exchange	Financial futures contracts*		6,888		—
Interest Rate	Financial futures contracts*		24,794		(8,743	)
Total		$	39,860	$	(31,421	)

* 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 Fund, including the Subsidiary and excluding the affiliated Portfolios, at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	14,030,490
Gross unrealized appreciation	$	830,319
Gross unrealized depreciation		(351,724	)
Net unrealized appreciation	$	478,595

Affiliated Investment Funds

Transactions with Affiliated Investment Funds for the fiscal year to date ended July 31, 2014 were as follows:

Fund	Value, beginning of period		Cost of purchases		Proceeds from sales		Investment income		Realized gain (loss)		Value, end of period
Eaton Vance Hexavest Global Equity Fund, Class I	$	8,943,914	$	1,572,055	$	3,951,578	$	372,054	$	252,920	$	6,769,931
Parametric Emerging Markets Fund, Institutional Class		2,155,163		573,368		—		31,760		—		2,875,795
Parametric International Equity Fund, Institutional Class		—		2,823,210		—		—		—		2,748,578
Total	$	11,099,077	$	4,968,633	$	3,951,578	$	403,814	$	252,920	$	12,394,304

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

3

At July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments in securities, investments in the Portfolios and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3		Total
Investments in Affiliated Portfolios	$	39,372,866		$	—		$	—	$	39,372,866
Investments in Affiliated Investment Funds		12,394,304			—			—		12,394,304
Exchange-Traded Funds		2,114,781			—			—		2,114,781
Total Investments	$	53,881,951		$	—		$	—	$	53,881,951
Futures Contracts	$	31,682		$	—		$	—	$	31,682
Swap Contracts		—			8,178			—		8,178
Total	$	53,913,633		$	8,178		$	—	$	53,921,811
Liability Description
Futures Contracts	$	(8,743	)	$	—		$	—	$	(8,743	)
Swap Contracts		—			(22,678	)		—		(22,678	)
Total	$	(8,743	)	$	(22,678	)	$	—	$	(31,421	)

The Fund held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

Derivatives. Financial futures contracts are valued at the closing settlement price established by the board of trade or exchange on which they are traded.

Financial Futures Contracts. Upon entering into a financial futures contract, the Fund is required to deposit with the broker, either in cash or securities, an amount equal to a certain percentage of the contract amount (initial margin). Subsequent payments, known as variation margin, are made or received by the Fund each business day, depending on the daily fluctuations in the value of the underlying security, index or currency, and are recorded as unrealized gains or losses by the Fund. Gains (losses) are realized upon the expiration or closing of the financial futures contracts. Should market conditions change unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. Futures contracts have minimal counterparty risk as they are exchange traded and the clearinghouse for the exchange is substituted as the counterparty, guaranteeing counterparty performance.

For additional 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 and Affiliated Investment Fund’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.

4

Parametric Market Neutral Fund

July 31, 2014 (Unaudited)

Parametric Market Neutral Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Parametric Market Neutral Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At July 31, 2014, the value of the Fund’s investment in the Portfolio was $27,014,216 and the Fund owned 30.2% of the Portfolio’s outstanding interests.

On August 11, 2014, the Fund’s Trustees approved the liquidation of the Fund. The Fund liquidated on September 19, 2014 and all shares of the Fund outstanding on such date were redeemed.

Parametric Market Neutral Portfolio

July 31, 2014

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 72.6%

Security	Shares		Value
Australia — 1.5%
AGL Energy, Ltd.		3,995	$	54,456
Amcor, Ltd.		2,508		24,005
Ardent Leisure Group		4,248		10,100
Aristocrat Leisure, Ltd.		2,593		13,602
Asciano, Ltd.		3,163		17,558
BHP Billiton, Ltd.		2,836		100,696
Brambles, Ltd.		4,757		41,182
carsales.com, Ltd.		986		10,412
Commonwealth Bank of Australia		1,051		81,063
Computershare, Ltd.		3,083		37,205
CSL, Ltd.		1,953		121,679
Domino’s Pizza Enterprises, Ltd.		557		11,073
DUET Group		10,042		22,395
Echo Entertainment Group, Ltd.		3,852		11,800
Harvey Norman Holdings, Ltd.		6,353		18,026
James Hardie Industries PLC CDI		1,310		16,268
Myer Holdings, Ltd.		5,017		10,475
National Australia Bank, Ltd.		898		29,158
Navitas, Ltd.		1,496		6,811
Oil Search, Ltd.		3,932		34,391
Origin Energy, Ltd.		4,551		59,935
Orora, Ltd.		9,401		12,660
Ramsay Health Care, Ltd.		510		22,721
Recall Holdings, Ltd.(1)		2,350		11,191
Scentre Group(1)		1,263		3,991
Spark Infrastructure Group		9,966		17,366
Sydney Airport		3,269		12,968
Tabcorp Holdings, Ltd.		6,320		20,422
Tatts Group, Ltd.		6,146		20,183
Telstra Corp., Ltd.		28,309		143,558
Transurban Group		4,379		31,446
Treasury Wine Estates, Ltd.		2,737		12,542
UGL, Ltd.		1,492		9,577
Village Roadshow, Ltd.		1,518		10,931
Westfield Corp.		1,014		7,048
Westpac Banking Corp.		1,470		46,746
Woodside Petroleum, Ltd.		1,569		61,589
Woolworths, Ltd.		3,586		122,226
			$	1,299,455
Austria — 0.1%
ams AG		875	$	31,201
Andritz AG		289		15,643
CA Immobilien Anlagen AG		521		10,406
Immofinanz AG		3,748		11,820
OMV AG		764		30,727
Telekom Austria AG		3,036		29,111
			$	128,908
Belgium — 0.4%
Ageas		317	$	11,378
Anheuser-Busch InBev NV		834		90,016
Belgacom SA		1,613		52,711
Groupe Bruxelles Lambert SA		287		28,544

1

Security	Shares		Value
Solvay SA		276	$	44,565
Telenet Group Holding NV(1)		818		43,723
UCB SA		650		59,621
Umicore SA		582		28,127
			$	358,685
Brazil — 1.6%
AES Tiete SA, PFC Shares		3,300	$	26,996
All America Latina Logistica SA (Units)		5,800		22,241
Banco do Brasil SA		4,700		57,425
Banco Santander Brasil SA ADR		8,800		59,136
BM&F Bovespa SA		10,600		56,580
BR Malls Participacoes SA		5,900		50,971
Centrais Eletricas Brasileiras SA		5,300		25,440
Cia de Concessoes Rodoviarias SA (CCR)		7,400		58,189
Cia de Saneamento Basico do Estado de Sao Paulo ADR		3,700		32,930
Cia de Saneamento de Minas Gerais-COPASA		1,500		24,562
Cia Energetica de Minas Gerais SA, PFC Shares		4,707		38,320
Cia Energetica de Sao Paulo, PFC Shares, Class B		2,400		30,604
Cia Hering		3,200		29,789
Cia Siderurgica Nacional SA ADR		5,500		27,335
Cielo SA		3,448		63,071
Embraer SA ADR		1,210		46,028
Estacio Participacoes SA		4,000		49,631
Gerdau SA ADR		4,000		23,520
Itau Unibanco Holding SA, PFC Shares		8,140		125,935
Lojas Americanas SA, PFC Shares		8,206		52,265
Lojas Renner SA		2,400		72,463
Natura Cosmeticos SA		2,400		37,374
Petroleo Brasileiro SA ADR		3,000		47,820
Petroleo Brasileiro SA, PFC Shares		12,100		101,867
Raia Drogasil SA		5,000		41,807
Tim Participacoes SA		7,100		37,616
Totvs SA		1,500		25,911
Ultrapar Participacoes SA		900		20,727
Vale SA		3,100		44,476
Vale SA ADR		3,900		55,965
Weg SA		2,340		28,054
			$	1,415,048
Chile — 0.6%
Antarchile SA, Series A		2,600	$	33,634
Banco de Chile		341,213		42,417
Banco de Credito e Inversiones		384		21,113
Banco Santander Chile SA ADR		1,340		34,076
Cencosud SA		9,300		28,939
Cia Cervecerias Unidas SA		1,900		21,359
Corpbanca SA		2,058,100		24,307
Empresa Nacional de Electricidad SA		21,600		32,070
Empresas CMPC SA		14,200		32,023
Empresas Copec SA		5,200		63,681
Enersis SA		152,500		51,255
Latam Airlines Group SA		2,330		27,413
S.A.C.I. Falabella		7,300		57,874
Sociedad Quimica y Minera de Chile SA, Series B ADR		1,200		33,276
			$	503,437
China — 2.4%
Agricultural Bank of China, Ltd., Class H		64,000	$	31,005
Air China, Ltd., Class H		37,313		22,817
Anhui Conch Cement Co., Ltd., Class H		19,500		73,453
Baidu, Inc. ADR(1)		700		151,235
Bank of Communications, Ltd., Class H		84,000		64,361
Beijing Enterprises Holdings, Ltd.		3,694		32,191

2

Security	Shares		Value
Brilliance China Automotive Holdings, Ltd.		18,000	$	33,686
China CITIC Bank Corp., Ltd., Class H		53,601		35,490
China Coal Energy Co., Class H		126,213		76,017
China Communications Construction Co., Ltd., Class H		30,000		22,742
China Construction Bank Corp., Class H		64,000		49,131
China Life Insurance Co., Ltd., Class H		26,000		77,382
China Longyuan Power Group Corp., Class H		43,000		43,692
China Mengniu Dairy Co., Ltd.		7,000		33,842
China Merchants Bank Co., Ltd., Class H		30,000		60,705
China Merchants Holdings (International) Co., Ltd.		16,000		53,823
China Mobile, Ltd.		19,000		207,606
China National Building Material Co., Ltd., Class H		58,000		57,827
China Overseas Land & Investment, Ltd.		12,000		36,566
China Pacific Insurance (Group) Co., Ltd., Class H		6,400		25,137
China Resources Enterprise, Ltd.		10,000		30,366
China Resources Power Holdings Co., Ltd.		10,000		28,064
China Telecom Corp., Ltd., Class H		100,000		56,364
Citic Pacific, Ltd.		20,000		39,937
Ctrip.com International, Ltd. ADR(1)		800		51,224
Digital China Holdings, Ltd.		32,000		31,494
Guangdong Investment, Ltd.		20,000		22,403
Inner Mongolia Eerduosi Cashmere Products Co., Ltd., Class B		45,800		36,732
Inner Mongolia Yitai Coal Co., Ltd., Class B		50,400		74,428
Lenovo Group, Ltd.		42,000		57,399
Mindray Medical International, Ltd. ADR		800		24,040
NetEase.com, Inc. ADR		600		50,424
New Oriental Education & Technology Group, Inc. ADR		800		15,640
PICC Property & Casualty Co., Ltd., Class H		50,000		80,976
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		24,000		24,618
SINA Corp.(1)		660		31,937
Sinopharm Group Co., Ltd., Class H		8,800		25,844
Tingyi (Cayman Islands) Holding Corp.		14,000		39,821
Want Want China Holdings, Ltd.		25,000		34,202
Weichai Power Co., Ltd., Class H		8,200		35,626
WuXi PharmaTech (Cayman), Inc. ADR(1)		800		24,648
Yanzhou Coal Mining Co., Ltd., Class H		94,000		76,703
ZTE Corp., Class H		14,400		29,938
			$	2,111,536
Colombia — 0.3%
Almacenes Exito SA		1,900	$	30,675
Banco de Bogota		763		28,459
Bancolombia SA ADR, PFC Shares		600		37,446
Cementos Argos SA		3,300		19,342
Ecopetrol SA		23,700		40,158
Grupo Aval Acciones y Valores SA, PFC Shares		44,700		33,107
Grupo Nutresa SA		2,820		40,720
Interconexion Electrica SA		4,900		24,099
ISAGEN SA ESP		14,100		24,380
			$	278,386
Czech Republic — 0.4%
CEZ AS		5,830	$	165,008
Komercni Banka AS		470		101,899
Pegas Nonwovens SA		1,430		42,986
Unipetrol AS(1)		4,870		30,076
			$	339,969
Denmark — 0.4%
A.P. Moller-Maersk A/S, Class A		10	$	22,441
A.P. Moller-Maersk A/S, Class B		18		41,964
Carlsberg A/S, Class B		403		38,558
Danske Bank A/S		1,253		36,200

3

Security	Shares		Value
DSV A/S		645	$	20,369
Novo Nordisk A/S, Class B		1,442		66,378
Novozymes A/S, Class B		1,159		57,312
Pandora A/S		512		35,037
TDC A/S		3,691		37,235
Tryg A/S		163		16,423
			$	371,917
Egypt — 0.0%(2)
Egypt Kuwait Holding Co.(1)		239	$	249
			$	249
Finland — 0.4%
Elisa Oyj		1,797	$	51,472
Kesko Oyj, Class B		639		24,303
Kone Oyj, Class B		831		34,942
Nokia Oyj		7,345		58,190
Nokian Renkaat Oyj		347		12,014
Orion Oyj, Class B		1,244		46,120
Sampo Oyj		1,060		52,656
UPM-Kymmene Oyj		2,069		33,722
Wartsila Oyj		404		20,346
			$	333,765
France — 1.4%
Air Liquide SA		1,170	$	148,887
AtoS		282		22,020
AXA SA		1,201		27,593
BNP Paribas SA		777		51,557
Cap Gemini SA		729		52,862
Christian Dior SA		113		19,682
Danone SA		956		69,053
Dassault Systemes SA		580		38,921
Essilor International SA		258		25,203
GDF Suez		4,169		107,496
Iliad SA		94		25,872
L’Oreal SA		309		52,178
LVMH Moet Hennessy Louis Vuitton SA		357		61,412
Natixis		2,217		14,326
Publicis Groupe SA		230		16,687
Safran SA		440		25,858
Sanofi		864		90,712
Societe BIC SA		100		13,787
Sodexo		206		20,474
Suez Environnement Co. SA		1,196		22,321
Thales SA		248		14,105
Total SA		2,155		138,986
Unibail-Rodamco SE		90		24,159
Vinci SA		361		24,914
Vivendi SA		4,747		119,141
			$	1,228,206
Germany — 1.5%
Adidas AG		312	$	24,705
Allianz SE		427		71,089
BASF SE		750		77,620
Bayer AG		677		89,301
Bayerische Motoren Werke AG		362		43,121
Bayerische Motoren Werke AG, PFC Shares		159		15,068
Beiersdorf AG		447		40,290
Commerzbank AG(1)		1,643		23,607
Continental AG		85		18,306
Deutsche Boerse AG		195		14,117

4

Security	Shares		Value
Deutsche Post AG		1,224	$	39,161
Deutsche Telekom AG		8,127		131,882
E.ON SE		5,500		103,831
Hannover Rueckversicherung AG		175		14,939
Henkel AG & Co. KGaA, PFC Shares		854		94,965
Indus Holding AG		212		11,141
Linde AG		247		50,378
Muenchener Rueckversicherungs-Gesellschaft AG		103		21,854
Porsche Automobil Holding SE, PFC Shares		228		21,311
QIAGEN NV(1)		1,968		48,059
RWE AG		1,596		64,077
SAP SE		2,211		173,767
Siemens AG		774		95,586
Suedzucker AG		594		10,405
Volkswagen AG, PFC Shares		95		22,063
			$	1,320,643
Greece — 0.2%
Alpha Bank AE(1)		21,300	$	17,019
Folli Follie SA(1)		500		20,906
Hellenic Telecommunications Organization SA(1)		2,550		34,955
JUMBO SA(1)		1,568		23,455
OPAP SA		2,000		32,593
Piraeus Bank SA(1)		10,900		22,901
Titan Cement Co. SA		883		27,071
			$	178,900
Hong Kong — 0.8%
AIA Group, Ltd.		8,800	$	47,201
Bank of East Asia, Ltd.		4,200		17,905
Biosensors International Group, Ltd.		13,000		8,825
BOC Hong Kong (Holdings), Ltd.		8,000		25,091
Cathay Pacific Airways, Ltd.		8,000		15,093
Cheung Kong Infrastructure Holdings, Ltd.		4,000		28,129
CLP Holdings, Ltd.		6,000		49,912
Enn Energy Holdings, Ltd.		6,000		42,285
Fosun International, Ltd.		14,000		17,780
Galaxy Entertainment Group, Ltd.		9,000		75,572
Global Brands Group Holdings, Ltd.(1)		8,000		2,085
Hang Lung Properties, Ltd.		4,000		12,353
Hang Seng Bank, Ltd.		1,600		27,146
Hong Kong & China Gas Co., Ltd.		5,698		12,457
Hongkong Land Holdings, Ltd.		3,000		20,505
Hopewell Holdings, Ltd.		5,000		17,367
Hutchison Whampoa, Ltd.		6,000		81,469
Jardine Matheson Holdings, Ltd.		400		23,876
Li & Fung, Ltd.		8,000		10,637
Link REIT (The)		4,000		22,720
MTR Corp., Ltd.		6,000		23,571
PAX Global Technology, Ltd.(1)		18,000		13,798
Power Assets Holdings, Ltd.		7,500		67,040
Sands China, Ltd.		4,400		32,332
VTech Holdings, Ltd.		1,200		14,835
			$	709,984
Hungary — 0.3%
Magyar Telekom Rt.(1)		28,610	$	45,410
MOL Hungarian Oil & Gas Rt.		1,580		76,414
OTP Bank Rt.		5,880		101,914
Richter Gedeon Nyrt.		5,130		84,176
			$	307,914

5

Security	Shares		Value
India — 0.2%
Dr. Reddy’s Laboratories, Ltd. ADR		700	$	31,325
Infosys, Ltd. ADR		1,900		104,158
			$	135,483
Indonesia — 0.6%
Adaro Energy Tbk PT		228,900	$	23,029
Bank Central Asia Tbk PT		59,800		59,845
Bank Mandiri Tbk PT		41,800		36,373
Bank Negara Indonesia Persero Tbk PT		66,200		28,674
Bank Rakyat Indonesia Tbk PT		39,900		38,271
Gudang Garam Tbk PT		5,500		25,432
Indocement Tunggal Prakarsa Tbk PT		12,900		27,927
Indofood Sukses Makmur Tbk PT		36,000		21,670
Kalbe Farma Tbk PT		269,700		39,831
Lippo Karawaci Tbk PT		274,500		25,931
Media Nusantara Citra Tbk PT		123,000		27,290
Perusahaan Gas Negara Tbk PT		87,500		44,043
Semen Gresik (Persero) Tbk PT		31,700		44,463
Telekomunikasi Indonesia Tbk PT		288,700		65,585
Unilever Indonesia Tbk PT		10,700		27,997
United Tractors Tbk PT		16,000		31,379
			$	567,740
Ireland — 0.4%
Bank of Ireland(1)		100,000	$	35,138
CRH PLC		2,474		57,744
DCC PLC		638		36,401
FleetMatics Group PLC(1)		823		25,999
Grafton Group PLC		1,701		16,485
ICON PLC(1)		1,639		84,900
Irish Continental Group PLC		3,810		13,578
Kerry Group PLC, Class A		576		42,780
Paddy Power PLC		868		61,289
			$	374,314
Israel — 0.3%
Bank Hapoalim B.M.		6,753	$	39,392
Bezeq Israeli Telecommunication Corp., Ltd.		29,191		54,354
Check Point Software Technologies, Ltd.(1)		479		32,510
Elbit Systems, Ltd.		368		23,061
Israel Chemicals, Ltd.		3,091		25,134
Israel Corp., Ltd.(1)		41		24,131
Mizrahi Tefahot Bank, Ltd.		1,449		18,322
Ormat Industries, Ltd.		1,377		9,977
Teva Pharmaceutical Industries, Ltd. ADR		1,425		76,237
			$	303,118
Italy — 0.6%
Assicurazioni Generali SpA		750	$	15,655
Astaldi SpA		933		8,981
Atlantia SpA		1,920		50,815
Autogrill SpA(1)		1,425		12,126
CIR SpA(1)		6,635		9,221
Davide Campari-Milano SpA		2,889		22,537
Enel SpA		7,128		40,580
ENI SpA		3,829		97,432
Finmeccanica SpA(1)		1,116		10,282
Intesa Sanpaolo SpA		9,658		28,681
Luxottica Group SpA		670		36,963
Pirelli & C. SpA		890		13,273
Recordati SpA		1,001		16,522

6

Security	Shares		Value
Snam SpA		5,176	$	30,512
Telecom Italia SpA(1)		50,420		58,099
Telecom Italia SpA, PFC Shares		47,021		43,963
Terna Rete Elettrica Nazionale SpA		4,240		22,299
			$	517,941
Japan — 3.1%
Aeon Co., Ltd.		1,700	$	19,088
Air Water, Inc.		2,000		31,986
Ajinomoto Co., Inc.		2,000		30,744
Asahi Group Holdings, Ltd.		1,100		33,175
Asahi Kasei Corp.		3,000		23,709
Astellas Pharma, Inc.		5,200		70,515
Brother Industries, Ltd.		800		14,313
Canon, Inc.		1,300		42,530
Central Japan Railway Co.		100		14,202
Century Tokyo Leasing Corp.		300		9,633
Chiba Bank, Ltd. (The)		3,000		21,838
Chubu Electric Power Co., Inc.(1)		4,000		46,498
Chugai Pharmaceutical Co., Ltd.		900		29,955
Chugoku Bank, Ltd. (The)		1,000		15,364
Cosmo Oil Co., Ltd.		6,000		12,027
Daicel Corp.		2,000		20,185
Daido Steel Co., Ltd.		3,000		14,019
Daikin Industries, Ltd.		200		13,736
Daito Trust Construction Co., Ltd.		100		12,053
Daiwa House Industry Co., Ltd.		1,000		20,299
Daiwa House REIT Investment Corp.		2		8,839
Daiwa House Residential REIT		2		9,378
Dentsu, Inc.		300		11,882
Dowa Holdings Co., Ltd.		2,000		18,610
Dydo Drinco, Inc.		300		13,247
East Japan Railway Co.		200		16,021
Eisai Co., Ltd.		700		29,652
Electric Power Development Co., Ltd.		900		28,996
FANUC Corp.		200		34,566
Fast Retailing Co., Ltd.		100		33,015
FUJIFILM Holdings Corp.		900		25,691
Fujitsu, Ltd.		3,000		22,996
Gunma Bank, Ltd. (The)		3,000		17,651
Hachijuni Bank, Ltd. (The)		3,000		18,442
Hamamatsu Photonics K.K.		400		18,803
Hirose Electric Co., Ltd.		100		14,054
Hiroshima Bank, Ltd. (The)		3,000		14,558
Hitachi Metals, Ltd.		1,000		16,261
Hitachi, Ltd.		2,000		15,502
Honda Motor Co., Ltd.		1,000		34,811
House Foods Group, Inc.		700		12,621
Hoya Corp.		500		16,189
Ibiden Co., Ltd.		800		15,986
Idemitsu Kosan Co., Ltd.		700		14,308
IHI Corp.		3,000		13,873
ITOCHU Corp.		900		11,459
ITOCHU Techno-Solutions Corp.		300		13,417
Japan Real Estate Investment Corp.		2		11,242
Japan Tobacco, Inc.		2,100		73,852
JX Holdings, Inc.		16,300		83,816
Kamigumi Co., Ltd.		2,000		19,128
Kansai Electric Power Co., Inc. (The)(1)		5,200		47,498
Kansai Paint Co., Ltd.		2,000		33,515
Kao Corp.		1,300		53,461
KDDI Corp.		2,300		132,211
Keihan Electric Railway Co., Ltd.		3,000		13,054

7

Security	Shares		Value
Kewpie Corp.		700	$	12,597
Keyence Corp.		100		43,564
Kikkoman Corp.		1,000		21,901
Kintetsu Corp.		3,000		10,924
Kobayashi Pharmaceutical Co., Ltd.		200		12,398
Kubota Corp.		1,000		13,165
Kyocera Corp.		400		19,375
Kyowa Hakko Kirin Co., Ltd.		2,000		27,477
Kyushu Electric Power Co., Inc.(1)		3,000		33,310
Lawson, Inc.		200		14,977
Lion Corp.		2,000		11,636
Marubeni Corp.		2,000		14,056
Maruichi Steel Tube, Ltd.		400		11,073
Miraca Holdings, Inc.		300		13,884
Mitsubishi Chemical Holdings Corp.		3,000		13,130
Mitsubishi Corp.		900		18,965
Mitsubishi Estate Co., Ltd.		1,000		24,453
Mitsubishi Materials Corp.		3,000		10,906
Mitsubishi UFJ Financial Group, Inc.		8,600		50,717
Mitsui & Co., Ltd.		1,200		19,245
Mizuho Financial Group, Inc.		12,700		24,657
Murata Manufacturing Co., Ltd.		300		28,598
Nintendo Co., Ltd.		100		11,109
Nippon Building Fund, Inc.		2		11,228
Nippon Electric Glass Co., Ltd.		2,000		11,205
Nippon Telegraph & Telephone Corp.		1,500		99,606
NOK Corp.		600		12,252
NTT DoCoMo, Inc.		5,100		89,434
Ono Pharmaceutical Co., Ltd.		300		25,377
ORIX Corp.		900		14,545
Osaka Gas Co., Ltd.		11,000		45,752
Otsuka Holdings Co., Ltd.		700		22,290
Pigeon Corp.		200		11,489
Rakuten, Inc.		1,129		14,827
Santen Pharmaceutical Co., Ltd.		400		23,580
Seven Bank, Ltd.		3,200		12,842
Shin-Etsu Chemical Co., Ltd.		600		38,057
Showa Denko K.K.		7,000		10,183
Stanley Electric Co., Ltd.		400		10,375
Sumitomo Metal Mining Co., Ltd.		1,000		16,659
Sumitomo Mitsui Financial Group, Inc.		600		24,459
Suzuken Co., Ltd.		400		12,753
Takeda Pharmaceutical Co., Ltd.		1,300		59,296
Tokio Marine Holdings, Inc.		600		18,868
Tokyo Electron, Ltd.		200		13,065
Tokyo Gas Co., Ltd.		12,000		68,552
TonenGeneral Sekiyu K.K.		3,000		26,200
Toray Industries, Inc.		3,000		20,307
Toyota Motor Corp.		1,800		106,272
Unicharm Corp.		400		24,493
USS Co., Ltd.		900		15,723
Yamaguchi Financial Group, Inc.		1,000		10,243
Yamato Holdings Co., Ltd.		700		14,582
			$	2,811,105
Kuwait — 0.3%
Agility Public Warehousing Co. KSC		250	$	698
Burgan Bank SAK		6,152		11,049
Commercial Bank of Kuwait SAK		11,100		27,704
Gulf Bank(1)		11,903		14,294
Kuwait Finance House KSC		9,617		27,390
Kuwait Foods Co. (Americana)		2,800		30,386

8

Security	Shares		Value
Mabanee Co. SAKC		3,675	$	12,859
Mobile Telecommunications Co.		18,600		41,597
National Bank of Kuwait SAK		17,888		61,534
National Industries Group Holding(1)		26,460		20,489
			$	248,000
Malaysia — 0.6%
AMMB Holdings Bhd		10,700	$	23,175
Axiata Group Bhd		14,200		30,913
Dialog Group Bhd		41,731		24,232
Digi.com Bhd		12,500		22,200
Gamuda Bhd		14,300		21,357
Genting Bhd		10,100		31,080
IJM Corp. Bhd		10,700		22,376
Lafarge Malayan Cement Bhd		8,200		24,975
Malayan Banking Bhd		11,900		36,707
Maxis Bhd		10,500		22,179
Petronas Chemicals Group Bhd		18,200		37,744
Petronas Dagangan Bhd		3,400		19,709
Public Bank Bhd		4,700		29,050
Resorts World Bhd		20,400		28,046
RHB Capital Bhd		9,000		25,449
Sapurakencana Petroleum Bhd(1)		20,397		27,437
Sime Darby Bhd		20,700		61,524
Tenaga Nasional Bhd		10,300		39,976
			$	528,129
Mexico — 1.6%
Alfa SAB de CV, Series A		31,700	$	86,564
America Movil SAB de CV ADR, Series L		11,800		278,126
Bolsa Mexicana de Valores SAB de CV		20,000		40,711
Cemex SAB de CV ADR(1)		9,299		116,795
Coca Cola Femsa SAB de CV ADR		300		32,019
Compartamos SAB de CV		26,800		54,269
Embotelladoras Arca SAB de CV		5,300		37,469
Fomento Economico Mexicano SAB de CV ADR		800		75,112
Grupo Aeroportuario del Pacifico SAB de CV ADR		400		26,928
Grupo Bimbo SAB de CV, Series A		13,700		42,012
Grupo Carso SA de CV, Series A1		6,000		33,980
Grupo Financiero Banorte SAB de CV, Class O		18,200		121,081
Grupo Financiero Inbursa SAB de CV, Class O		18,400		56,230
Grupo Mexico SAB de CV, Series B		24,743		88,042
Grupo Televisa SA ADR		2,270		80,789
Impulsora del Desarrollo y el Empleo en America Latina SA de CV, Series B1(1)		11,200		31,770
Industrias Penoles SAB de CV		1,000		24,962
Kimberly-Clark de Mexico SAB de CV, Class A		9,900		25,117
Mexichem SAB de CV		8,732		34,875
Promotora y Operadora de Infraestructura SAB de CV(1)		3,000		40,489
Wal-Mart de Mexico SAB de CV, Series V		27,400		68,044
			$	1,395,384
Netherlands — 0.8%
Aercap Holdings NV(1)		229	$	9,991
Airbus Group NV		535		31,041
Akzo Nobel NV		917		66,046
ASML Holding NV		1,079		101,761
CNH Industrial NV		2,974		27,450
Fugro NV		817		31,460
Heineken NV		342		24,024
ING Groep NV(1)		3,726		48,392
Koninklijke Ahold NV		1,466		25,562
Koninklijke DSM NV		667		46,078
Koninklijke KPN NV(1)		23,031		73,645

9

Security	Shares		Value
Koninklijke Philips NV		1,371	$	42,255
Koninklijke Vopak NV		753		34,856
Reed Elsevier NV		4,294		96,660
STMicroelectronics NV		4,609		38,231
Unilever NV		779		32,060
			$	729,512
New Zealand — 0.1%
Argosy Property, Ltd.		12,520	$	10,683
Auckland International Airport, Ltd.		10,086		32,607
Fletcher Building, Ltd.		3,787		29,149
Kiwi Income Property Trust REIT		15,506		15,467
Xero, Ltd.(1)		938		19,753
			$	107,659
Norway — 0.4%
DNB ASA		1,443	$	25,572
Kongsberg Gruppen ASA		820		18,725
Nordic Semiconductor ASA(1)		2,453		13,197
Orkla ASA		3,932		35,591
Salmar ASA		710		13,905
Schibsted ASA		922		44,510
Seadrill, Ltd.		500		17,964
Statoil ASA		1,375		39,290
Stolt-Nielsen, Ltd.		522		11,859
Telenor ASA		2,615		60,179
Veidekke ASA		1,643		17,971
Yara International ASA		801		36,599
			$	335,362
Peru — 0.5%
Alicorp SA		18,200	$	54,256
Cia de Minas Buenaventura SA ADR		2,000		23,420
Credicorp, Ltd.		600		88,752
Grana y Montero SA		9,300		31,044
Luz del Sur SAA		5,700		19,332
Southern Copper Corp.		6,189		203,371
			$	420,175
Philippines — 0.2%
Ayala Land, Inc., PFC Shares(3)		65,600	$	151
Bank of the Philippine Islands		9,185		20,006
International Container Terminal Services, Inc.		9,481		24,604
JG Summit Holding, Inc.		18,200		22,160
Philex Mining Corp.		75,900		21,798
Philippine Long Distance Telephone Co.		360		25,350
SM Investments Corp.		1,225		22,304
SM Prime Holdings, Inc.		65,800		23,052
Universal Robina Corp.		7,400		27,413
			$	186,838
Poland — 0.6%
Asseco Poland SA		1,770	$	23,545
Bank Pekao SA		850		45,046
BRE Bank SA		170		25,499
Cyfrowy Polsat SA		2,734		20,454
KGHM Polska Miedz SA		1,033		42,381
LPP SA		17		42,412
Orange Polska SA		7,940		26,220
Polish Oil & Gas		18,340		28,392
Polska Grupa Energetyczna SA		8,040		53,490
Polski Koncern Naftowy Orlen SA		3,090		36,485

10

Security	Shares		Value
Powszechna Kasa Oszczednosci Bank Polski SA		6,350	$	72,213
Powszechny Zaklad Ubezpieczen SA		487		68,472
Tauron Polska Energia SA		14,460		23,474
			$	508,083
Portugal — 0.1%
EDP-Energias de Portugal SA		7,301	$	34,191
Jeronimo Martins SGPS SA		1,415		18,496
Mota-Engil SGPS SA		1,973		12,306
NOS SGPS		4,716		28,108
Portucel SA		4,607		21,134
			$	114,235
Qatar — 0.3%
Barwa Real Estate Co.		2,800	$	28,823
Gulf International Services QSC		750		23,498
Industries Qatar		1,245		58,576
Masraf Al Rayan		2,050		29,953
Ooredoo QSC		644		22,560
Qatar National Bank		848		41,938
United Development Co.		3,255		25,326
Vodafone Qatar		5,500		28,998
			$	259,672
Russia — 1.3%
Federal Hydrogenerating Co. JSC ADR		19,300	$	32,652
Globaltrans Investment PLC GDR(4)		2,200		21,625
LUKOIL OAO ADR		2,490		138,820
Magnit OJSC		585		148,788
Mail.ru Group, Ltd. GDR(4)		1,040		31,025
MMC Norilsk Nickel ADR		3,000		58,669
Mobile TeleSystems OJSC		9,300		71,770
OAO Gazprom ADR		25,000		182,417
Pharmstandard OJSC GDR(1)(4)		1,286		10,690
PIK Group GDR(1)(4)		9,700		20,490
Rosneft Oil Co. GDR(1)(4)		5,700		35,170
Rostelecom		11,150		27,400
Sberbank of Russia ADR		17,100		141,858
Surgutneftegas OJSC ADR		5,900		40,858
Surgutneftegas OJSC, PFC Shares		40,400		29,645
Tatneft ADR		1,500		53,316
Uralkali OJSC GDR(4)		1,700		32,461
VimpelCom, Ltd. ADR		3,275		27,313
VTB Bank OJSC GDR(4)		17,800		38,871
Yandex NV, Class A(1)		1,900		57,532
			$	1,201,370
Singapore — 0.3%
Ascendas Real Estate Investment Trust		6,000	$	11,195
ComfortDelGro Corp., Ltd.		7,000		14,467
Flextronics International, Ltd.(1)		3,224		33,497
Genting Singapore PLC		21,000		22,392
Noble Group, Ltd.		10,000		11,320
Oversea-Chinese Banking Corp., Ltd.		3,000		23,943
Singapore Press Holdings, Ltd.		7,000		23,259
Singapore Technologies Engineering, Ltd.		4,000		12,148
Singapore Telecommunications, Ltd.		14,000		45,535
United Engineers, Ltd.		5,000		9,594
United Overseas Bank, Ltd.		2,000		38,597
Wilmar International, Ltd.		10,000		26,109
			$	272,056
South Africa — 1.5%
Anglo Platinum, Ltd.(1)		500	$	21,951
AngloGold Ashanti, Ltd.(1)		2,200		37,722

11

Security	Shares		Value
Barclays Africa Group, Ltd.		1,800	$	28,007
Barloworld, Ltd.		2,400		22,760
Bidvest Group, Ltd.		2,950		79,359
Capital Property Fund(1)		19,700		21,219
Clicks Group, Ltd.		4,000		24,519
FirstRand, Ltd.		9,500		38,194
Impala Platinum Holdings, Ltd.		2,786		27,608
Massmart Holdings, Ltd.		2,200		28,748
MMI Holdings, Ltd.		10,300		24,884
Mr. Price Group, Ltd.		1,400		26,441
MTN Group, Ltd.		12,800		264,952
Nedbank Group, Ltd.		1,100		23,957
Netcare, Ltd.		10,000		28,710
Remgro, Ltd.		1,800		38,839
Reunert, Ltd.		3,300		19,775
RMB Holdings, Ltd.		6,000		31,126
Sanlam, Ltd.		7,500		42,541
Sasol, Ltd.		2,100		121,135
Shoprite Holdings, Ltd.		3,300		49,796
Spar Group, Ltd.		3,300		38,086
Standard Bank Group, Ltd.		4,600		61,891
Steinhoff International Holdings, Ltd.		10,400		51,952
Sun International, Ltd.		2,500		24,961
Tiger Brands, Ltd.		900		25,875
Truworths International, Ltd.		4,100		28,707
Vodacom Group (Pty), Ltd.		4,000		46,752
Wilson Bayly Holmes-Ovcon, Ltd.		1,800		21,477
			$	1,301,944
South Korea — 1.4%
Celltrion, Inc.(1)		903	$	34,642
Cheil Worldwide, Inc.(1)		1,110		23,225
CJ Corp.		150		21,149
Dongbu Insurance Co., Ltd.		590		33,405
Hankook Tire Co., Ltd.		410		22,442
Honam Petrochemical Corp.		140		23,604
Hynix Semiconductor, Inc.(1)		870		37,853
Hyundai Glovis Co., Ltd.		110		28,071
Hyundai Heavy Industries Co., Ltd.		140		20,182
Hyundai Marine & Fire Insurance Co., Ltd.		1,110		32,822
Hyundai Motor Co.		350		82,855
Hyundai Steel Co.		300		22,855
Kangwon Land, Inc.		850		28,184
Korea Electric Power Corp.		1,000		41,266
Korea Zinc Co., Ltd.		100		40,041
Korean Reinsurance Co.		2,629		28,764
KT&G Corp.		290		28,015
LG Chem, Ltd.		190		53,170
LG Corp.		490		32,814
LG Electronics, Inc.		680		50,376
Naver Corp.		55		39,272
POSCO		320		103,986
Samsung Electro-Mechanics Co., Ltd.		350		21,328
Samsung Electronics Co., Ltd.		176		227,782
Samsung Fire & Marine Insurance Co., Ltd.		90		24,669
Samsung Life Insurance Co., Ltd.		510		51,913
Samsung SDI Co., Ltd.		194		29,872
Samsung Securities Co., Ltd.		690		32,531
SK Telecom Co., Ltd. ADR		1,500		42,465
TONGYANG Securities, Inc.(1)		9,480		28,162
			$	1,287,715

12

Security	Shares		Value
Spain — 0.8%
Abertis Infraestructuras SA		1,918	$	42,038
Acerinox SA		1,283		21,351
Amadeus IT Holding SA, Class A		2,081		81,889
Banco Santander SA		5,512		55,381
CaixaBank SA		2,660		15,995
Distribuidora Internacional de Alimentacion SA		2,714		22,496
Enagas SA		608		20,228
Ferrovial SA		2,089		43,769
Grifols SA, Class A		1,110		50,103
Grifols SA, Class B		760		28,298
Industria de Diseno Textil SA		3,375		98,594
Red Electrica Corp. SA		267		22,943
Repsol SA		3,117		77,730
Telefonica SA		5,584		91,033
			$	671,848
Sweden — 0.7%
Atlas Copco AB, Class A		605	$	18,050
BillerudKorsnas AB		1,442		21,303
Elekta AB, Class B		4,075		49,932
Hennes & Mauritz AB, Class B		2,504		102,367
Hexpol AB		291		24,446
Holmen AB, Class B		798		26,875
Investment AB Kinnevik, Class B		286		11,871
Investor AB, Class B		701		25,200
Lundin Petroleum AB(1)		1,461		26,186
Meda AB, Class A		2,437		39,292
Skanska AB, Class B		846		17,579
SKF AB, Class B		786		18,528
Svenska Cellulosa AB SCA, Class B		1,720		42,357
Swedbank AB, Class A		1,371		35,122
Telefonaktiebolaget LM Ericsson, Class B		5,660		70,478
TeliaSonera AB		12,724		95,299
			$	624,885
Switzerland — 1.4%
ABB, Ltd.(1)		3,860	$	88,772
Adecco SA(1)		124		9,275
Baloise Holding AG		183		22,034
Compagnie Financiere Richemont SA, Class A		1,423		135,032
Dufry AG(1)		60		10,275
GAM Holding AG(1)		540		9,775
Givaudan SA		40		65,424
Logitech International SA		1,271		18,642
Mobimo Holding AG(1)		59		11,980
Nestle SA		3,115		230,635
Novartis AG		2,526		219,758
Schindler Holding AG		110		16,293
SGS SA		8		17,428
Sonova Holding AG		123		19,084
Swatch Group, Ltd. (The), Bearer Shares		106		56,528
Swiss Life Holding AG		44		10,175
Swiss Re AG		822		69,876
Swisscom AG		127		70,510
Syngenta AG		394		139,576
Zurich Insurance Group AG(1)		217		63,041
			$	1,284,113
Taiwan — 1.4%
Acer, Inc.(1)		73,000	$	57,856
Advanced Semiconductor Engineering, Inc.		32,931		39,109
Asustek Computer, Inc.		4,000		42,269
Catcher Technology Co., Ltd.		7,000		57,214

13

Security	Shares		Value
Cathay Financial Holding Co., Ltd.		22,690	$	37,756
Cheng Shin Rubber Industry Co., Ltd.		11,765		29,497
China Development Financial Holding Corp.		71,000		23,471
Chunghwa Telecom Co., Ltd.		22,000		67,113
Compal Electronics, Inc.		54,000		49,705
CTBC Financial Holding Co., Ltd.		42,057		29,436
Delta Electronics, Inc.		9,000		61,159
Far EasTone Telecommunications Co., Ltd.		9,000		18,669
Formosa Chemicals & Fibre Corp.		13,900		33,820
Formosa Petrochemical Corp.		11,000		28,029
Formosa Plastics Corp.		16,240		41,600
Foxconn Technology Co., Ltd.		19,845		49,049
Fubon Financial Holding Co., Ltd.		26,496		41,594
Giant Manufacturing Co., Ltd.		3,000		24,607
Hotai Motor Co., Ltd.		2,000		25,903
Mega Financial Holding Co., Ltd.		35,519		31,192
Nan Ya Plastics Corp.		24,410		56,717
Pou Chen Corp.		22,000		24,591
President Chain Store Corp.		5,000		39,775
Quanta Computer, Inc.		12,000		33,515
Radiant Opto-Electronics Corp.		7,789		32,352
Siliconware Precision Industries Co., Ltd.		12,000		16,379
Standard Foods Corp.		7,052		20,045
Synnex Technology International Corp.		20,000		31,263
Taishin Financial Holdings Co., Ltd.		50,180		26,780
Taiwan Cement Corp.		23,000		34,240
Uni-President Enterprises Corp.		19,100		36,360
Wistron Corp.		39,276		37,527
Yageo Corp.		84,000		56,671
Yulon Motor Co., Ltd.		13,000		21,208
			$	1,256,471
Thailand — 0.5%
Advanced Info Service PCL(5)		7,500	$	48,242
Airports of Thailand PCL(5)		3,400		22,497
Bangkok Bank PCL(5)		3,900		23,776
Big C Supercenter PCL(5)		4,000		28,691
Charoen Pokphand Foods PCL(5)		24,400		20,179
CP ALL PCL(5)		26,300		37,706
Kasikornbank PCL(5)		7,900		51,765
Krung Thai Bank PCL(5)		32,600		21,656
PTT Exploration & Production PCL(5)		8,612		43,387
PTT Global Chemical PCL(5)		12,600		25,675
PTT PCL(5)		4,200		41,597
Siam Cement PCL(5)		2,200		29,293
Siam Commercial Bank PCL(5)		8,700		47,888
Thai Beverage PCL		77,411		37,953
			$	480,305
Turkey — 0.6%
Akbank TAS		15,500	$	61,471
Anadolu Efes Biracilik ve Malt Sanayii AS		1,850		22,437
BIM Birlesik Magazalar AS		1,700		40,256
Coca-Cola Icecek AS		800		20,069
Enka Insaat ve Sanayi AS		9,579		24,966
Eregli Demir ve Celik Fabrikalari TAS		31,980		67,431
Haci Omer Sabanci Holding AS		5,200		24,235
KOC Holding AS		8,920		46,805
Tupras-Turkiye Petrol Rafinerileri AS		1,400		34,214
Turk Hava Yollari Anonim Ortakligi (THY) AS		11,345		34,042
Turkcell Iletisim Hizmetleri AS(1)		8,650		56,565

14

Security	Shares		Value
Turkiye Garanti Bankasi AS		12,800	$	52,713
Turkiye Halk Bankasi AS		3,100		23,342
Turkiye Is Bankasi		13,500		37,667
Yapi ve Kredi Bankasi AS		10,500		23,921
			$	570,134
United Arab Emirates — 0.3%
Abu Dhabi Commercial Bank (PJSC)		17,000	$	41,470
Arabtec Holding Co.(1)		29,580		33,950
DP World, Ltd.		2,200		43,556
Emaar Properties (PJSC)		22,440		59,446
First Gulf Bank (PJSC)		6,200		30,600
National Bank of Abu Dhabi (PJSC)		8,379		32,946
Union National Bank		8,553		15,342
			$	257,310
United Kingdom — 2.8%
Aberdeen Asset Management PLC		1,370	$	9,511
Anglo American PLC		2,201		59,110
Associated British Foods PLC		563		26,355
AstraZeneca PLC		1,425		104,048
Aveva Group PLC		458		15,454
Aviva PLC		2,892		24,474
BAE Systems PLC		1,790		12,900
Berkeley Group Holdings PLC		246		10,127
BHP Billiton PLC		2,186		74,569
BP PLC		16,337		133,044
British American Tobacco PLC		1,433		83,949
Bunzl PLC		530		14,206
Burberry Group PLC		988		23,493
Capita PLC		1,563		31,648
Cobham PLC		3,560		17,565
Compass Group PLC		1,682		27,406
CSR PLC		1,550		13,786
Daily Mail & General Trust PLC, Class A		697		9,826
Diageo PLC		2,225		66,822
Experian PLC		1,622		27,754
G4s PLC		2,490		10,537
Galliford Try PLC		493		10,560
GlaxoSmithKline PLC		7,009		168,908
Glencore PLC		11,422		69,019
Go-Ahead Group PLC		297		11,015
Grainger PLC		2,727		9,877
Halma PLC		2,818		26,713
HSBC Holdings PLC		11,144		119,474
Imperial Tobacco Group PLC		715		30,955
Informa PLC		1,220		10,020
Kier Group PLC		354		10,427
Kingfisher PLC		2,686		13,567
Laird PLC		2,133		10,363
Londonmetric Property PLC REIT		4,234		10,064
Marks & Spencer Group PLC		3,423		24,777
Meggitt PLC		1,244		10,652
Micro Focus International PLC		1,069		15,298
Mitie Group PLC		1,857		9,534
Mondi PLC		608		10,648
National Grid PLC		12,897		183,695
Old Mutual PLC		5,996		19,725
Pace PLC		2,881		15,491
Pearson PLC		1,114		21,428
Playtech PLC		1,480		15,299
Randgold Resources, Ltd.		257		22,129
Reckitt Benckiser Group PLC		558		49,259

15

Security	Shares		Value
Reed Elsevier PLC		1,183	$	19,018
Rolls-Royce Holdings PLC(1)		2,777		48,476
Rotork PLC		228		10,611
Royal Dutch Shell PLC, Class A		3,477		142,960
Sage Group PLC (The)		8,098		50,297
Schroders PLC		234		9,402
Segro PLC REIT		1,709		10,294
Shaftesbury PLC		893		10,169
SSE PLC		2,920		71,712
Telecity Group PLC		1,347		18,015
UBM PLC		909		9,474
Ultra Electronics Holdings PLC		345		10,285
Unilever PLC		603		26,054
United Utilities Group PLC		2,439		36,557
Vodafone Group PLC		80,742		268,878
Whitbread PLC		406		29,401
WS Atkins PLC		466		10,449
			$	2,477,533
United States — 36.6%
3M Co.		1,764	$	248,530
A.O. Smith Corp.		542		25,311
Abbott Laboratories		3,499		147,378
AbbVie, Inc.		2,440		127,710
Accenture PLC, Class A		1,013		80,311
Actavis PLC(1)		387		82,919
Advance Auto Parts, Inc.		215		26,039
AGL Resources, Inc.		1,927		99,510
Air Products and Chemicals, Inc.		1,362		179,716
Airgas, Inc.		1,044		111,624
Alaska Air Group, Inc.		1,062		46,696
Alexandria Real Estate Equities, Inc.		141		11,083
Allergan, Inc.		248		41,133
Allied World Assurance Co. Holdings, Ltd.		438		15,772
Altria Group, Inc.		6,041		245,265
Amdocs, Ltd.		4,549		206,252
Ameren Corp.		2,515		96,702
American Campus Communities, Inc.		270		10,508
American Electric Power Co., Inc.		2,447		127,220
American Express Co.		908		79,904
American Financial Group, Inc.		2,206		123,514
American International Group, Inc.		1,489		77,398
American Tower Corp.		537		50,687
American Water Works Co., Inc.		742		35,445
AmerisourceBergen Corp.		2,294		176,432
Amgen, Inc.		1,814		231,085
AmSurg Corp.(1)		841		40,166
Analog Devices, Inc.		2,046		101,543
Analogic Corp.		147		10,571
Annaly Capital Management, Inc.		1,589		17,638
AOL, Inc.(1)		1,065		41,056
Aon PLC		688		58,040
Apache Corp.		958		98,348
Apple, Inc.		2,906		277,726
AptarGroup, Inc.		1,282		78,330
Aqua America, Inc.		825		19,619
Arch Capital Group, Ltd.(1)		365		19,509
Arthur J. Gallagher & Co.		1,971		88,695
Ascent Capital Group, Inc., Series A(1)		213		13,202
Associated Banc-Corp.		706		12,652
AT&T, Inc.		13,043		464,200
Automatic Data Processing, Inc.		1,088		88,465
AutoNation, Inc.(1)		435		23,194

16

Security	Shares		Value
AutoZone, Inc.(1)		78	$	40,328
Avago Technologies, Ltd.		394		27,336
Avery Dennison Corp.		2,582		121,896
Axis Capital Holdings, Ltd.		977		42,158
AZZ, Inc.		1,018		44,426
Bank of Hawaii Corp.		1,384		79,137
Bank of the Ozarks, Inc.		960		29,539
Baxter International, Inc.		1,073		80,142
Becton, Dickinson and Co.		920		106,941
Bemis Co., Inc.		1,952		76,148
Berkshire Hathaway, Inc., Class B(1)		1,517		190,277
BioMed Realty Trust, Inc.		503		10,815
Blackbaud, Inc.		324		11,894
Boeing Co. (The)		1,090		131,323
Bristol-Myers Squibb Co.		3,979		201,417
Bristow Group, Inc.		389		27,763
Broadridge Financial Solutions, Inc.		3,218		129,911
Brown-Forman Corp., Class B		1,452		125,816
Buffalo Wild Wings, Inc.(1)		272		39,527
CA, Inc.		2,922		84,387
Campbell Soup Co.		3,237		134,627
Cardinal Health, Inc.		1,936		138,714
Caterpillar, Inc.		1,182		119,087
CBL & Associates Properties, Inc.		578		10,809
Celanese Corp., Series A		487		28,348
CenturyLink, Inc.		2,291		89,899
Cerner Corp.(1)		1,115		61,548
Charter Communication Inc., Class A(1)		230		35,540
Chevron Corp.		2,399		310,047
Chipotle Mexican Grill, Inc.(1)		117		78,683
Cincinnati Financial Corp.		1,623		74,690
Cinemark Holdings, Inc.		2,696		88,429
Cintas Corp.		2,660		166,516
Cisco Systems, Inc.		5,327		134,400
City National Corp.		273		20,543
Clorox Co. (The)		1,605		139,426
Coca-Cola Co. (The)		9,921		389,796
Colgate-Palmolive Co.		1,949		123,567
Colony Financial, Inc.		499		11,053
Comcast Corp., Class A		2,396		128,737
Comerica, Inc.		1,057		53,125
Compass Minerals International, Inc.		1,001		86,106
ConAgra Foods, Inc.		3,585		108,016
CONMED Corp.		899		35,061
ConocoPhillips		2,488		205,260
Consolidated Edison, Inc.		2,704		151,667
Costar Group, Inc.(1)		284		40,819
Covanta Holding Corp.		4,264		87,071
Cracker Barrel Old Country Store, Inc.		789		76,501
Crown Holdings, Inc.(1)		634		29,513
CST Brands, Inc.		667		22,298
Cullen/Frost Bankers, Inc.		1,718		133,952
CVR Energy, Inc.		1,690		79,565
CVS Caremark Corp.		1,715		130,957
Danaher Corp.		1,279		94,493
Darden Restaurants, Inc.		1,463		68,395
Deere & Co.		1,003		85,365
Delta Air Lines, Inc.		1,915		71,736

17

Security	Shares		Value
Devon Energy Corp.		2,308	$	174,254
Diamond Offshore Drilling, Inc.		2,720		127,269
Digital Realty Trust, Inc.		193		12,427
Discovery Communications, Inc., Class A(1)		423		36,044
Dominion Resources, Inc.		856		57,900
Douglas Emmett, Inc.		375		10,684
Dow Chemical Co. (The)		2,167		110,669
Dr Pepper Snapple Group, Inc.		1,534		90,138
DST Systems, Inc.		1,778		160,144
DTE Energy Co.		1,738		128,299
Duke Energy Corp.		3,323		239,688
Duke Realty Corp. REIT		610		10,974
E.I. du Pont de Nemours & Co.		3,863		248,430
eBay, Inc.(1)		1,065		56,232
Ecolab, Inc.		628		68,157
Edwards Lifesciences Corp.(1)		289		26,082
Eli Lilly & Co.		2,699		164,801
EMC Corp.		1,913		56,051
EMCOR Group, Inc.		739		30,247
Emerson Electric Co.		3,089		196,615
Endurance Specialty Holdings, Ltd.		1,733		91,658
Entergy Corp.		1,691		123,156
Everest Re Group, Ltd.		294		45,838
Exelon Corp.		2,999		93,209
Express Scripts Holding Co.(1)		846		58,924
Extra Space Storage, Inc.		204		10,553
Exxon Mobil Corp.		5,423		536,552
Facebook, Inc., Class A(1)		1,435		104,253
FedEx Corp.		627		92,094
Fidelity National Information Services, Inc.		956		53,918
First Financial Bankshares, Inc.		366		10,753
FirstEnergy Corp.		3,508		109,485
Foot Locker, Inc.		669		31,798
Freeport-McMoRan, Inc.		3,796		141,287
Frontier Communications Corp.		23,894		156,506
Garmin, Ltd.		2,287		125,877
General Electric Co.		10,143		255,096
General Mills, Inc.		2,260		113,339
Genuine Parts Co.		903		74,786
Global Payments, Inc.		336		23,275
Golar LNG, Ltd.		1,742		107,325
Google, Inc., Class A(1)		382		221,388
Graham Holdings Co., Class B		43		29,487
Harris Corp.		1,646		112,372
Hasbro, Inc.		1,325		66,197
Hawaiian Electric Industries Inc.		4,885		115,384
HCA Holdings, Inc.(1)		1,084		70,796
HEICO Corp.		480		23,597
Hershey Co. (The)		257		22,655
HollyFrontier Corp.		1,700		79,917
Hologic, Inc.(1)		595		15,512
Home Depot, Inc. (The)		1,839		148,683
Honeywell International, Inc.		709		65,107
Hospitality Properties Trust		351		10,028
Howard Hughes Corp. (The)(1)		181		26,321
ICU Medical, Inc.(1)		208		12,116
IHS, Inc.(1)		169		22,202
Illinois Tool Works, Inc.		1,840		151,561
Illumina, Inc.(1)		138		22,068

18

Security	Shares		Value
Integrys Energy Group, Inc.		1,594	$	104,503
Intel Corp.		7,399		250,752
International Business Machines Corp.		536		102,735
International Flavors & Fragrances, Inc.		734		74,127
International Paper Co.		1,894		89,965
Investors Bancorp, Inc.		3,126		32,354
j2 Global, Inc.		213		10,420
Jack Henry & Associates, Inc.		1,893		110,457
Jack in the Box, Inc.		191		10,923
JetBlue Airways Corp.(1)		1,282		13,743
Johnson & Johnson		4,048		405,164
Jones Lang LaSalle, Inc.		222		27,461
JPMorgan Chase & Co.		2,923		168,569
Kaiser Aluminum Corp.		534		41,235
Kellogg Co.		2,139		127,976
KeyCorp		1,722		23,316
Kimberly-Clark Corp.		966		100,338
Kohl’s Corp.		1,015		54,343
Landstar System, Inc.		2,086		137,947
Legg Mason, Inc.		765		36,299
Leggett & Platt, Inc.		2,659		87,215
Liberty Global PLC, Series A(1)		553		23,005
Liberty Global PLC, Series C(1)		881		35,231
Liberty Property Trust		282		9,918
Linear Technology Corp.		2,258		99,657
Lockheed Martin Corp.		613		102,353
Lorillard, Inc.		2,799		169,284
Lowe’s Companies, Inc.		2,148		102,782
Lululemon Athletica, Inc.(1)		696		26,775
LyondellBasell Industries NV, Class A		614		65,238
M&T Bank Corp.		1,546		187,839
Madison Square Garden Co. (The)(1)		419		24,863
Manhattan Associates, Inc.(1)		1,016		29,830
Marathon Oil Corp.		2,196		85,095
Marathon Petroleum Corp.		854		71,292
Marsh & McLennan Cos., Inc.		1,999		101,489
MasterCard, Inc., Class A		1,357		100,622
Mattel, Inc.		2,273		80,521
McDonald’s Corp.		1,561		147,608
McGraw Hill Financial, Inc.		715		57,357
McKesson Corp.		1,159		222,366
MeadWestvaco Corp.		1,989		83,140
Medicines Co. (The)(1)		389		9,091
Medtronic, Inc.		3,729		230,228
Merck & Co., Inc.		4,664		264,635
Meredith Corp.		2,535		116,407
Microchip Technology, Inc.		2,582		116,242
Microsoft Corp.		9,125		393,835
Mid-America Apartment Communities, Inc.		149		10,418
Minerals Technologies, Inc.		742		43,088
Mondelez International, Inc., Class A		2,894		104,184
Monsanto Co.		1,559		176,307
Mosaic Co. (The)		1,743		80,370
Murphy Oil Corp.		2,654		164,893
Murphy USA, Inc.(1)		361		17,841
National Health Investors, Inc.		163		9,746
National Oilwell Varco, Inc.		2,637		213,703
National Retail Properties, Inc.		302		10,742
New York Community Bancorp, Inc.		5,056		80,289
Newmont Mining Corp.		3,978		99,092
NextEra Energy, Inc.		1,305		122,526
NIKE, Inc., Class B		1,011		77,978

19

Security	Shares		Value
Nordstrom, Inc.		288	$	19,938
Northrop Grumman Corp.		1,049		129,310
Northstar Asset Management(1)		333		5,964
Northstar Realty Finance REIT(1)		333		5,361
Nucor Corp.		1,537		77,188
O’Reilly Automotive, Inc.(1)		151		22,650
Occidental Petroleum Corp.		2,535		247,695
OGE Energy Corp.		721		25,920
Old Republic International Corp.		9,580		137,856
Olin Corp.		3,113		82,712
Omega Healthcare Investors REIT		298		10,889
Omnicare, Inc.		523		32,688
Omnicom Group, Inc.		1,243		86,998
ONE Gas, Inc.		448		16,128
Oneok, Inc.		608		39,173
Owens & Minor, Inc.		2,158		71,408
Packaging Corp. of America		1,667		110,289
PacWest Bancorp		395		16,460
Papa John’s International, Inc.		238		9,922
PartnerRe, Ltd.		1,588		165,724
Patterson Cos., Inc.		2,005		78,215
Paychex, Inc.		2,290		93,913
PDL BioPharma, Inc.		13,313		124,876
PennyMac Mortgage Investment Trust		1,550		33,186
People’s United Financial, Inc.		7,486		108,697
Pepco Holdings, Inc.		4,599		123,483
PepsiCo, Inc.		4,433		390,547
Pfizer, Inc.		7,778		223,229
PG&E Corp.		1,008		45,027
Philip Morris International, Inc.		1,428		117,110
Phillips 66		928		75,270
Pinnacle Financial Partners, Inc.		310		11,470
PNC Financial Services Group, Inc. (The)		347		28,648
PPG Industries, Inc.		413		81,923
PPL Corp.		5,100		168,249
Praxair, Inc.		1,810		231,933
Priceline Group, Inc. (The)(1)		95		118,033
Procter & Gamble Co. (The)		5,395		417,141
Progressive Corp.		3,052		71,539
Protective Life Corp.		209		14,500
QUALCOMM, Inc.		1,676		123,521
Quest Diagnostics, Inc.		1,488		90,917
Raymond James Financial, Inc.		664		33,831
Rayonier Advanced Materials(1)		77		2,510
Rayonier, Inc.		232		7,902
Raytheon Co.		1,317		119,544
Regal Entertainment Group, Class A		6,104		118,784
Regal-Beloit Corp.		187		13,144
Regency Centers Corp.		200		10,872
Republic Services, Inc.		2,086		79,122
Retail Opportunity Investments Corp.		708		10,924
Reynolds American, Inc.		2,158		120,524
Rockwell Automation, Inc.		283		31,600
Royal Gold, Inc.		644		48,667
RPM International, Inc.		2,392		105,679
SCANA Corp.		1,844		93,823
Schlumberger, Ltd.		2,883		312,488
Scotts Miracle-Gro Co. (The), Class A		2,107		112,092
SemGroup Corp., Class A		165		12,718

20

Security	Shares		Value
Sempra Energy		955	$	95,223
Senior Housing Properties Trust		451		10,310
Sherwin-Williams Co. (The)		428		88,266
Sigma-Aldrich Corp.		459		46,093
Sonoco Products Co.		1,753		68,612
Southern Co. (The)		4,731		204,805
Spectra Energy Corp.		3,129		128,039
Spirit Realty Capital, Inc. REIT		1,042		12,056
Standex International Corp.		118		7,782
Starbucks Corp.		1,321		102,615
Sysco Corp.		4,106		146,543
TAL International Group, Inc.(1)		1,400		61,880
Targa Resources Corp.		392		49,980
Target Corp.		3,152		187,828
Taubman Centers, Inc.		144		10,593
TD Ameritrade Holding Corp.		794		25,503
Techne Corp.		246		22,957
TECO Energy, Inc.		4,268		74,519
Teekay Corp.		2,058		114,548
Teleflex, Inc.		1,183		127,456
Tesoro Corp.		935		57,540
Texas Capital Bancshares, Inc.(1)		187		9,733
Thomson Reuters Corp.		2,416		91,349
Tidewater, Inc.		2,483		117,371
Time Warner, Inc.		3,612		299,868
TJX Cos., Inc. (The)		1,635		87,129
Towers Watson & Co., Class A		448		45,705
TransDigm Group, Inc.		260		43,659
Twenty-First Century Fox, Inc., Class A		1,304		41,311
Tyler Technologies, Inc.(1)		266		24,134
U.S. Bancorp		4,709		197,919
UDR, Inc.		399		11,603
Umpqua Holdings Corp.		658		11,133
Union Pacific Corp.		1,411		138,715
United Parcel Service, Inc., Class B		2,497		242,434
United Technologies Corp.		1,897		199,470
UnitedHealth Group, Inc.		2,697		218,592
Valero Energy Corp.		1,492		75,794
Validus Holdings, Ltd.		2,249		82,156
Vectren Corp.		2,973		113,242
VeriSign, Inc.(1)		298		16,107
Veritiv Corp.(1)		36		1,446
Verizon Communications, Inc.		12,082		609,174
Viacom, Inc., Class B		947		78,289
Visa, Inc., Class A		609		128,505
W.W. Grainger, Inc.		128		30,099
Wal-Mart Stores, Inc.		3,197		235,235
Walt Disney Co. (The)		1,331		114,306
Washington Federal, Inc.		568		11,905
Waste Connections, Inc.		586		27,741
Waste Management, Inc.		3,047		136,780
Watsco, Inc.		358		32,066
Weingarten Realty Investors REIT		338		11,124
WellPoint, Inc.		1,241		136,274
Wells Fargo & Co.		4,458		226,912
Westar Energy, Inc.		3,546		127,798
Western Alliance Bancorp(1)		1,256		28,762
Western Refining, Inc.		401		16,425
Williams Cos., Inc.		2,544		144,067

21

Security			Shares		Value
Windstream Holdings, Inc.				9,021	$	103,381
Xcel Energy, Inc.				3,802		117,102
Zions Bancorporation				770		22,191
					$	32,730,616
Total Common Stocks (identified cost $53,182,956)					$	64,846,052
Equity-Linked Securities(6)(7) — 1.4%
Security	Maturity Date		Shares		Value
India — 1.4%
Adani Ports and Special Economic Zone		11/2/16		5,500	$	23,705
Apollo Hospitals Enterprises, Ltd.		11/2/16		1,100		18,431
Asian Paints, Ltd.		8/17/16		2,300		23,920
Axis Bank, Ltd.		10/8/14		1,000		6,480
Bajaj Auto, Ltd.		7/29/16		700		24,035
Bharat Heavy Electricals, Ltd.		9/29/14		7,300		27,594
Bharti Airtel, Ltd.		9/29/14		10,400		64,168
Cairn India, Ltd.		9/29/14		5,800		30,247
Cipla, Ltd.		9/29/14		3,100		23,405
Coal India, Ltd.		11/2/16		3,000		18,240
DLF, Ltd.		11/2/16		10,600		34,768
Federal Bank, Ltd.		7/29/16		12,862		25,467
GAIL India, Ltd.		4/6/16		4,100		29,561
Hero Motocorp, Ltd.		10/8/14		700		30,068
Hindustan Unilever, Ltd.		10/1/14		3,800		42,997
Hindustan Zinc, Ltd.		10/13/14		11,300		30,114
Indian Oil Corp., Ltd.		4/26/16		5,800		31,784
IndusInd Bank, Ltd.		12/15/14		2,300		21,287
Infrastructure Development Finance Company, Ltd.		10/8/14		18,700		47,124
ITC, Ltd.		9/29/14		9,000		53,010
Jindal Steel and Power, Ltd. JSPL		9/29/14		4,300		19,544
Kotak Mahindra Bank, Ltd.		10/13/14		2,600		41,015
Larsen & Toubro, Ltd.		11/4/14		1,100		27,340
Lupin, Ltd.		11/2/16		1,660		32,445
Mahindra & Mahindra, Ltd.		10/15/14		1,200		23,850
NTPC, Ltd.		4/26/16		18,800		45,120
Oil and Natural Gas Corp., Ltd.		4/26/16		6,500		42,510
Oil India, Ltd.		11/2/16		3,450		32,240
Power Finance Co.		7/27/15		6,500		28,860
Power Grid Corp. of India, Ltd.		11/16/15		9,100		20,020
Reliance Infrastructure, Ltd.		4/26/16		1,700		20,842
Sun Pharmaceutical Industries, Ltd.		4/26/16		3,400		44,489
Tata Consultancy Services, Ltd.		10/13/14		2,400		102,420
Tata Steel, Ltd.		10/13/14		4,200		38,451
Union Bank of India, Ltd.		7/29/16		9,500		30,067
Wipro, Ltd.		10/13/14		3,793		34,156
Total Equity-Linked Securities (identified cost $880,142)					$	1,189,774

22

Short-Term Investments — 21.1%
U.S. Treasury Obligations — 2.2%
Security	Principal Amount (000’s omitted)		Value
U.S. Treasury Bill, 0.00%, 3/5/15(8)	$	2,000	$	1,999,310
Total U.S. Treasury Obligations (identified cost $1,998,590)			$	1,999,310
Other — 18.9%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(9)	$	16,877	$	16,876,502
Total Other (identified cost $16,876,502)			$	16,876,502
Total Short-Term Investments (identified cost $18,875,092)			$	18,875,812
Total Investments — 95.1% (identified cost $72,938,190)			$	84,911,638
Other Assets, Less Liabilities — 4.9%			$	4,413,673
Net Assets — 100.0%			$	89,325,311

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

ADR	-	American Depositary Receipt
CDI	-	CHESS Depositary Interest
GDR	-	Global Depositary Receipt
PCL	-	Public Company Ltd.
PFC Shares	-	Preference Shares

(1) Non-income producing security.

(2) Amount is less than 0.05%.

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

(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. At July 31, 2014, the aggregate value of these securities is $190,332 or 0.2% of the Portfolio’s net assets.

(5) Indicates a foreign registered security. Shares issued to foreign investors in markets that have foreign ownership limits.

(6) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $1,189,774 or 1.4% of the Portfolio’s net assets.

(7) 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 (JPMorgan Chase) in addition to the market risk of the underlying security.

23

(8) Security (or a portion thereof) has been pledged to cover collateral requirements on open derivative contracts.

(9) 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $13,462.

Currency Concentration of Portfolio

Currency	Percentage of Net Assets			Value
United States Dollar		63.0	%	$	56,309,992
Euro		6.4			5,751,980
Japanese Yen		3.1			2,811,105
British Pound Sterling		2.8			2,530,419
Hong Kong Dollar		2.6			2,308,006
Swiss Franc		1.5			1,315,314
South African Rand		1.5			1,301,944
Australian Dollar		1.5			1,299,455
New Taiwan Dollar		1.4			1,256,471
South Korean Won		1.4			1,245,250
Brazilian Real		1.3			1,122,314
Other currency, less than 1% each		8.6			7,659,388
Total Investments		95.1	%	$	84,911,638

Sector Classification of Portfolio

Sector	Percentage of Net Assets			Value
Financials		11.9	%	$	10,667,063
Industrials		7.7			6,849,227
Consumer Staples		7.5			6,695,589
Materials		7.5			6,682,527
Information Technology		7.4			6,586,588
Consumer Discretionary		7.1			6,353,387
Energy		7.0			6,220,245
Health Care		6.9			6,188,616
Utilities		5.6			4,978,776
Telecommunication Services		5.4			4,813,808
Short-Term Investments		21.1			18,875,812
Total Investments		95.1	%	$	84,911,638

Basis for Consolidation

The Portfolio seeks to gain exposure to the commodity markets, in whole or in part, through investments in PSAR Commodity Subsidiary, Ltd. (the Subsidiary), a wholly-owned subsidiary of the Portfolio organized under the laws of the Cayman Islands with the same objective and investment policies and restrictions as the Portfolio. The Portfolio may invest up to 25% of its total assets in the Subsidiary. The net assets of the Subsidiary at July 31, 2014 were $3,194,249 or 3.6% of the Portfolio’s consolidated net assets. The Consolidated Portfolio of Investments includes positions of the Portfolio and the Subsidiary.

A summary of open financial instruments at July 31, 2014 is as follows:

Futures Contracts

Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation (Depreciation)
9/14	155 E-mini MSCI EAFE Index	Short	$	(15,188,245	)	$	(14,842,800	)	$	345,445
9/14	274 E-mini MSCI Emerging Markets Index	Short		(14,236,766	)		(14,448,020	)		(211,254	)
9/14	319 E-mini S&P 500 Index	Short		(30,674,689	)		(30,700,560	)		(25,871	)
									$	108,320

24

Total Return Swaps

Counterparty	Notional Amount		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Rate			Expiration Date		Net Unrealized Appreciation (Depreciation)
Merrill Lynch International	$	10,070,000	Pays	Excess Return on Bloomberg Commodity Index	Pays		0.15	%		8/12/14	$	91,009
Merrill Lynch International		800,000	Receives	Excess Return on S&P GSCI 1 Month Forward Aluminum Index	Pays		0.20			8/12/14		(11,440	)
Merrill Lynch International		200,000	Receives	Excess Return on S&P GSCI 1 Month Forward Brent Crude Index	Pays		0.20			8/12/14		(2,818	)
Merrill Lynch International		800,000	Receives	Excess Return on S&P GSCI 1 Month Forward Copper Index	Pays		0.20			8/12/14		8,025
Merrill Lynch International		200,000	Receives	Excess Return on S&P GSCI 1 Month Forward Crude Oil Index	Pays		0.20			8/12/14		(8,529	)
Merrill Lynch International		800,000	Receives	Excess Return on S&P GSCI 1 Month Forward Gas Oil Index	Pays		0.20			8/12/14		(714	)
Merrill Lynch International		800,000	Receives	Excess Return on S&P GSCI 1 Month Forward Gold Index	Pays		0.20			8/12/14		(14,551	)
Merrill Lynch International		200,000	Receives	Excess Return on S&P GSCI 1 Month Forward Lead Index	Pays		0.20			8/12/14		1,757
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Nickel Index	Pays		0.20			8/12/14		(11,663	)
Merrill Lynch International		800,000	Receives	Excess Return on S&P GSCI 1 Month Forward Silver Index	Pays		0.20			8/12/14		(22,078	)
Merrill Lynch International		800,000	Receives	Excess Return on S&P GSCI 1 Month Forward Unleaded Gasoline Index	Pays		0.20			8/12/14		(10,943	)
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Zinc Index	Pays		0.20			8/12/14		(611	)
Merrill Lynch International		200,000	Receives	Excess Return on S&P GSCI Platinum Index	Pays		0.20			8/12/14		(2,903	)
Merrill Lynch International		200,000	Receives	Excess Return on S&P GSCI 1 Month Forward Cocoa Index	Pays		0.27			8/12/14		3,500
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Coffee Index	Pays		0.27			8/12/14		40,785
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Corn Index	Pays		0.27			8/12/14		(4,072	)
Merrill Lynch International		200,000	Receives	Excess Return on S&P GSCI 1 Month Forward Cotton Index	Pays		0.27			8/12/14		(15,318	)

25

Counterparty	Notional Amount		Portfolio Pays/Receives Return on Reference Index	Reference Index	Portfolio Pays/Receives Rate	Rate			Expiration Date		Net Unrealized Appreciation (Depreciation)
Merrill Lynch International	$	200,000	Receives	Excess Return on S&P GSCI 1 Month Forward Lean Hogs Index	Pays		0.27	%		8/12/14	$	(8,771	)
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Live Cattle Index	Pays		0.27			8/12/14		(1,734	)
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Soybeans Index	Pays		0.27			8/12/14		2,016
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Sugar Index	Pays		0.27			8/12/14		(11,819	)
Merrill Lynch International		400,000	Receives	Excess Return on S&P GSCI 1 Month Forward Wheat Index	Pays		0.27			8/12/14		(3,094	)
Merrill Lynch International		400,000	Receives	Excess Return on Bloomberg 3 Month Forward Soybean Oil Subindex	Pays		0.30			8/12/14		409
Merrill Lynch International		800,000	Receives	Excess Return on S&P GSCI Enhanced Natural Gas Index	Pays		0.35			8/12/14		15,952
											$	32,395

At July 31, 2014, the Portfolio had sufficient cash and/or securities to cover commitments under these contracts.

In following its generally market-neutral strategy, the Portfolio achieved its long and short exposures to commodities using swap contracts and its short exposure to equities using swap contracts and futures contracts during the fiscal year to date ended July 31, 2014. In the normal course of pursuing its investment objective, the Portfolio is subject to the following risks:

Commodity Risk: Commodity risk is the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities market and factors specific to a particular industry or commodity. The Portfolio invests in commodities-linked derivative investments, including total return swaps based on a commodity index that provide exposure to the investment returns of the commodities market, without investing directly in physical commodities.

Equity Price Risk: The Portfolio enters into equity index futures contracts to enhance return or hedge volatility as an overall asset/risk instrument. During the fiscal year to date ended July 31, 2014, the Portfolio entered into total return swap agreements on equity indices to enhance return, to hedge against fluctuations in securities prices or as substitution for the purchase or sale of securities.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at July 31, 2014 was as follows:

		Fair Value
Risk	Derivative	Asset Derivative		Liability Derivative
Commodity	Total Return Swaps	$	163,453	$	(131,058	)
Equity Price	Futures Contracts*	$	345,445	$	(237,125	)
Total		$	508,898	$	(368,183	)

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

26

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	73,643,781
Gross unrealized appreciation	$	12,954,616
Gross unrealized depreciation		(1,686,759	)
Net unrealized appreciation	$	11,267,857

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2			Level 3*		Total
Common Stocks
Asia/Pacific	$	610,449		$	11,143,876		$	151	$	11,754,476
Developed Europe		120,890			10,750,977			—		10,871,867
Developed Middle East		108,747			194,371			—		303,118
Emerging Europe		84,845			3,021,525			—		3,106,370
Latin America		4,012,430			—			—		4,012,430
Middle East/Africa		51,172			2,016,003			—		2,067,175
North America		32,730,616			—			—		32,730,616
Total Common Stocks	$	37,719,149		$	27,126,752	**	$	151	$	64,846,052
Equity-Linked Securities	$	—		$	1,189,774		$	—	$	1,189,774
Short-Term Investments -
U.S. Treasury Obligations		—			1,999,310			—		1,999,310
Other		—			16,876,502			—		16,876,502
Total Investments	$	37,719,149		$	47,192,338		$	151	$	84,911,638
Futures Contracts	$	345,445		$	—		$	—	$	345,445
Swap Contracts		—			163,453			—		163,453
Total	$	38,064,594		$	47,355,791		$	151	$	85,420,36
Liability Description
Futures Contracts	$	(237,125	)	$	—		$	—	$	(237,125	)
Swap Contracts		—			(131,058	)		—		(131,058	)
Total	$	(237,125	)	$	(131,058	)	$	—	$	(368,182	)

* None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

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

27

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended July 31, 2014 is not presented. At July 31, 2014, the value of investments transferred between Level 1 and Level 2 during the fiscal year to date then ended was not significant.

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 September 19, 2014, the Parametric Market Neutral Fund withdrew its entire interest in the Portfolio in cash. The Portfolio is expected to terminate by October 10, 2014.

28

Parametric Tax-Managed International Equity Fund

July 31, 2014 (Unaudited)

Parametric 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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $44,671,041 and the Fund owned 37.8% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed International Equity Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 98.6%

Security	Shares		Value
Australia — 8.1%
AGL Energy, Ltd.		26,890	$	366,536
Amcor, Ltd.		20,536		196,556
ARB Corp., Ltd.		2,741		30,933
Ardent Leisure Group		12,742		30,295
Aristocrat Leisure, Ltd.		17,703		92,866
Asciano, Ltd.		20,332		112,863
Automotive Holdings Group, Ltd.		8,319		29,892
BHP Billiton, Ltd.		19,459		690,919
Boral, Ltd.		5,759		28,330
Brambles, Ltd.		29,362		254,190
Breville Group, Ltd.		3,592		27,539
Cabcharge Australia, Ltd.		8,214		34,916
Cardno, Ltd.		4,551		26,362
carsales.com, Ltd.		6,799		71,798
Coca-Cola Amatil, Ltd.		13,087		111,609
Commonwealth Bank of Australia		6,814		525,562
Computershare, Ltd.		15,937		192,325
CSL, Ltd.		13,992		871,751
David Jones, Ltd.		14,004		51,926
Domino’s Pizza Enterprises, Ltd.		1,997		39,701
Drillsearch Energy, Ltd. (1)		20,746		31,422
DUET Group		57,401		128,012
DuluxGroup, Ltd.		5,657		28,719
Echo Entertainment Group, Ltd.		21,995		67,380
Envestra, Ltd.		45,327		54,497
Fortescue Metals Group, Ltd.		5,228		23,438
Goodman Fielder, Ltd.		47,588		28,286
GPT Group (The)		11,738		44,193
GUD Holdings, Ltd.		6,188		42,660
GWA Group, Ltd.		12,353		33,365
Harvey Norman Holdings, Ltd.		44,634		126,648
Incitec Pivot, Ltd.		11,120		30,431
Invocare, Ltd.		3,580		34,897
Iress, Ltd.		4,049		32,558
James Hardie Industries PLC CDI		5,348		66,415
JB Hi-Fi, Ltd.		3,121		57,418
Leighton Holdings, Ltd.		2,932		59,630
MACA, Ltd.		15,122		28,786
Macquarie Atlas Roads Group		10,339		32,023
McMillan Shakespeare, Ltd.		3,315		28,958
Mermaid Marine Australia, Ltd.		14,644		27,377
Mirvac Group		18,336		30,673
Myer Holdings, Ltd.		19,418		40,544
National Australia Bank, Ltd.		9,703		315,052
Navitas, Ltd.		9,965		45,368
Newcrest Mining, Ltd.(1)		3,087		30,839
Oil Search, Ltd.		22,478		196,602
Origin Energy, Ltd.		20,678		272,323
Orora, Ltd.		57,701		77,705
OZ Minerals, Ltd.		8,916		37,904
Premier Investments, Ltd.		3,446		30,872
Prime Media Group, Ltd.		32,362		30,756

1

Security	Shares		Value
Qantas Airways, Ltd.(1)		26,527	$	32,504
Qube Holdings, Ltd.		14,777		30,725
Ramsay Health Care, Ltd.		3,178		141,582
REA Group, Ltd.		1,595		69,467
Recall Holdings, Ltd.(1)		7,050		33,572
Retail Food Group, Ltd.		8,090		34,987
SAI Global, Ltd.		7,632		34,394
Scentre Group(1)		4,083		12,901
Skilled Group, Ltd.		12,305		28,822
SMS Management & Technology, Ltd.		8,747		33,286
Southern Cross Media Group, Ltd.		25,786		28,623
Spark Infrastructure Group		56,969		99,269
STW Communications Group, Ltd.		23,198		31,663
Suncorp Group, Ltd.		2,484		32,660
Super Retail Group, Ltd.		4,935		42,972
Tabcorp Holdings, Ltd.		17,246		55,727
Tatts Group, Ltd.		43,654		143,354
Telstra Corp., Ltd.		152,362		772,644
Tox Free Solutions, Ltd.		9,194		27,783
Transpacific Industries Group, Ltd.(1)		36,318		36,125
Transurban Group		27,194		195,280
Treasury Wine Estates, Ltd.		11,839		54,252
UGL, Ltd.		4,476		28,730
Village Roadshow, Ltd.		4,552		32,778
Westfield Corp.		3,277		22,779
Westpac Banking Corp.		8,556		272,081
Whitehaven Coal, Ltd.(1)		23,116		36,056
Woodside Petroleum, Ltd.		12,096		474,816
Woolworths, Ltd.		23,156		789,256
WorleyParsons, Ltd.		4,274		70,400
			$	9,602,108
Austria — 1.0%
ams AG		5,005	$	178,472
Andritz AG		1,693		91,637
CA Immobilien Anlagen AG		1,563		31,219
Conwert Immobilien Invest SE		2,110		25,878
EVN AG		2,151		29,766
Immofinanz AG		21,576		68,042
Lenzing AG		490		28,628
OMV AG		5,438		218,709
RHI AG		859		26,645
Schoeller-Bleckmann Oilfield Equipment AG		231		27,474
Telekom Austria AG		17,350		166,364
Verbund AG		6,332		119,100
Voestalpine AG		2,931		128,987
			$	1,140,921
Belgium — 2.1%
Ageas		1,164	$	41,777
Anheuser-Busch InBev NV		5,315		573,662
Arseus NV		518		27,950
Barco NV		828		60,997
Belgacom SA		7,920		258,815
Colruyt SA		1,996		96,660
Compagnie d’Entreprises CFE		270		26,480
Econocom Group		2,876		26,181
Euronav SA(1)		2,460		29,755
EVS Broadcast Equipment SA		652		33,364

2

Security	Shares		Value
Groupe Bruxelles Lambert SA		2,220	$	220,795
Solvay SA		1,836		296,454
Telenet Group Holding NV(1)		3,141		167,891
UCB SA		5,133		470,820
Umicore SA		2,518		121,692
			$	2,453,293
Denmark — 2.1%
A.P. Moller-Maersk A/S, Class A		69	$	154,845
A.P. Moller-Maersk A/S, Class B		125		291,415
Carlsberg A/S, Class B		2,023		193,558
Coloplast A/S, Class B		1,750		147,967
Danske Bank A/S		5,821		168,172
DSV A/S		4,271		134,876
Novo Nordisk A/S, Class B		9,585		441,218
Novozymes A/S, Class B		7,848		388,079
Pandora A/S		2,285		156,365
SimCorp A/S		775		25,106
TDC A/S		20,226		204,042
Tryg A/S		1,562		157,375
			$	2,463,018
Finland — 2.0%
Amer Sports Oyj		1,589	$	31,294
Elisa Oyj		10,401		297,919
Fortum Oyj		9,596		246,759
Kesko Oyj, Class B		3,462		131,671
Kone Oyj, Class B		5,705		239,882
Neste Oil Oyj		6,179		114,031
Nokia Oyj		39,600		313,726
Nokian Renkaat Oyj		3,048		105,533
Orion Oyj, Class B		6,528		242,020
Sampo Oyj		7,238		359,552
Sanoma Oyj		4,285		33,610
UPM-Kymmene Oyj		6,498		105,908
Valmet Oyj		3,262		34,091
Wartsila Oyj		2,753		138,646
			$	2,394,642
France — 7.2%
Accor SA		611	$	29,589
ADP		1,111		152,183
Air Liquide SA		7,316		930,991
Alstom SA(1)		736		26,470
Alten SA		634		30,557
AtoS		1,608		125,560
AXA SA		7,444		171,023
BNP Paribas SA		4,623		306,752
Bouygues SA		672		26,472
Cap Gemini SA		4,163		301,873
Christian Dior SA		516		89,877
CNP Assurances		2,759		54,205
Danone SA		5,713		412,654
Dassault Systemes SA		3,938		264,262
Edenred		900		28,132
Essilor International SA		1,781		173,982
Eutelsat Communications SA		985		33,985
Fonciere des Regions		297		29,798
GameLoft SE(1)		3,003		19,164
GDF Suez		28,577		736,844

3

Security	Shares		Value
Groupe Eurotunnel SA		2,197	$	29,075
Groupe Steria SCA(1)		1,073		29,814
Iliad SA		447		123,032
Imerys SA		879		68,634
Ingenico		1,185		119,877
JCDecaux SA		1,243		42,657
Kering SA		430		92,056
L’Oreal SA		2,323		392,261
Lagardere SCA		1,361		40,516
Legrand SA		583		32,331
LVMH Moet Hennessy Louis Vuitton SA		2,112		363,311
Natixis		15,283		98,756
Neopost SA		811		56,943
Publicis Groupe SA		1,071		77,705
Remy Cointreau SA		348		28,473
Rubis SCA		423		25,398
Safran SA		3,405		200,102
Sanofi		6,571		689,895
Societe BIC SA		612		84,378
Sodexo		1,273		126,521
Suez Environnement Co. SA		5,207		97,179
Technicolor SA(1)		4,055		29,333
Total SA		11,837		763,423
UBISOFT Entertainment(1)		2,188		36,611
Unibail-Rodamco SE		378		101,496
Vinci SA		2,225		153,554
Vivendi SA		27,892		700,041
Wendel SA		200		26,237
			$	8,573,982
Germany — 7.3%
Adidas AG		1,825	$	144,512
Allianz SE		2,367		394,073
alstria office REIT AG(1)		2,172		28,713
Aurubis AG		569		27,630
BASF SE		5,146		532,580
Bayer AG		4,547		599,779
Bayerische Motoren Werke AG		2,850		339,492
Beiersdorf AG		2,677		241,289
Bilfinger SE		256		20,830
Brenntag AG		164		26,330
Celesio AG		1,831		62,636
Commerzbank AG(1)		8,618		123,823
Continental AG		655		141,064
Deutsche Boerse AG		1,043		75,508
Deutsche EuroShop AG		620		29,264
Deutsche Post AG		8,584		274,642
Deutsche Telekom AG		50,964		827,026
Deutsche Wohnen AG		1,750		37,865
E.ON SE		35,060		661,874
Fraport AG		937		61,582
Freenet AG		2,362		62,325
Fresenius Medical Care AG & Co. KGaA		705		48,869
Fresenius SE & Co. KGaA		559		83,593
Hannover Rueckversicherung AG		1,152		98,339
Henkel AG & Co. KGaA		5,333		507,683
K&S AG		864		26,474
KWS Saat AG		85		29,906
LANXESS AG		524		33,297
LEG Immobilien AG(1)		453		31,720
Linde AG		1,695		345,710

4

Security	Shares		Value
Merck KGaA		412	$	36,433
MTU Aero Engines AG		316		27,186
Muenchener Rueckversicherungs-Gesellschaft AG		660		140,034
Porsche Automobil Holding SE, PFC Shares		819		76,551
RWE AG		8,003		321,307
RWE AG, PFC Shares		1,456		46,865
SAP SE		12,595		989,865
Siemens AG		4,402		543,630
Sky Deutschland AG(1)		3,476		31,264
Software AG		800		20,014
Stada Arzneimittel AG		690		28,494
Suedzucker AG		3,391		59,402
TAG Immobilien AG		2,396		29,203
Telefonica Deutschland Holdings AG(1)		3,587		28,045
TUI AG		1,799		25,391
Volkswagen AG		484		111,619
Volkswagen AG, PFC Shares		676		156,993
Wirecard AG		1,392		51,633
			$	8,642,357
Hong Kong — 4.1%
AIA Group, Ltd.		54,200	$	290,718
APT Satellite Holdings, Ltd.		23,000		33,905
ASM Pacific Technology, Ltd.		11,500		122,160
Bank of East Asia, Ltd.		23,200		98,904
Biosensors International Group, Ltd.		58,000		39,374
Bloomage Biotechnology Corp, Ltd.		10,000		24,484
Cathay Pacific Airways, Ltd.		31,000		58,486
Cheung Kong Infrastructure Holdings, Ltd.		21,000		147,676
Chow Sang Sang Holdings International, Ltd.		13,000		33,744
CLP Holdings, Ltd.		34,500		286,993
Dairy Farm International Holdings, Ltd.		6,300		67,206
Enn Energy Holdings, Ltd.		24,000		169,140
Esprit Holdings, Ltd.		27,800		43,641
Fosun International, Ltd.		94,500		120,016
Galaxy Entertainment Group, Ltd.		43,000		361,067
Great Eagle Holdings, Ltd.		9,000		32,385
Hang Lung Group, Ltd.		6,000		32,177
Hang Lung Properties, Ltd.		16,000		49,414
Hang Seng Bank, Ltd.		9,500		161,179
HC International, Inc.(1)		12,000		26,038
Henderson Land Development Co., Ltd.		8,800		55,932
HKT Trust and HKT, Ltd.		111,000		131,383
Hongkong Land Holdings, Ltd.		13,000		88,856
Hopewell Holdings, Ltd.		33,500		116,356
Hutchison Whampoa, Ltd.		30,000		407,347
Hysan Development Co., Ltd.		7,000		33,597
Jardine Matheson Holdings, Ltd.		2,400		143,254
Jardine Strategic Holdings, Ltd.		3,000		107,224
Johnson Electric Holdings, Ltd.		7,875		30,484
Kerry Properties, Ltd.		10,000		36,500
Link REIT (The)		22,500		127,800
MTR Corp., Ltd.		17,500		68,750
NWS Holdings, Ltd.		17,000		31,495
Pacific Basin Shipping, Ltd.		51,000		30,721
PAX Global Technology, Ltd.(1)		54,000		41,393
PCCW, Ltd.		191,000		116,700
Power Assets Holdings, Ltd.		47,500		424,586
Sands China, Ltd.		33,200		243,955
Shangri-La Asia, Ltd.		22,000		34,760
Sino Land Co., Ltd.		22,000		37,793
Sun Hung Kai Properties, Ltd.		10,000		151,664

5

Security	Shares		Value
Swire Pacific, Ltd., Class A		4,000	$	51,475
Television Broadcasts, Ltd.		4,700		30,528
VTech Holdings, Ltd.		7,100		87,774
Yue Yuen Industrial Holdings, Ltd.		10,500		35,022
			$	4,864,056
Ireland — 1.9%
Aer Lingus Group PLC		13,945	$	24,781
CRH PLC		15,902		371,161
DCC PLC		3,647		208,077
FBD Holdings PLC		1,257		24,085
FleetMatics Group PLC(1)		4,706		148,662
Fly Leasing, Ltd.		2,162		32,300
Glanbia PLC		4,590		70,616
Grafton Group PLC		9,728		94,277
ICON PLC(1)		9,374		485,573
Irish Continental Group PLC		7,510		26,763
Kerry Group PLC, Class A		5,210		386,953
Origin Enterprises PLC		2,844		31,871
Paddy Power PLC		4,444		313,790
			$	2,218,909
Israel — 2.0%
Bank Hapoalim B.M.		42,928	$	250,410
Bezeq Israeli Telecommunication Corp., Ltd.		176,420		328,497
Caesarstone Sdot-Yam, Ltd.		837		36,292
Check Point Software Technologies, Ltd.(1)		4,277		290,280
Delek Automotive Systems, Ltd.		2,964		30,865
Delek Group, Ltd.		342		134,191
Elbit Systems, Ltd.		2,327		145,821
Gazit-Globe, Ltd.		2,382		31,851
Israel Chemicals, Ltd.		19,219		156,275
Israel Corp., Ltd.(1)		96		56,501
Israel Discount Bank, Ltd., Series A(1)		19,603		34,149
Mizrahi Tefahot Bank, Ltd.		12,770		161,476
Orbotech, Ltd.(1)		2,016		32,518
Ormat Industries, Ltd.		5,806		42,068
Osem Investment, Ltd.		2,955		69,360
Paz Oil Co., Ltd.		464		74,627
SodaStream International, Ltd.(1)		1,765		58,245
Strauss Group, Ltd.		3,732		73,246
Teva Pharmaceutical Industries, Ltd. ADR		6,986		373,751
			$	2,380,423
Italy — 3.3%
Assicurazioni Generali SpA		4,184	$	87,332
Astaldi SpA		2,796		26,916
Atlantia SpA		13,187		349,010
Autogrill SpA(1)		7,979		67,900
Banca Popolare di Milano Scarl(1)		33,412		29,116
Brembo SpA		781		28,696
Buzzi Unicem SpA		3,892		63,115
CIR SpA(1)		19,905		27,663
Davide Campari-Milano SpA		17,139		133,702
DiaSorin SpA		1,529		61,184
Enel Green Power SpA		55,789		154,307
Enel SpA		55,440		315,619
ENI SpA		26,390		671,517
GTECH SpA		1,016		24,418
Interpump Group SpA		2,136		27,260

6

Security	Shares		Value
Intesa Sanpaolo SpA		61,402	$	182,341
Italcementi SpA		2,564		19,022
Luxottica Group SpA		4,875		268,949
Mediobanca SpA(1)		2,802		24,697
Pirelli & C. SpA		5,635		84,036
Prada SpA		6,900		49,024
Recordati SpA		4,182		69,027
Salvatore Ferragamo SpA		941		25,882
Snam SpA		37,238		219,514
Sorin SpA(1)		9,439		25,919
Telecom Italia SpA(1)		214,684		247,379
Telecom Italia SpA, PFC Shares		365,898		342,104
Terna Rete Elettrica Nazionale SpA		35,037		184,266
Tod’s SpA		213		23,365
Unione di Banche Italiane SCpA		4,763		39,213
World Duty Free SpA(1)		2,214		25,207
Yoox SpA(1)		851		22,396
			$	3,920,096
Japan — 16.9%
3-D Matrix, Ltd.(1)		800	$	28,654
ADEKA Corp.		2,700		37,223
Advantest Corp.		2,700		30,144
Aeon Co., Ltd.		9,400		105,544
Aeon Mall Co., Ltd.		1,300		30,464
Aichi Steel Corp.		9,000		35,650
Air Water, Inc.		4,000		63,972
Ajinomoto Co., Inc.		8,000		122,977
Alfresa Holdings Corp.		400		23,880
All Nippon Airways Co., Ltd.		11,000		27,214
Alps Electric Co., Ltd.		2,500		34,700
Anritsu Corp.		3,000		28,588
Asahi Glass Co., Ltd.		6,000		35,555
Asahi Group Holdings, Ltd.		5,900		177,936
Asahi Kasei Corp.		17,000		134,353
Astellas Pharma, Inc.		30,600		414,954
Bandai Namco Holdings, Inc.		1,300		32,901
Bank of Yokohama, Ltd. (The)		5,000		28,451
Bridgestone Corp.		1,900		68,572
Canon, Inc.		7,900		258,450
Central Japan Railway Co.		500		71,011
Century Tokyo Leasing Corp.		900		28,899
Chiba Bank, Ltd. (The)		4,000		29,118
Chubu Electric Power Co., Inc.(1)		22,700		263,878
Chugai Pharmaceutical Co., Ltd.		5,300		176,399
Chugoku Bank, Ltd. (The)		3,000		46,093
Citizen Holdings Co., Ltd.		7,100		56,451
Cosmo Oil Co., Ltd.		38,000		76,172
Credit Saison Co., Ltd.		1,400		27,546
Daido Steel Co., Ltd.		7,000		32,711
Daikin Industries, Ltd.		1,100		75,547
Daishi Bank, Ltd. (The)		9,000		33,094
Daito Trust Construction Co., Ltd.		300		36,158
Daiwa House Industry Co., Ltd.		3,000		60,898
DeNA Co., Ltd.		1,800		23,215
Denki Kagaku Kogyo K.K.		9,000		33,622
Dentsu, Inc.		900		35,645
Dowa Holdings Co., Ltd.		4,000		37,220
Dydo Drinco, Inc.		800		35,326
East Japan Railway Co.		1,100		88,118
Eisai Co., Ltd.		3,600		152,495
Electric Power Development Co., Ltd.		4,500		144,978
FamilyMart Co., Ltd.		800		35,929

7

Security	Shares		Value
Fancl Corp.		2,700	$	33,067
FANUC Corp.		700		120,981
Fast Retailing Co., Ltd.		300		99,044
Fuji Electric Co., Ltd.		8,000		41,250
Fuji Oil Co., Ltd.		2,300		36,749
FUJIFILM Holdings Corp.		3,400		97,056
Fujitsu, Ltd.		15,000		114,982
Fukuoka Financial Group, Inc.		7,000		35,810
Furukawa Electric Co., Ltd.		13,000		27,499
GungHo Online Entertainment, Inc.		5,200		29,275
Gunma Bank, Ltd. (The)		5,000		29,419
Hachijuni Bank, Ltd. (The)		5,000		30,737
Hamamatsu Photonics K.K.		1,200		56,408
Hirose Electric Co., Ltd.		300		42,163
Hiroshima Bank, Ltd. (The)		12,000		58,231
Hisamitsu Pharmaceutical Co., Inc.		1,200		47,801
Hitachi Metals, Ltd.		3,000		48,784
Hokuhoku Financial Group, Inc.		15,000		30,798
Honda Motor Co., Ltd.		7,400		257,602
Hoya Corp.		3,500		113,325
Hulic Co., Ltd.		2,200		25,911
Ibiden Co., Ltd.		3,200		63,942
Idemitsu Kosan Co., Ltd.		4,100		83,803
IHI Corp.		7,000		32,371
Isetan Mitsukoshi Holdings, Ltd.		2,700		33,458
Ito En, Ltd.		1,400		34,120
ITOCHU Corp.		6,400		81,490
ITOCHU Techno-Solutions Corp.		800		35,778
Iyo Bank, Ltd. (The)		6,000		60,779
Japan Airlines Co., Ltd.		700		38,666
Japan Drilling Co., Ltd.		800		40,594
Japan Exchange Group, Inc.		1,000		22,751
Japan Real Estate Investment Corp.		6		33,726
Japan Retail Fund Investment Corp.		15		33,054
Japan Steel Works, Ltd.		7,000		30,080
Japan Tobacco, Inc.		12,400		436,077
JGC Corp.		1,000		30,302
Joyo Bank, Ltd. (The)		12,000		63,847
JX Holdings, Inc.		93,600		481,301
Kagome Co., Ltd.		1,800		30,136
Kajima Corp.		8,000		37,200
Kakaku.com, Inc.		2,000		33,848
Kaken Pharmaceutical Co., Ltd.		2,000		44,688
Kamigumi Co., Ltd.		8,000		76,513
Kansai Electric Power Co., Inc. (The)(1)		29,500		269,458
Kansai Paint Co., Ltd.		9,000		150,819
Kao Corp.		5,700		234,408
KDDI Corp.		15,300		879,488
Keihan Electric Railway Co., Ltd.		8,000		34,810
Kewpie Corp.		2,100		37,790
Keyence Corp.		500		217,822
Kikkoman Corp.		3,000		65,703
Kintetsu Corp.		8,000		29,131
Kobayashi Pharmaceutical Co., Ltd.		500		30,996
Koito Manufacturing Co., Ltd.		2,000		54,801
Konica Minolta, Inc.		4,500		48,042
Kose Corp.		900		37,435
Kuraray Co., Ltd.		4,500		58,943
Kyocera Corp.		2,800		135,624
KYORIN Holdings, Inc.		1,500		30,907
Kyowa Hakko Kirin Co., Ltd.		6,000		82,432
Kyushu Electric Power Co., Inc.(1)		16,800		186,538

8

Security	Shares		Value
Lawson, Inc.		900	$	67,398
Lion Corp.		5,000		29,090
LIXIL Group Corp.		1,100		26,666
M3, Inc.		3,600		58,104
Mandom Corp.		900		32,941
Marubeni Corp.		7,000		49,196
Maruichi Steel Tube, Ltd.		1,200		33,218
Matsumotokiyoshi Holdings Co., Ltd.		900		29,554
Megmilk Snow Brand Co., Ltd.		2,200		28,496
MEIJI Holdings Co., Ltd.		1,000		71,676
Miraca Holdings, Inc.		1,300		60,164
Mitsubishi Chemical Holdings Corp.		19,000		83,156
Mitsubishi Corp.		6,700		141,181
Mitsubishi Estate Co., Ltd.		6,000		146,718
Mitsubishi Gas Chemical Co., Inc.		6,000		38,991
Mitsubishi Logistics Corp.		4,000		60,647
Mitsubishi Motors Corp.		2,000		22,786
Mitsubishi Tanabe Pharma Corp.		3,200		46,482
Mitsubishi UFJ Financial Group, Inc.		59,600		351,479
Mitsubishi UFJ Lease & Finance Co., Ltd.		5,800		32,486
Mitsui & Co., Ltd.		7,200		115,469
Mitsui Fudosan Co., Ltd.		3,000		99,071
Mizuho Financial Group, Inc.		82,000		159,201
Morinaga Milk Industry Co., Ltd.		7,000		25,095
Murata Manufacturing Co., Ltd.		1,800		171,585
Nabtesco Corp.		1,300		29,371
NGK Spark Plug Co., Ltd.		4,000		119,590
NH Foods, Ltd.		3,000		61,412
Nidec Corp.		1,000		65,127
Nihon Kohden Corp.		700		34,394
Nihon Parkerizing Co., Ltd.		1,000		22,074
Nikon Corp.		1,800		27,918
Nintendo Co., Ltd.		900		99,981
Nippon Building Fund, Inc.		5		28,071
Nippon Electric Glass Co., Ltd.		10,000		56,025
Nippon Flour Mills Co., Ltd.		5,000		25,287
Nippon Kayaku Co., Ltd.		2,000		25,353
Nippon Light Metal Holdings Co., Ltd.		21,500		36,443
Nippon Paint Co., Ltd.		2,000		46,083
Nippon Shinyaku Co., Ltd.		1,000		28,554
Nippon Shokubai Co., Ltd.		3,000		38,455
Nippon Soda Co., Ltd.		5,000		27,283
Nippon Telegraph & Telephone Corp.		9,300		617,560
Nissan Chemical Industries, Ltd.		2,000		36,662
Nissan Motor Co., Ltd.		10,300		101,047
Nisshin Seifun Group, Inc.		5,000		58,390
Nisshin Steel Co., Ltd.		2,900		39,158
Nissin Foods Holdings Co., Ltd.		1,200		65,935
Nitori Holdings Co., Ltd.		1,000		56,171
Nitto Denko Corp.		1,000		44,626
NOF Corp.		4,000		27,888
Nomura Real Estate Holdings, Inc.		1,500		27,870
Nomura Research Institute, Ltd.		1,000		31,485
NTT Data Corp.		1,100		41,890
NTT DoCoMo, Inc.		35,300		619,026
Obayashi Corp.		4,000		29,193
OJI Paper Co., Ltd.		12,000		48,297
Oki Electric Industry Co., Ltd.		14,000		31,067

9

Security	Shares		Value
Okinawa Electric Power Co., Inc. (The)		900	$	28,859
Ono Pharmaceutical Co., Ltd.		2,100		177,637
Oracle Corp. Japan		1,000		42,369
ORIX Corp.		5,100		82,422
Osaka Gas Co., Ltd.		62,000		257,876
Otsuka Corp.		900		41,007
Otsuka Holdings Co., Ltd.		5,900		187,872
Pigeon Corp.		600		34,467
Rakuten, Inc.		4,300		56,472
Rengo Co., Ltd.		6,000		27,410
Resona Holdings, Inc.		7,700		42,909
Rinnai Corp.		600		54,627
Rohto Pharmaceutical Co., Ltd.		1,000		15,475
San-Ai Oil Co., Ltd.		4,000		30,384
Santen Pharmaceutical Co., Ltd.		1,500		88,426
Sawai Pharmaceutical Co., Ltd.		400		22,670
SECOM Co., Ltd.		500		30,413
Sega Sammy Holdings, Inc.		1,400		27,694
Sekisui Chemical Co., Ltd.		3,000		35,971
Sekisui House, Ltd.		2,000		26,250
Seven Bank, Ltd.		7,400		29,696
Sharp Corp.(1)		11,000		34,263
Shimadzu Corp.		4,000		38,287
Shimano, Inc.		200		23,348
Shimizu Corp.		5,000		38,298
Shin-Etsu Chemical Co., Ltd.		4,200		266,398
Shionogi & Co., Ltd.		4,300		92,832
Ship Healthcare Holdings, Inc.		800		26,137
Shiseido Co., Ltd.		5,300		104,457
Showa Denko K.K.		22,000		32,003
Showa Shell Sekiyu K.K.		7,000		78,949
SMC Corp.		200		55,216
Sojitz Corp.		18,700		31,807
Sumitomo Corp.		4,900		64,572
Sumitomo Metal Mining Co., Ltd.		5,000		83,296
Sumitomo Mitsui Financial Group, Inc.		6,300		256,816
Sumitomo Osaka Cement Co., Ltd.		7,000		25,164
Suruga Bank, Ltd.		7,000		136,491
Suzuken Co., Ltd.		2,600		82,896
Taiheiyo Cement Corp.		15,000		58,077
Taisei Corp.		6,000		33,838
Taisho Pharmaceutical Holdings Co., Ltd.		700		49,832
Taiyo Nippon Sanso Corp.		8,000		70,153
Takeda Pharmaceutical Co., Ltd.		9,200		419,635
TDK Corp.		1,000		47,971
TEIJIN, Ltd.		12,000		29,717
Toagosei Co., Ltd.		7,000		29,493
Toho Gas Co., Ltd.		4,000		22,103
Tokai Carbon Co., Ltd.		9,000		25,746
Tokio Marine Holdings, Inc.		3,300		103,774
Tokyo Electron, Ltd.		1,400		91,453
Tokyo Gas Co., Ltd.		71,000		405,601
Tokyo Ohka Kogyo Co., Ltd.		1,300		31,121
Tokyo Tatemono Co., Ltd.		3,000		25,623
Tokyu Corp.		4,000		28,757
Tokyu Fudosan Holdings Corp.		4,000		30,339
TonenGeneral Sekiyu K.K.		11,000		96,067
Toppan Printing Co., Ltd.		4,000		30,470
Toray Industries, Inc.		20,000		135,377
Toshiba Corp.		18,000		80,058

10

Security	Shares		Value
Tosoh Corp.		7,000	$	30,714
Toyo Ink SC Holdings Co., Ltd.		7,000		33,161
Toyo Suisan Kaisha, Ltd.		1,000		30,332
Toyobo Co., Ltd.		18,000		29,134
Toyota Industries Corp.		1,100		53,590
Toyota Motor Corp.		11,100		655,344
Toyota Tsusho Corp.		1,100		30,581
Trend Micro, Inc.		1,000		35,597
Tsuruha Holdings, Inc.		400		22,962
UACJ Corp.		7,000		27,653
Ube Industries, Ltd.		17,000		29,333
Unicharm Corp.		1,700		104,096
UNY Group Holdings Co., Ltd.		4,700		27,939
USS Co., Ltd.		7,000		122,287
Valor Co., Ltd.		2,200		35,852
Yahoo! Japan Corp.		11,200		50,677
Yamato Holdings Co., Ltd.		3,200		66,658
Yamato Kogyo Co., Ltd.		1,000		32,505
Yamazaki Baking Co., Ltd.		2,000		25,315
Zeon Corp.		3,000		29,629
ZERIA Pharmaceutical Co., Ltd.		2,000		49,021
			$	19,949,525
Netherlands — 4.3%
Aegon NV		9,795	$	79,434
Aercap Holdings NV(1)		700		30,541
Airbus Group NV		3,366		195,296
Akzo Nobel NV		5,560		400,451
AMG Advanced Metallurgical Group NV(1)		3,024		29,443
ASML Holding NV		6,439		607,264
CNH Industrial NV		22,164		204,572
Corio NV		626		33,257
Delta Lloyd NV		3,195		73,801
Fugro NV		4,741		182,558
Gemalto NV		831		81,169
Heineken NV		2,124		149,201
ING Groep NV(1)		22,110		287,156
Koninklijke Ahold NV		10,791		188,155
Koninklijke DSM NV		3,672		253,674
Koninklijke KPN NV(1)		131,647		420,961
Koninklijke Philips NV		10,722		330,458
Koninklijke Vopak NV		4,635		214,554
OCI(1)		716		27,359
QIAGEN NV(1)		13,623		332,677
Reed Elsevier NV		24,896		560,421
STMicroelectronics NV		26,346		218,703
TNT Express NV		3,342		26,931
Unilever NV		1,457		59,964
Ziggo NV		1,211		54,610
			$	5,042,610
New Zealand — 0.9%
Argosy Property, Ltd.		71,574	$	61,072
Auckland International Airport, Ltd.		71,354		230,681
Contact Energy, Ltd.		23,324		109,528
Fisher & Paykel Healthcare Corp., Ltd.		10,114		40,748
Fletcher Building, Ltd.		17,648		135,837
Kiwi Income Property Trust REIT		88,630		88,407
Ryman Healthcare, Ltd.		7,558		51,795
Sky Network Television, Ltd.		19,058		108,877

11

Security	Shares		Value
Telecom Corporation of New Zealand, Ltd.		52,744	$	127,045
Trade Me, Ltd.		8,490		24,989
Xero, Ltd.(1)		5,362		112,917
			$	1,091,896
Norway — 2.0%
Atea ASA		6,274	$	73,758
Austevoll Seafood ASA		4,763		32,049
Borregaard ASA		4,154		27,932
DNB ASA		9,428		167,079
DNO ASA(1)		8,093		27,107
Gjensidige Forsikring ASA		6,519		125,699
Kongsberg Gruppen ASA		3,498		79,878
Leroey Seafood Group ASA		876		31,751
Nordic Semiconductor ASA(1)		14,025		75,452
Opera Software ASA		8,541		100,114
Orkla ASA		24,227		219,293
Prosafe SE		3,357		25,000
Salmar ASA		2,132		41,755
Schibsted ASA		5,268		254,317
SpareBank 1 SMN		3,485		29,535
SpareBank 1 SR-Bank ASA		3,147		28,852
Statoil ASA		7,438		212,538
Stolt-Nielsen, Ltd.		2,728		61,975
Telenor ASA		16,239		373,709
Veidekke ASA		9,393		102,739
Yara International ASA		5,093		232,711
			$	2,323,243
Portugal — 0.8%
Banco BPI SA(1)		11,996	$	24,158
EDP-Energias de Portugal SA		53,769		251,805
Galp Energia SGPS SA, Class B		9,466		168,014
Jeronimo Martins SGPS SA		7,890		103,132
Mota-Engil SGPS SA		8,047		50,190
NOS SGPS		22,214		132,399
Portucel SA		19,411		89,047
Portugal Telecom SGPS SA		43,046		92,922
			$	911,667
Singapore — 2.0%
Ascendas Real Estate Investment Trust		44,000	$	82,098
Boustead Singapore, Ltd.		20,000		29,450
CapitaMall Trust		33,000		51,994
City Developments, Ltd.		4,000		33,783
ComfortDelGro Corp., Ltd.		45,000		93,003
Ezion Holdings, Ltd.		51,000		87,340
Ezra Holdings, Ltd.		35,000		32,804
First Resources, Ltd.		14,000		25,260
Flextronics International, Ltd.(1)		24,612		255,719
Genting Singapore PLC		164,000		174,872
Global Logistic Properties, Ltd.		13,000		28,940
Hutchison Port Holdings Trust		44,000		32,736
Mapletree Commercial Trust		29,000		32,488
Mapletree Logistics Trust		32,000		30,089
Oversea-Chinese Banking Corp., Ltd.		18,000		143,656
Petra Foods, Ltd.		10,000		31,548
Raffles Medical Group, Ltd.		10,000		31,285
Sembcorp Industries, Ltd.		7,000		30,653
Singapore Press Holdings, Ltd.		41,000		136,229
Singapore Technologies Engineering, Ltd.		29,000		88,072
Singapore Telecommunications, Ltd.		130,000		422,825

12

Security	Shares		Value
United Engineers, Ltd.		16,000	$	30,699
United Overseas Bank, Ltd.		11,000		212,285
Venture Corp., Ltd.		7,000		45,446
Wilmar International, Ltd.		75,000		195,814
			$	2,359,088
Spain — 3.9%
Abertis Infraestructuras SA		13,164	$	288,521
Acerinox SA		8,757		145,733
Amadeus IT Holding SA, Class A		12,461		490,348
Banco de Sabadell SA		8,667		28,135
Banco Santander SA		33,878		340,382
Bankia SA(1)		14,959		29,306
CaixaBank SA		24,878		149,597
Distribuidora Internacional de Alimentacion SA		18,053		149,637
Ebro Foods SA		1,302		26,608
Enagas SA		5,403		179,755
Ferrovial SA		14,606		306,028
Grifols SA, Class A		5,089		229,706
Grifols SA, Class B		4,169		155,231
Iberdrola SA		26,621		198,052
Industria de Diseno Textil SA		21,305		622,382
Red Electrica Corp. SA		2,231		191,708
Repsol SA		14,951		372,841
Telefonica SA		30,964		504,791
Viscofan SA		1,024		57,378
Zardoya Otis SA		6,587		100,749
			$	4,566,888
Sweden — 3.6%
AAK AB		447	$	25,465
Alfa Laval AB		1,149		26,092
Assa Abloy AB		961		47,219
Atlas Copco AB, Class A		1,766		52,688
Atlas Copco AB, Class B		1,117		30,144
BillerudKorsnas AB		8,829		130,430
Castellum AB		1,757		29,481
Elekta AB, Class B		23,297		285,466
Fabege AB		2,133		29,179
Hennes & Mauritz AB, Class B		12,851		525,367
Hexpol AB		1,665		139,872
Holmen AB, Class B		6,671		224,664
ICA Gruppen AB		890		27,676
Investment AB Kinnevik, Class B		1,448		60,103
Investor AB, Class B		5,534		198,942
Lundin Petroleum AB(1)		8,355		149,752
Meda AB, Class A		13,931		224,612
Skanska AB, Class B		7,392		153,595
SKF AB, Class B		2,244		52,896
Svenska Cellulosa AB SCA, Class B		10,740		264,484
Svenska Handelsbanken AB, Class A		1,779		85,677
Swedbank AB, Class A		10,101		258,764
Swedish Match AB		3,504		114,698
Telefonaktiebolaget LM Ericsson, Class B		41,680		518,994
TeliaSonera AB		70,715		529,636
Tethys Oil AB(1)		2,577		28,545
Wihlborgs Fastigheter AB		1,547		28,786
			$	4,243,227

13

Security	Shares		Value
Switzerland — 7.6%
ABB, Ltd.(1)		26,565	$	610,938
Allreal Holding AG(1)		214		29,303
Alpiq Holding, Ltd.(1)		241		25,293
Ascom Holding AG		1,636		23,942
Autoneum Holding AG(1)		142		24,297
Baloise Holding AG		1,367		164,594
Bucher Industries AG		89		26,756
Burckhardt Compression Holdings AG		55		28,683
Comet Holding AG(1)		49		31,424
Compagnie Financiere Richemont SA, Class A		8,300		787,605
DKSH Holding AG		352		25,400
Dufry AG(1)		429		73,467
EFG International AG(1)		2,438		29,081
Ems-Chemie Holding AG		96		41,366
Forbo Holding AG(1)		29		28,319
Galenica AG		30		27,012
GAM Holding AG(1)		1,686		30,520
Gategroup Holding AG(1)		975		24,672
Geberit AG		325		108,900
Givaudan SA		177		289,500
Inficon Holding AG(1)		86		27,614
Julius Baer Group, Ltd.(1)		2,361		100,159
Kaba Holding AG(1)		61		29,514
Komax Holding AG		194		29,858
Kuehne & Nagel International AG		231		30,806
Kuoni Reisen Holding AG(1)		68		23,003
Logitech International SA		7,269		106,613
Mobimo Holding AG(1)		139		28,225
Nestle SA		19,315		1,430,083
Novartis AG		14,064		1,223,548
OC Oerlikon Corp. AG(1)		1,895		25,574
Pargesa Holding SA		333		28,187
Partners Group Holding AG		109		27,324
PSP Swiss Property AG(1)		420		37,131
Schindler Holding AG		1,211		179,375
Schmolz & Bickenbach AG(1)		21,068		31,838
SGS SA		46		100,208
Sika AG		16		62,240
Sonova Holding AG		1,114		172,842
Swatch Group, Ltd. (The)		458		45,862
Swatch Group, Ltd. (The), Bearer Shares		638		340,234
Swiss Life Holding AG		399		92,268
Swiss Prime Site AG (1)		678		53,803
Swiss Re AG		5,377		457,085
Swisscom AG		822		456,375
Syngenta AG		2,274		805,574
U-Blox AG(1)		336		43,485
Valiant Holding AG		270		25,654
Valora Holding AG		105		25,381
Zehnder Group AG		691		27,368
Zurich Insurance Group AG(1)		1,565		454,648
			$	8,952,951

14

Security	Shares		Value
United Kingdom — 15.5%
3i Group PLC		4,682	$	29,738
Aberdeen Asset Management PLC		8,976		62,315
Aggreko PLC		1,997		57,830
Anglo American PLC		11,476		308,199
Anite PLC		21,623		32,734
Antofagasta PLC		3,440		46,810
APR Energy PLC		2,235		21,558
Associated British Foods PLC		4,424		207,096
AstraZeneca PLC		8,384		612,170
Aveva Group PLC		2,620		88,404
Aviva PLC		23,223		196,531
Babcock International Group PLC		3,446		63,685
BAE Systems PLC		15,161		109,265
Balfour Beatty PLC		6,224		24,979
Bellway PLC		1,198		30,409
Berendsen PLC		1,721		30,353
Berkeley Group Holdings PLC		1,125		46,313
BHP Billiton PLC		17,071		582,326
Bovis Homes Group PLC		2,198		28,242
BP PLC		96,827		788,534
British American Tobacco PLC		10,113		592,443
British Land Co. PLC (The)		2,591		30,654
British Sky Broadcasting Group PLC		8,032		118,889
Britvic PLC		2,403		28,396
Bunzl PLC		2,862		76,711
Burberry Group PLC		6,186		147,094
Capita PLC		9,433		191,003
Carillion PLC		4,756		26,748
Carnival PLC		1,660		59,798
Cineworld Group PLC		5,166		28,070
Close Brothers Group PLC		1,265		27,034
Cobham PLC		24,638		121,565
Compass Group PLC		10,232		166,718
Crest Nicholson Holdings PLC		4,968		29,388
Croda International PLC		1,406		49,724
CSR PLC		8,859		78,795
Daily Mail & General Trust PLC, Class A		2,268		31,975
Diageo PLC		13,596		408,319
Domino Printing Sciences PLC		4,721		48,956
Drax Group PLC		9,268		109,024
easyJet PLC		2,461		53,638
Elementis PLC		6,330		28,757
Enterprise Inns PLC(1)		13,077		27,564
Experian PLC		8,507		145,561
Filtrona PLC		2,162		28,012
Firstgroup PLC(1)		13,353		28,389
Fresnillo PLC		2,137		33,401
Friends Life Group, Ltd.		5,908		33,039
G4s PLC		13,501		57,130
Galliford Try PLC		1,478		31,660
GlaxoSmithKline PLC		40,658		979,806
Glencore PLC		90,548		547,148
Grainger PLC		8,181		29,631
Greene King PLC		2,038		28,340
Halma PLC		16,107		152,686
Hammerson PLC		3,110		31,448
Hargreaves Lansdown PLC		1,490		25,688
Howden Joinery Group PLC		5,263		30,051
HSBC Holdings PLC		62,337		668,310

15

Security	Shares		Value
ICAP PLC		4,277	$	25,012
Imperial Tobacco Group PLC		4,546		196,814
Informa PLC		5,263		43,184
Inmarsat PLC		7,837		96,124
Innovation Group PLC		55,577		29,051
InterContinental Hotels Group PLC		1,773		71,941
Intertek Group PLC		1,447		62,474
Intu Properties PLC		6,028		33,315
ITE Group PLC		7,912		26,718
J Sainsbury PLC		7,562		39,858
Johnson Matthey PLC		1,714		85,403
Kcom Group PLC		18,722		31,638
Keller Group PLC		1,779		26,014
Kier Group PLC		1,060		31,221
Kingfisher PLC		14,750		74,500
Ladbrokes PLC		11,549		25,621
Laird PLC		12,084		58,707
Land Securities Group PLC		1,680		29,474
Legal & General Group PLC		20,937		82,598
Lloyds Banking Group PLC(1)		199,578		248,809
London Stock Exchange Group PLC		974		31,771
Londonmetric Property PLC REIT		12,704		30,198
Lonmin PLC(1)		6,079		23,309
Marks & Spencer Group PLC		23,568		170,597
Marston’s PLC		12,099		29,280
Meggitt PLC		6,752		57,814
Micro Focus International PLC		6,113		87,479
Mitchells & Butlers PLC(1)		4,075		25,656
Mitie Group PLC		5,571		28,603
Mondi PLC		3,349		58,654
Moneysupermarket.com Group PLC		16,319		51,066
National Grid PLC		74,070		1,054,996
NCC Group PLC		9,827		34,886
Next PLC		1,363		155,562
Old Mutual PLC		33,291		109,520
Oxford Instruments PLC		2,226		47,205
Pace PLC		16,468		88,549
Paragon Group of Cos. PLC (The)		4,937		28,672
Pearson PLC		6,368		122,488
Phoenix Group Holdings		2,631		31,040
Playtech PLC		8,460		87,451
Premier Farnell PLC		16,026		48,712
Provident Financial PLC		887		31,730
PZ Cussons PLC		5,045		30,007
QinetiQ Group PLC		8,311		28,964
Randgold Resources, Ltd.		1,173		101,003
Reckitt Benckiser Group PLC		3,354		296,082
Reed Elsevier PLC		7,665		123,221
Renishaw PLC		1,543		48,116
Rentokil Initial PLC		15,781		31,468
Rexam PLC		7,065		59,557
Rightmove PLC		906		34,699
Rolls-Royce Holdings PLC(1)		16,806		293,371
Rotork PLC		757		35,231
Royal Dutch Shell PLC, Class A		27,462		1,129,124
RSA Insurance Group PLC		3,640		28,141
Sage Group PLC (The)		46,291		287,514

16

Security	Shares		Value
SDL PLC(1)		5,875	$	31,531
Segro PLC REIT		5,128		30,888
Senior PLC		6,285		27,808
Shaftesbury PLC		2,677		30,485
Smiths Group PLC		1,428		30,643
Spirax-Sarco Engineering PLC		602		27,579
Spirent Communications PLC		26,820		46,464
Sports Direct International PLC(1)		2,255		25,338
SSE PLC		17,329		425,582
Standard Chartered PLC		1,664		34,508
TalkTalk Telecom Group PLC		10,243		54,319
Tate & Lyle PLC		2,622		27,527
Telecity Group PLC		9,172		122,670
TT electronics PLC		8,490		26,478
UBM PLC		2,729		28,442
Ultra Electronics Holdings PLC		1,034		30,824
Unilever PLC		4,839		209,076
UNITE Group PLC (The)		4,128		28,251
United Utilities Group PLC		13,947		209,045
Victrex PLC		953		25,704
Vodafone Group PLC		452,116		1,505,588
Whitbread PLC		3,180		230,281
William Hill PLC		6,621		39,245
WS Atkins PLC		1,397		31,323
Xaar PLC		3,933		36,494
Xchanging PLC		11,221		33,332
			$	18,328,691
Total Common Stocks (identified cost $104,148,267)			$	116,423,591
Short-Term Investments — 0.4%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(2)	$	467	$	466,620
Total Short-Term Investments (identified cost $466,620)			$	466,620
Total Investments — 99.0% (identified cost $104,614,887)			$	116,890,211
Other Assets, Less Liabilities — 1.0%			$	1,172,746
Net Assets — 100.0%			$	118,062,957

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

ADR	-	American Depositary Receipt
CDI	-	CHESS Depositary Interest
PFC Shares	-	Preference Shares

(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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $304.

17

Currency Concentration of Portfolio

Currency	Percentage of Net Assets			Value
Euro		32.7	%	$	38,638,439
Japanese Yen		16.9			19,949,525
British Pound Sterling		15.8			18,631,045
Australian Dollar		8.1			9,602,108
Swiss Franc		7.7			9,131,423
Hong Kong Dollar		3.8			4,467,166
Swedish Krona		3.6			4,243,227
United States Dollar		2.2			2,649,777
Danish Krone		2.1			2,463,018
Norwegian Krone		2.0			2,323,243
Singapore Dollar		1.8			2,110,007
Israeli Shekel		1.4			1,589,337
New Zealand Dollar		0.9			1,091,896
Total Investments		99.0	%	$	116,890,211

Sector Classification of Portfolio

Sector	Percentage of Net Assets			Value
Financials		12.6	%	$	14,896,251
Industrials		11.4			13,453,104
Consumer Discretionary		11.3			13,358,911
Materials		10.4			12,345,218
Consumer Staples		10.2			12,028,032
Health Care		10.1			11,931,056
Telecommunication Services		9.7			11,426,838
Information Technology		8.8			10,342,260
Utilities		7.8			9,191,144
Energy		6.3			7,450,777
Short-Term Investments		0.4			466,620
Total Investments		99.0	%	$	116,890,211

The Portfolio did not have any open financial instruments at July 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	105,156,337
Gross unrealized appreciation	$	14,596,087
Gross unrealized depreciation		(2,862,213	)
Net unrealized appreciation	$	11,733,874

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)

18

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Asia/Pacific	$	321,883	$	37,544,790		$	—	$	37,866,673
Developed Europe		808,059		75,368,436			—		76,176,495
Developed Middle East		791,086		1,589,337			—		2,380,423
Total Common Stocks	$	1,921,028	$	114,502,563	*	$	—	$	116,423,591
Short-Term Investments	$	—	$	466,620		$	—	$	466,620
Total Investments	$	1,921,028	$	114,969,183		$	—	$	116,890,211

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments 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, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

19

Eaton Vance

Short Duration High Income Fund

July 31, 2014 (Unaudited)

Eaton Vance Short Duration High Income Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, invests substantially all of its assets in Short Duration High Income Portfolio (the Portfolio) and owns a pro rata interest in the Portfolio’s net assets. At July 31, 2014, the value of the Fund’s investment in the Portfolio was $8,689,004 and the Fund owned 14.6% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Short Duration High Income Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Corporate Bonds & Notes — 90.1%

Security	Principal Amount (000’s omitted)		Value
Air Transportation — 0.9%
US Airways Group, Inc., 6.125%, 6/1/18	$	500	$	527,500
			$	527,500
Automotive & Auto Parts — 2.0%
Chrysler Group, LLC/CG Co-Issuer, Inc., 8.00%, 6/15/19	$	200	$	214,000
General Motors Financial Co., Inc., 2.75%, 5/15/16		175		177,297
Schaeffler Finance Holding BV, 6.875%, 8/15/18(1)(2)		750		791,250
			$	1,182,547
Broadcasting — 3.7%
AMC Networks, Inc., 7.75%, 7/15/21	$	1,000	$	1,100,000
Crown Media Holdings, Inc., 10.50%, 7/15/19		1,000		1,115,000
			$	2,215,000
Building Materials — 2.2%
Interface, Inc., 7.625%, 12/1/18	$	500	$	526,250
Interline Brands, Inc., 10.00%, 11/15/18(2)		750		795,000
			$	1,321,250
Cable/Satellite TV — 4.9%
CCO Holdings, LLC/CCO Holdings Capital Corp., 7.25%, 10/30/17	$	500	$	522,500
CSC Holdings, LLC, 7.875%, 2/15/18		500		569,375
DISH DBS Corp., 4.625%, 7/15/17		750		781,875
Mediacom, LLC/Mediacom Capital Corp., 9.125%, 8/15/19		500		524,575
Numericable Group SA, 4.875%, 5/15/19(1)		500		503,125
			$	2,901,450
Capital Goods — 1.0%
Case New Holland Industrial, Inc., 7.875%, 12/1/17	$	500	$	573,125
			$	573,125
Chemicals — 0.9%
Ashland, Inc., 3.00%, 3/15/16	$	500	$	505,625
			$	505,625
Consumer Products — 1.7%
Alphabet Holding Co., Inc., 7.75%, 11/1/17(2)	$	1,000	$	1,021,250
			$	1,021,250
Containers — 2.6%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc., 3.232%, 12/15/19(1)(3)	$	1,000	$	982,500
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holding II Issuer, Inc., 5.625%, 12/15/16(1)		250		248,125
Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holding II Issuer, Inc., 6.00%, 6/15/17(1)		65		64,188
BOE Merger Corp., 9.50%, 11/1/17(1)(2)		250		262,812
			$	1,557,625
Diversified Financial Services — 14.1%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust, 2.75%, 5/15/17(1)	$	1,000	$	988,750
Air Lease Corp., 5.625%, 4/1/17		750		815,625
Ally Financial, Inc., 8.00%, 12/31/18		250		293,750
AWAS Aviation Capital, Ltd., 7.00%, 10/17/16(1)		1,494		1,536,952
CIT Group, Inc., 5.25%, 3/15/18		905		957,038
E*TRADE Financial Corp., 6.75%, 6/1/16		1,640		1,771,200
Icahn Enterprises, LP/Icahn Enterprises Finance Corp., 3.50%, 3/15/17		500		498,750

1

Security	Principal Amount (000’s omitted)		Value
International Lease Finance Corp., 2.181%, 6/15/16(3)	$	500	$	496,250
International Lease Finance Corp., 8.75%, 3/15/17		450		511,594
Navient, LLC, 4.625%, 9/25/17		250		258,375
Naviant, LLC, 6.00%, 1/25/17		250		267,500
			$	8,395,784
Diversified Media — 0.9%
IAC/InterActiveCorp, 4.875%, 11/30/18	$	500	$	516,250
			$	516,250
Energy — 8.6%
American Energy-Permian Basin, LLC/AEPB Finance Corp., 6.741%, 8/1/19(1)(3)	$	1,000	$	966,250
Chesapeake Energy Corp., 3.25%, 3/15/16		1,000		1,003,750
Chesapeake Energy Corp., 7.25%, 12/15/18		250		284,375
EPL Oil & Gas, Inc., 8.25%, 2/15/18		329		345,450
Regency Energy Partners LP/Regency Energy Finance Corp., 6.875%, 12/1/18		350		366,625
Sabine Pass LNG, LP, 7.50%, 11/30/16		1,000		1,095,000
Seadrill, Ltd., 6.50%, 10/5/15		1,000		1,048,750
			$	5,110,200
Entertainment/Film — 0.9%
NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp., 5.00%, 8/1/18(1)	$	500	$	512,500
			$	512,500
Food/Beverage/Tobacco — 1.9%
Constellation Brands, Inc., 7.25%, 9/1/16	$	1,014	$	1,110,330
			$	1,110,330
Gaming — 2.9%
MGM Resorts International, 6.625%, 7/15/15	$	500	$	522,250
MGM Resorts International, 6.875%, 4/1/16		500		538,750
Station Casinos, LLC, 7.50%, 3/1/21		125		132,813
Studio City Finance, Ltd., 8.50%, 12/1/20(1)		500		551,250
			$	1,745,063
Health Care — 7.5%
Alere, Inc., 7.25%, 7/1/18	$	400	$	430,000
Alere, Inc., 8.625%, 10/1/18		500		523,125
HCA, Inc., 6.50%, 2/15/16		1,250		1,334,375
ResCare, Inc., 10.75%, 1/15/19		1,500		1,627,500
Valeant Pharmaceuticals International, Inc., 6.75%, 8/15/18(1)		500		523,750
			$	4,438,750
Homebuilders/Real Estate — 0.8%
iStar Financial, Inc., 3.875%, 7/1/16	$	250	$	253,125
Realogy Group, LLC/Sunshine Group Florida, Ltd. (The), 3.375%, 5/1/16(1)		250		251,875
			$	505,000
Leisure — 2.7%
MISA Investments, Ltd., 8.625%, 8/15/18(1)(2)	$	500	$	512,125
NCL Corp., Ltd., 5.00%, 2/15/18		500		512,500
Royal Caribbean Cruises, 7.25%, 6/15/16		500		551,250
			$	1,575,875
Metals/Mining — 0.4%
Novelis, Inc., 8.375%, 12/15/17	$	250	$	263,125
			$	263,125
Paper — 0.4%
Weyerhaeuser Real Estate Co., 4.375%, 6/15/19(1)	$	215	$	212,581
			$	212,581
Restaurants — 1.4%
NPC International, Inc., 10.50%, 1/15/20	$	750	$	836,250
			$	836,250

2

Security	Principal Amount (000’s omitted)		Value
Services — 2.5%
Avis Budget Car Rental, LLC/Avis Budget Finance, Inc., 2.977%, 12/1/17(3)	$	250	$	249,375
BlueLine Rental Finance Corp., 7.00%, 2/1/19(1)		30		31,275
Laureate Education, Inc., 9.25%, 9/1/19(1)		500		502,500
TransUnion Holding Co., Inc., 8.125%, 6/15/18(2)		500		518,750
TransUnion Holding Co., Inc., 9.625%, 6/15/18(2)		165		172,013
			$	1,473,913
Super Retail — 7.6%
Claire’s Stores, Inc., 9.00%, 3/15/19(1)	$	255	$	258,825
Express, LLC/Express Finance Corp., 8.75%, 3/1/18		1,750		1,824,375
Michaels FinCo Holdings, LLC/Michaels FinCo, Inc., 7.50%, 8/1/18(1)(2)		86		87,290
New Academy Finance Co., LLC/New Academy Finance Corp., 8.00%, 6/15/18(1)(2)		1,295		1,304,712
Petco Animal Supplies, Inc., 9.25%, 12/1/18(1)		1,000		1,062,500
			$	4,537,702
Technology — 6.0%
Alcatel-Lucent USA, Inc., 4.625%, 7/1/17(1)	$	500	$	506,250
Alcatel-Lucent USA, Inc., 8.875%, 1/1/20(1)		250		278,750
Boxer Parent Co., Inc., 9.00%, 10/15/19(1)(2)		250		233,750
Ceridian, LLC/Comdata, Inc., 8.125%, 11/15/17(1)		500		500,000
NXP BV/NXP Funding, LLC, 3.50%, 9/15/16(1)		500		503,750
NXP BV/NXP Funding, LLC, 3.75%, 6/1/18(1)		500		497,500
SunGard Data Systems, Inc., 7.375%, 11/15/18		1,000		1,045,625
			$	3,565,625
Telecommunications — 8.1%
Digicel, Ltd., 8.25%, 9/1/17(1)	$	750	$	770,625
Hughes Satellite Systems Corp., 6.50%, 6/15/19		250		277,187
Intelsat Luxembourg SA, 6.75%, 6/1/18		1,000		1,037,500
Level 3 Communications, Inc., 11.875%, 2/1/19		250		275,625
Sprint Communications, Inc., 6.00%, 12/1/16		250		270,469
Sprint Communications, Inc., 9.00%, 11/15/18(1)		750		881,250
T-Mobile USA, Inc., 5.25%, 9/1/18		275		284,281
Telesat Canada/Telesat, LLC, 6.00%, 5/15/17(1)		1,000		1,025,500
			$	4,822,437
Utilities — 3.5%
AES Corp. (The), 3.229%, 6/1/19(3)	$	1,500	$	1,496,250
AES Corp. (The), 9.75%, 4/15/16		540		603,450
			$	2,099,700
Total Corporate Bonds & Notes (identified cost $53,719,193)			$	53,526,457
Senior Floating-Rate Interests — 7.8%(4)
Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Publishing/Printing — 1.7%
Cengage Learning Acquisitions, Inc., Term Loan, 7.00%, Maturing 3/31/20	$	998	$	1,005,979
			$	1,005,979
Services — 2.5%
Hertz Corporation (The), Term Loan, Maturing 3/12/18(5)	$	500	$	500,390
Laureate Education, Inc., Term Loan, 5.00%, Maturing 6/15/18		992		965,083
			$	1,465,473
Technology — 1.7%
First Data Corporation, Term Loan, 3.655%, Maturing 3/24/17	$	1,000	$	997,679
			$	997,679

3

Borrower/Tranche Description	Principal Amount (000’s omitted)		Value
Telecommunications — 1.9%
Asurion LLC, Term Loan - Second Lien, 8.50%, Maturing 3/3/21	$	1,100	$	1,137,125
			$	1,137,125
Total Senior Floating-Rate Interests (identified cost $4,587,945)			$	4,606,256
Convertible Bonds — 0.5%
Security	Principal Amount (000’s omitted)		Value
Health Care — 0.5%
Hologic, Inc., 0.00%, 12/15/43	$	250	$	275,938
			$	275,938
Total Convertible Bonds (identified cost $269,472)			$	275,938
Commercial Mortgage-Backed Securities — 0.2%
Security	Principal Amount (000’s omitted)		Value
HILT, Series 2013-HLT, Class EFX, 5.609%, 11/5/30(1)(6)	$	120	$	123,401
			$	123,401
Total Commercial Mortgage-Backed Securities (identified cost $120,479)			$	123,401
Short-Term Investments — 0.7%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(7)	$	411	$	410,923
			$	410,923
Total Short-Term Investments (identified cost $410,923)			$	410,923
Total Investments — 99.3% (identified cost $59,108,012)			$	58,942,975
Other Assets, Less Liabilities — 0.7%			$	434,934
Net Assets — 100.0%			$	59,377,909

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

HILT - Hilton USA Trust

(1) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $17,475,911 or 29.4% of the Portfolio’s net assets.

(2) Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. The interest rate paid in additional principal is generally higher than the indicated cash rate.

(3) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

4

(4) 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.

(5) This Senior Loan will settle after July 31, 2014, at which time the interest rate will be determined.

(6) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at July 31, 2014.

(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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $595.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	59,099,864
Gross unrealized appreciation	$	405,051
Gross unrealized depreciation		(561,940	)
Net unrealized depreciation	$	(156,889	)

The Portfolio did not have any open financial instruments at July 31, 2014.

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	53,526,457	$	—	$	53,526,457
Senior Floating-Rate Interests		—		4,606,256		—		4,606,256
Convertible Bonds		—		275,938		—		275,938
Commercial Mortgage-Backed Securities		—		123,401		—		123,401
Short-Term Investments		—		410,923		—		410,923
Total Investments	$	—	$	58,942,975	$	—	$	58,942,975

The Portfolio held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

Short Duration Government Income Fund

July 31, 2014 (Unaudited)

Eaton Vance Short Duration Government 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 July 31, 2014, the Fund owned 91.0% of Short-Term U.S. Government Portfolio’s outstanding interests and 8.5% of Government Obligations Portfolio’s outstanding interests. The Fund’s Schedule of Investments at July 31, 2014 is set forth below.

Investments in Affiliated Portfolios	Value		% of Net Assets
Short-Term U.S. Government Portfolio (identified cost, $200,941,394)	$	208,647,274		76.9	%
Government Obligations Portfolio (identified cost, $58,866,575)		58,753,361		21.6
Total Investments in Affiliated Portfolios (identified cost $259,807,969)	$	267,400,635		98.5	%
Other Assets, Less Liabilities	$	4,100,872		1.5	%
Net Assets	$	271,501,507		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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At July 31, 2014 and October 31, 2013, 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 Short-Term U.S. Government Portfolio’s Portfolio of Investments is set forth below. A copy of the Form N-Q (containing a schedule of investments) for Government Obligations Portfolio at July 31, 2014 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, D.C. (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.

Short-Term U.S. Government Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Mortgage Pass-Throughs — 68.1%

Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
1.932%, with various maturities to 2037(1)	$	1,806	$	1,863,850
1.951%, with various maturities to 2022(1)		2,448		2,499,343
2.118%, with maturity at 2035(1)		3,960		4,055,105
2.228%, with maturity at 2020(1)		363		370,934
2.359%, with maturity at 2038(1)		4,692		5,036,774
2.364%, with maturity at 2036(1)		4,219		4,510,638
2.409%, with maturity at 2023(1)		1,346		1,391,813
2.455%, with maturity at 2036(1)		5,038		5,401,087
2.821%, with maturity at 2022(1)		177		181,334
2.879%, with maturity at 2035(1)		3,149		3,346,535
2.904%, with maturity at 2034(1)		1,738		1,851,278
2.968%, with maturity at 2032(1)		1,119		1,147,922
3.087%, with maturity at 2025(1)		1,030		1,082,805
3.099%, with maturity at 2029(1)		689		699,746
3.863%, with maturity at 2034(1)		658		715,293
4.073%, with maturity at 2037(1)		3,501		3,806,982
4.359%, with maturity at 2030(1)		1,100		1,195,901
4.50%, with various maturities to 2035		3,815		4,049,613
4.711%, with maturity at 2033(1)		4,080		4,501,086
4.749%, with maturity at 2032(1)		699		744,360
5.00%, with various maturities to 2018		2,230		2,354,448
5.50%, with various maturities to 2018		1,152		1,215,326
6.00%, with various maturities to 2035		5,698		6,425,469
6.50%, with various maturities to 2030		1,033		1,111,380
7.00%, with various maturities to 2035		1,231		1,429,359
7.50%, with various maturities to 2017		72		72,894
8.00%, with various maturities to 2025		147		156,956
9.25%, with maturity at 2017		1		1,262
			$	61,219,493
Federal National Mortgage Association:
1.917%, with various maturities to 2037(1)	$	1,155	$	1,192,363
1.932%, with various maturities to 2035(1)		4,086		4,228,532
1.951%, with maturity at 2032(1)		2,028		2,101,662
2.021%, with maturity at 2031(1)		3,695		3,771,748
2.05%, with maturity at 2038(1)		1,301		1,327,150
2.133%, with maturity at 2018(1)		30		30,001
2.239%, with maturity at 2037(1)		4,288		4,478,450
2.252%, with maturity at 2031(1)		2,920		3,041,518
2.261%, with maturity at 2040(1)		1,297		1,369,317
2.393%, with maturity at 2036(1)		4,878		5,228,175
2.425%, with maturity at 2034(1)		1,738		1,854,192
2.426%, with maturity at 2029(1)		193		196,722
2.486%, with maturity at 2038(1)		1,986		2,132,944
2.501%, with maturity at 2028(1)		2,700		2,873,722
2.519%, with maturity at 2020(1)		570		585,960
2.571%, with maturity at 2036(1)		376		387,862
2.60%, with maturity at 2019(1)		1,073		1,103,189
2.681%, with maturity at 2018(1)		224		231,156
2.721%, with maturity at 2030(1)		506		519,016
2.75%, with maturity at 2018(1)		22		21,895

1

Security	Principal Amount (000’s omitted)		Value
2.838%, with maturity at 2030(1)	$	1,103	$	1,165,252
2.84%, with maturity at 2030(1)		1,925		1,987,028
3.004%, with maturity at 2036(1)		1,221		1,261,341
3.073%, with maturity at 2021(1)		530		546,320
3.229%, with maturity at 2034(1)		3,063		3,294,873
3.436%, with maturity at 2021(1)		534		551,422
3.508%, with maturity at 2021(1)		864		895,338
3.579%, with maturity at 2026(1)		942		1,021,517
3.645%, with maturity at 2034(1)		4,826		5,246,805
3.714%, with maturity at 2036(1)		339		359,262
3.737%, with maturity at 2035(1)		1,836		1,996,251
3.888%, with maturity at 2036(1)		2,668		2,900,456
3.921%, with maturity at 2035(1)		1,328		1,444,405
3.95%, with maturity at 2034(1)		3,057		3,323,973
4.104%, with maturity at 2033(1)		1,001		1,104,602
4.188%, with maturity at 2035(1)		2,354		2,596,140
4.308%, with maturity at 2034(1)		876		952,231
4.492%, with maturity at 2034(1)		1,335		1,451,700
4.557%, with maturity at 2029(1)		2,117		2,301,397
4.67%, with maturity at 2034(1)		2,455		2,703,722
5.00%, with various maturities to 2019(2)		3,282		3,480,369
6.00%, with various maturities to 2031		2,638		2,947,180
6.32%, with maturity at 2032(1)		409		453,931
6.50%, with various maturities to 2019		99		106,699
7.00%, with various maturities to 2035		8,521		9,779,608
8.00%, with various maturities to 2034		1,284		1,563,390
8.95%, with maturity at 2018(3)		88		94,559
9.50%, with maturity at 2022		234		268,505
			$	92,473,850
Government National Mortgage Association:
1.625%, with various maturities to 2027(1)	$	485	$	497,488
2.00%, with maturity at 2026(1)		252		262,517
5.00%, with maturity at 2018		1,274		1,346,203
8.25%, with maturity at 2020		152		171,577
9.00%, with maturity at 2017		113		121,837
			$	2,399,622
Total Mortgage Pass-Throughs (identified cost $152,179,911)			$	156,092,965
Collateralized Mortgage Obligations — 14.0%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Mortgage Corp.:
Series 228, (Interest Only), Class IO, 6.00%, 2/1/35(4)	$	4,242	$	893,687
Series 1395, Class F, 1.317%, 10/15/22(5)		51		50,770
Series 2135, Class JZ, 6.00%, 3/15/29		2,083		2,330,877
Series 3030, (Interest Only), Class SL, 5.948%, 9/15/35(4)(6)		6,535		1,020,914
Series 3114, (Interest Only), Class TS, 6.498%, 9/15/30(4)(6)		16,013		2,632,996
Series 3339, (Interest Only), Class JI, 6.438%, 7/15/37(4)(6)		5,606		805,713
Series 3872, (Interest Only), Class NI, 5.50%, 12/15/21(4)		11,331		1,266,192
Series 4109, (Interest Only), Class SA, 6.048%, 9/15/32(4)(6)		5,828		1,214,363
			$	10,215,512
Federal National Mortgage Association:
Series G93-17, Class FA, 1.155%, 4/25/23(5)	$	119	$	120,469
Series G93-36, Class ZQ, 6.50%, 12/25/23		523		588,482

2

Security	Principal Amount (000’s omitted)		Value
Series G97-4, Class FA, 0.954%, 6/17/27(5)	$	437	$	443,299
Series 296, (Interest Only), Class 2, 8.00%, 4/25/24(4)		1,429		281,957
Series 1993-203, Class PL, 6.50%, 10/25/23		524		588,679
Series 1993-250, Class Z, 7.00%, 12/25/23		65		66,086
Series 1994-14, Class F, 2.267%, 10/25/23(5)		597		611,648
Series 2001-4, Class GA, 9.459%, 4/17/25(3)		79		89,875
Series 2004-60, (Interest Only), Class SW, 6.895%, 4/25/34(4)(6)		7,815		1,339,303
Series 2005-68, (Interest Only), Class XI, 6.00%, 8/25/35(4)		5,819		1,564,454
Series 2006-65, (Interest Only), Class PS, 7.065%, 7/25/36(4)(6)		4,767		833,146
Series 2007-99, (Interest Only), Class SD, 6.245%, 10/25/37(4)(6)		7,655		1,254,544
Series 2009-48, Class WA, 5.848%, 7/25/39(3)		1,456		1,626,768
Series 2009-62, Class WA, 5.56%, 8/25/39(3)		2,248		2,506,160
Series 2009-93, (Interest Only), Class SC, 5.995%, 11/25/39(4)(6)		13,312		2,247,895
Series 2010-13, (Interest Only), Class PI, 5.00%, 11/25/38(4)		6,606		387,237
Series 2011-13, (Interest Only), Class AI, 4.50%, 7/25/21(4)		9,104		679,703
Series 2011-49, Class NT, 6.00%, 6/25/41(6)		1,495		1,643,838
Series 2011-59, (Interest Only), Class IW, 6.00%, 7/25/41(4)		5,351		1,130,059
Series 2011-82, (Interest Only), Class AI, 5.50%, 8/25/26(4)		11,620		1,078,215
Series 2011-101, (Interest Only), Class IC, 3.50%, 10/25/26(4)		16,231		2,057,060
			$	21,138,877
Government National Mortgage Association:
Series 2000-30, Class F, 0.702%, 12/16/22(5)	$	642	$	647,742
			$	647,742
Total Collateralized Mortgage Obligations (identified cost $32,157,690)			$	32,002,131
U.S. Government Agency Obligations — 10.6%
Security	Principal Amount (000’s omitted)		Value
Federal Home Loan Bank:
5.75%, 6/12/26	$	6,000	$	7,444,902
			$	7,444,902
United States Agency for International Development - Israel:
0.00%, 3/15/21	$	20,000	$	16,929,860
			$	16,929,860
Total U.S. Government Agency Obligations (identified cost $21,425,793)			$	24,374,762
Short-Term Investments — 6.2%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(7)	$	14,080	$	14,079,764
Total Short-Term Investments (identified cost $14,079,764)			$	14,079,764
Total Investments — 98.9% (identified cost $219,843,158)			$	226,549,622
Other Assets, Less Liabilities — 1.1%			$	2,628,301
Net Assets — 100.0%			$	229,177,923

3

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

(1) Adjustable rate mortgage security. Rate shown is the rate at July 31, 2014.

(2) Security (or a portion thereof) has been pledged to cover margin requirements on open derivative contracts.

(3) Weighted average fixed-rate coupon that changes/updates monthly. Rate shown is the rate at July 31, 2014.

(4) 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.

(5) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(6) Inverse floating-rate security whose coupon varies inversely with changes in the interest rate index. The stated interest rate represents the coupon rate in effect at July 31, 2014.

(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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $12,149.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	221,791,888
Gross unrealized appreciation	$	8,778,475
Gross unrealized depreciation		(4,020,741	)
Net unrealized appreciation	$	4,757,734

A summary of open financial instruments at July 31, 2014 is as follows:

Futures Contracts

Expiration Month/Year	Contracts	Position	Aggregate Cost			Value			Net Unrealized Appreciation
9/14	80 U.S. 5-Year Treasury Note	Short	$	(9,563,750	)	$	(9,506,875	)	$	56,875
9/14	245 U.S. 10-Year Treasury Note	Short		(30,625,000	)		(30,529,297	)		95,703
9/14	62 U.S. Ultra-Long Treasury Bond	Long		9,212,813			9,352,313			139,500
									$	292,078

Interest Rate Swaps

Counterparty	Notional Amount (000’s omitted)		Portfolio Pays/Receives Floating Rate	Floating Rate Index	Annual Fixed Rate			Effective Date/ Termination Date	Net Unrealized Appreciation (Depreciation)
Deutsche Bank AG	$	10,000	Pays	3-month USD- LIBOR-BBA		2.61	%	June 1, 2017/ June 1, 2022	$	(269,150	)
Deutsche Bank AG		10,000	Receives	3-month USD- LIBOR-BBA		2.82		June 1, 2017/ June 1, 2047		1,387,250
									$	1,118,100

The effective date represents the date on which the Portfolio and the counterparty to the interest rate swap contract begin interest payment accruals.

Written swaptions activity for the fiscal year to date ended July 31, 2014 was as follows:

	Notional Amount			Premiums Received
Outstanding, beginning of period	$	100,000,000		$	1,265,000
Swaptions expired		(100,000,000	)		(1,265,000	)
Outstanding, end of period	$	—		$	—

4

At July 31, 2014, 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 objective. Because the Portfolio holds fixed-rate bonds, the value of these bonds may decrease if interest rates rise. The Portfolio utilizes various interest rate derivatives including U.S. Treasury futures, interest rate swaps and swaptions to enhance total return, to change the overall duration of the portfolio and to hedge against fluctuations in securities prices due to changes in interest rates.

The fair value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) and whose primary underlying risk exposure is interest rate risk at July 31, 2014 was as follows:

	Fair Value
Derivative	Asset Derivative			Liability Derivative
Futures contracts	$	292,078	(1)	$	—
Swap contracts	$	1,387,250		$	(269,150	)
Total	$	1,679,328		$	(269,150	)

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

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Mortgage Pass-Throughs	$	—	$	156,092,965		$	—	$	156,092,965
Collateralized Mortgage Obligations		—		32,002,131			—		32,002,131
U.S. Government Agency Obligations		—		24,374,762			—		24,374,762
Short-Term Investments		—		14,079,764			—		14,079,764
Total Investments	$	—	$	226,549,622		$	—	$	226,549,622
Futures Contracts	$	292,078	$	—		$	—	$	292,078
Swap Contracts		—		1,387,250			—		1,387,250
Total	$	292,078	$	227,936,872		$	—	$	228,228,950
Liability Description
Swap Contracts	$	—	$	(269,150	)	$	—	$	(269,150	)
Total	$	—	$	(269,150	)	$	—	$	(269,150	)

The Portfolio held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

Short Duration Strategic Income Fund

July 31, 2014 (Unaudited)

Eaton Vance Short Duration Strategic Income Fund (the Fund), a non-diversified series of Eaton Vance Mutual Funds Trust, currently pursues its investment objective by investing substantially all of its investable assets in interests in one or more registered investment companies (each a Portfolio) managed by Eaton Vance Management or its affiliates and in shares of Eaton Vance Institutional Emerging Markets Debt Fund (the Affiliated Investment Fund). The Fund owns a pro rata interest in the net assets of each Portfolio in which it invests. At July 31, 2014, the Fund owned less than 0.05% of Bond Portfolio’s outstanding interests, 8.2% of Boston Income Portfolio’s outstanding interests, 80.4% of Currency Income Advantage Portfolio’s outstanding interests, less than 0.05% of Eaton Vance Floating Rate Portfolio’s outstanding interests, 12.3% of Emerging Markets Local Income Portfolio’s outstanding interests, 25.0% of Global Macro Absolute Return Advantage Portfolio’s outstanding interests, 83.7% of Global Macro Capital Opportunities Portfolio’s outstanding interests, 3.7% of Global Macro Portfolio’s outstanding interests, 84.0% of Global Opportunities Portfolio’s outstanding interests, 10.5% of High Income Opportunities Portfolio’s outstanding interests, 2.8% of International Income Portfolio’s outstanding interests, 1.1% of Senior Debt Portfolio’s outstanding interests and 72.2% of Short Duration High Income Portfolio’s outstanding interests. The Fund’s Portfolio of Investments at July 31, 2014 is set forth below.

Investments in Affiliated Portfolios

Description			Value		% of Net Assets
Bond Portfolio (identified cost, $0)			$	17,314		0.0	%(1)
Boston Income Portfolio (identified cost, $397,820,150)				425,731,385		22.6
Currency Income Advantage Portfolio (identified cost, $43,930,227)				44,303,085		2.4
Eaton Vance Floating Rate Portfolio (identified cost, $0)				20,490		0.0	(1)
Emerging Markets Local Income Portfolio (identified cost, $52,961,445)				55,853,629		3.0
Global Macro Absolute Return Advantage Portfolio (identified cost, $409,431,213)				421,781,977		22.4
Global Macro Capital Opportunities Portfolio (identified cost, $42,989,886)				43,751,649		2.3
Global Macro Portfolio (identified cost, $138,100,271)				173,177,732		9.2
Global Opportunities Portfolio (identified cost, $407,661,314)				414,376,183		22.0
High Income Opportunities Portfolio (identified cost, $97,905,625)				113,455,701		6.0
International Income Portfolio (identified cost, $20,372,765)				19,867,970		1.1
Senior Debt Portfolio (identified cost, $81,501,287)				81,700,689		4.3
Short Duration High Income Portfolio (identified cost, $42,881,849)				42,856,924		2.3
Total Investments in Affiliated Portfolios (identified cost $1,735,556,032)			$	1,836,894,728		97.6	%
Investments in Affiliated Investment Funds
Security	Shares		Value		% of Net Assets
Eaton Vance Institutional Emerging Markets Debt Fund, Class I		5,107,252	$	50,459,653		2.7	%
Total Investments in Affiliated Investment Funds (identified cost $50,000,000)			$	50,459,653		2.7	%

Short-Term Investments

Description	Principal Amount		Value			% of Net Assets
State Street Bank and Trust Euro Time Deposit, 0.01%, 8/1/14	$	2,339,703	$	2,339,703			0.1	%
Total Short-Term Investments (identified cost $2,339,703)			$	2,339,703			0.1	%
Total Investments (identified cost $1,787,895,735)			$	1,889,694,084			100.4	%
Other Assets, Less Liabilities			$	(7,745,047	)		(0.4	)%
Net Assets			$	1,881,949,037			100.0	%

(1) Amount is less than 0.05%.

The cost and unrealized appreciation (depreciation) of investments of the Fund, excluding the affiliated Portfolios, at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	52,339,703
Gross unrealized appreciation	$	459,653
Gross unrealized depreciation		—
Net unrealized appreciation	$	459,653

Affiliated Investment Funds

Transactions with Affiliated Investment Funds for the fiscal year to date ended July 31, 2014 were as follows:

Fund	Value, beginning  of period		Cost of purchases		Proceeds from sales		Investment income		Realized gain (loss)		Value, end of period
Eaton Vance Institutional Emerging Markets Debt Fund, Class I	$	—	$	50,000,000	$	—	$	—	$	—		50,459,653
Total	$	—	$	50,000,000	$	—	$	—	$	—	$	50,459,653

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments in securities and investments in the Portfolios, which are carried at value, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
Investments in Affiliated Portfolios	$	1,836,894,728	$	—	$	—	$1,836,894,728
Investments in Affiliated Investment Funds		50,459,653		—		—	50,459,653
Short-Term Investments		—		2,339,703		—	2,339,703
Total Investments	$	1,887,354,381	$	2,339,703	$	—	$1,889,694,084

The Fund held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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 and Affiliated Investment Fund’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

Tax-Managed Equity Asset Allocation Fund

July 31, 2014 (Unaudited)

Eaton Vance Tax-Managed Equity Asset Allocation 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 July 31, 2014, the Fund owned 1.3% of Tax-Managed Growth Portfolio’s outstanding interests, 16.0% of Tax-Managed Value Portfolio’s outstanding interests, 62.2% of Tax-Managed International Equity Portfolio’s outstanding interests, 42.0% of Tax-Managed Multi-Cap Growth Portfolio’s outstanding interests, 28.6% of Tax-Managed Small-Cap Portfolio’s outstanding interests and 45.7% of Tax-Managed Small-Cap Value Portfolio’s outstanding interests. The Fund’s Schedule of Investments at July 31, 2014 is set forth below.

Investments in Affiliated Portfolios	Value			% of Net Assets
Tax-Managed Growth Portfolio (identified cost, $83,325,332)	$	128,647,640			28.9	%
Tax-Managed Value Portfolio (identified cost, $83,883,312)		119,351,640			26.8
Tax-Managed International Equity Portfolio (identified cost, $66,096,715)		73,391,899			16.5
Tax-Managed Multi-Cap Growth Portfolio (identified cost, $33,033,622)		46,452,863			10.4
Tax-Managed Small-Cap Portfolio (identified cost, $33,434,597)		41,232,818			9.3
Tax-Managed Small-Cap Value Portfolio (identified cost, $24,350,498)		36,887,774			8.3
Total Investments in Affiliated Portfolios (identified cost, $324,124,076)	$	445,964,634			100.2	%
Other Assets, Less Liabilities	$	(682,165	)		(0.2	)%
Net Assets	$	445,282,469			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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. At July 31, 2014 and October 31, 2013, 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

Tax-Managed Global Dividend Income Fund

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 87.2%

Security	Shares		Value
Aerospace & Defense — 0.8%
Boeing Co. (The)		65,000	$	7,831,200
			$	7,831,200
Air Freight & Logistics — 1.5%
C.H. Robinson Worldwide, Inc.		218,000	$	14,706,280
			$	14,706,280
Automobiles — 1.1%
Honda Motor Co., Ltd.		159,977	$	5,568,969
Toyota Motor Corp.		89,376		5,276,760
			$	10,845,729
Banks — 10.7%
Banco Bilbao Vizcaya Argentaria SA		512,642	$	6,301,752
Bank of America Corp.		440,431		6,716,573
BNP Paribas SA		80,000		5,308,275
Citigroup, Inc.		182,221		8,912,429
Intesa Sanpaolo SpA		2,222,811		6,600,909
JPMorgan Chase & Co.		144,288		8,321,089
Lloyds Banking Group PLC(1)		2,900,273		3,615,695
Mitsubishi UFJ Financial Group, Inc.		1,335,000		7,872,896
Mizuho Financial Group, Inc.		4,140,000		8,037,692
PNC Financial Services Group, Inc. (The)		62,786		5,183,612
Regions Financial Corp.		458,095		4,645,083
Skandinaviska Enskilda Banken AB, Class A		652,556		8,735,746
Societe Generale		133,018		6,677,828
SunTrust Banks, Inc.		111,741		4,251,745
Unione di Banche Italiane ScpA		808,833		6,659,051
Westpac Banking Corp.		183,414		5,832,573
			$	103,672,948
Beverages — 2.6%
Anheuser-Busch InBev NV		116,370	$	12,560,129
Constellation Brands, Inc., Class A(1)		72,868		6,066,990
Diageo PLC		202,000		6,066,529
			$	24,693,648
Biotechnology — 2.6%
Biogen Idec, Inc.(1)		18,500	$	6,186,215
Celgene Corp.(1)		76,140		6,635,601
Gilead Sciences, Inc.(1)		138,899		12,716,203
			$	25,538,019
Capital Markets — 0.6%
Charles Schwab Corp. (The)		101,660	$	2,821,065
UBS AG		154,883		2,661,127
			$	5,482,192
Chemicals — 3.1%
Arkema SA		31,028	$	2,876,859
BASF SE		58,145		6,017,655
LyondellBasell Industries NV, Class A		89,000		9,456,250
Monsanto Co.		48,691		5,506,465
PPG Industries, Inc.		29,974		5,945,643
			$	29,802,872

1

Security	Shares		Value
Commercial Services & Supplies — 0.7%
Brambles, Ltd.		800,000	$	6,925,683
			$	6,925,683
Communications Equipment — 1.8%
QUALCOMM, Inc.		78,185	$	5,762,234
Telefonaktiebolaget LM Ericsson, Class B		927,770		11,552,478
			$	17,314,712
Consumer Finance — 2.2%
American Express Co.		44,288	$	3,897,344
Discover Financial Services		280,612		17,134,169
			$	21,031,513
Containers & Packaging — 0.5%
Amcor, Ltd.		559,585	$	5,355,947
			$	5,355,947
Diversified Telecommunication Services — 2.3%
Nippon Telegraph & Telephone Corp.		132,186	$	8,777,713
Verizon Communications, Inc.		271,000		13,663,820
			$	22,441,533
Electric Utilities — 0.8%
NextEra Energy, Inc.		78,270	$	7,348,770
			$	7,348,770
Electrical Equipment — 3.0%
Emerson Electric Co.		160,000	$	10,184,000
Mitsubishi Electric Corp.		512,378		6,764,176
Nidec Corp.		70,000		4,558,866
Rockwell Automation, Inc.		69,000		7,704,540
			$	29,211,582
Electronic Equipment, Instruments & Components — 1.3%
Corning, Inc.		411,353	$	8,083,086
Yaskawa Electric Corp.		320,000		4,170,482
			$	12,253,568
Energy Equipment & Services — 0.8%
FMC Technologies, Inc.(1)		127,000	$	7,721,600
			$	7,721,600
Food & Staples Retailing — 0.9%
Costco Wholesale Corp.		74,000	$	8,697,960
			$	8,697,960
Food Products — 1.8%
Hershey Co. (The)		133,000	$	11,723,950
Mondelez International, Inc., Class A		150,000		5,400,000
			$	17,123,950
Health Care Equipment & Supplies — 1.7%
Abbott Laboratories		134,012	$	5,644,585
Medtronic, Inc.		170,000		10,495,800
			$	16,140,385
Hotels, Restaurants & Leisure — 0.7%
Accor SA		52,626	$	2,548,551
Compass Group PLC		277,195		4,516,774
			$	7,065,325
Household Durables — 0.4%
Mohawk Industries, Inc.(1)		30,384	$	3,791,012
			$	3,791,012
Household Products — 1.1%
Reckitt Benckiser Group PLC		53,000	$	4,678,703
Svenska Cellulosa AB SCA, Class B		224,000		5,516,231
			$	10,194,934

2

Security	Shares		Value
Industrial Conglomerates — 3.3%
Danaher Corp.		162,781	$	12,026,260
Koninklijke Philips NV		269,400		8,303,060
Siemens AG		95,000		11,732,132
			$	32,061,452
Insurance — 3.7%
ACE, Ltd.		33,699	$	3,373,270
Aflac, Inc.		73,283		4,377,926
Allianz SE		30,000		4,994,582
AXA SA		327,150		7,516,157
MetLife, Inc.		123,070		6,473,482
Prudential PLC		384,407		8,835,154
			$	35,570,571
Internet & Catalog Retail — 0.8%
Amazon.com, Inc.(1)		24,000	$	7,511,760
			$	7,511,760
Internet Software & Services — 3.4%
Facebook, Inc., Class A(1)		139,000	$	10,098,350
Google, Inc., Class C(1)		40,000		22,864,000
			$	32,962,350
IT Services — 1.5%
Fiserv, Inc.(1)		147,000	$	9,065,490
Visa, Inc., Class A		27,500		5,802,775
			$	14,868,265
Machinery — 1.5%
Caterpillar, Inc.		140,000	$	14,105,000
			$	14,105,000
Media — 2.4%
ITV PLC		2,606,639	$	9,149,742
Live Nation Entertainment, Inc.(1)		146,823		3,407,762
Walt Disney Co. (The)		129,279		11,102,481
			$	23,659,985
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		93,976	$	3,497,787
			$	3,497,787
Multi-Utilities — 1.9%
National Grid PLC		759,000	$	10,810,612
Sempra Energy		75,258		7,503,975
			$	18,314,587
Multiline Retail — 0.8%
Dollar General Corp.(1)		74,029	$	4,088,622
Macy’s, Inc.		70,715		4,086,620
			$	8,175,242
Oil, Gas & Consumable Fuels — 7.3%
Chevron Corp.		110,552	$	14,287,741
Devon Energy Corp.		171,057		12,914,804
Occidental Petroleum Corp.		128,000		12,506,880
Range Resources Corp.		63,431		4,794,749
Statoil ASA		435,460		12,443,083
Total SA		217,103		14,001,986
			$	70,949,243
Paper & Forest Products — 0.4%
International Paper Co.		73,420	$	3,487,450
			$	3,487,450

3

Security	Shares		Value
Pharmaceuticals — 6.3%
AstraZeneca PLC		112,440	$	8,209,965
Bayer AG		79,386		10,471,529
Chugai Pharmaceutical Co., Ltd.		140,192		4,665,997
Merck & Co., Inc.		129,689		7,358,554
Novartis AG		86,866		7,557,220
Perrigo Co. PLC		30,000		4,513,500
Roche Holding AG PC		47,270		13,718,017
Takeda Pharmaceutical Co., Ltd.		91,208		4,160,221
			$	60,655,003
Real Estate Investment Trusts (REITs) — 0.8%
AvalonBay Communities, Inc.		51,380	$	7,608,350
			$	7,608,350
Semiconductors & Semiconductor Equipment — 0.9%
NXP Semiconductors NV(1)		133,000	$	8,292,550
			$	8,292,550
Software — 0.7%
Microsoft Corp.		160,000	$	6,905,600
			$	6,905,600
Specialty Retail — 1.8%
AutoNation, Inc.(1)		78,145	$	4,166,691
Home Depot, Inc. (The)		82,324		6,655,895
Industria de Diseno Textil SA		116,420		3,400,974
Kingfisher PLC		594,173		3,001,094
			$	17,224,654
Technology Hardware, Storage & Peripherals — 2.2%
Apple, Inc.		172,200	$	16,457,154
Lenovo Group, Ltd.		3,700,000		5,056,587
			$	21,513,741
Textiles, Apparel & Luxury Goods — 1.6%
Adidas AG		45,392	$	3,594,342
Compagnie Financiere Richemont SA, Class A		38,222		3,626,970
NIKE, Inc., Class B		46,788		3,608,758
Pandora A/S		61,721		4,223,626
			$	15,053,696
Tobacco — 1.8%
Altria Group, Inc.		110,000	$	4,466,000
British American Tobacco PLC		219,000		12,829,538
			$	17,295,538
Wireless Telecommunication Services — 0.7%
Vodafone Group PLC		2,000,000	$	6,660,183
			$	6,660,183
Total Common Stocks (identified cost $776,446,459)			$	841,564,369
Preferred Stocks — 8.9%
Security	Shares		Value
Banks — 4.4%
AgriBank FCB, 6.875% to 1/1/24(2)		28,968	$	3,061,555
Bank of America Corp., Series U, 5.20% to 6/1/23(2)		821		779,014
Barclays Bank PLC, 8.25% to 12/15/18(2)		2,050		2,205,288
Citigroup, Inc., Series K, 6.875% to 11/15/23(2)		70,110		1,888,939
CoBank ACB, Series F, 6.25% to 10/1/22(2)(3)		21,750		2,260,641
Farm Credit Bank of Texas, Series 1, 10.00%		2,277		2,782,209
HSBC Capital Funding LP, Series 2, 10.176% to 6/30/30(2)(3)		625		942,977

4

Security	Shares		Value
JPMorgan Chase & Co., Series R, 6.00% to 8/1/23(2)		1,416	$	1,444,792
KeyCorp, Series A, 7.75%		13,268		1,761,327
Lloyds Banking Group PLC, 6.657% to 5/21/37(2)(3)		2,238		2,501,959
Regions Financial Corp., Series A, 6.375%		102,533		2,539,742
Royal Bank of Scotland Group PLC, Series 1, 7.648% to 9/30/31(2)		614		749,636
Royal Bank of Scotland Group PLC, Series S, 6.60%		58,838		1,443,296
Societe Generale, 7.875% to 12/18/23(2)(3)		2,369		2,501,442
Standard Chartered PLC, 7.014% to 7/30/37(2)(3)		16.97		1,941,093
SunTrust Banks, Inc., Series E, 5.875%		119,140		2,832,256
Texas Capital Bancshares, Inc., 6.50%		99,990		2,444,756
Texas Capital Bancshares, Inc., Series A, 6.50%		16,300		401,795
Webster Financial Corp., Series E, 6.40%		67,815		1,676,556
Wells Fargo & Co., Series L, 7.50%		2,329		2,818,090
Wells Fargo & Co., Series T, 6.00%		42,680		1,050,141
Zions Bancorporation, Series I, 5.80% to 9/15/23(2)		1,225		1,189,672
Zions Bancorporation, Series J, 7.20% to 9/15/23(2)		1,095		1,206,729
			$	42,423,905
Capital Markets — 0.4%
Affiliated Managers Group, Inc., 6.375%		40,627	$	1,020,245
Bank of New York Mellon Corp. (The), 5.20%		44,812		1,037,846
State Street Corp., Series D, 5.90% to 3/15/24(2)		73,070		1,894,888
			$	3,952,979
Consumer Finance — 0.6%
Capital One Financial Corp., Series B, 6.00%		93,750	$	2,269,687
Discover Financial Services, Series B, 6.50%		118,800		3,039,201
			$	5,308,888
Diversified Financial Services — 0.9%
General Electric Capital Corp., Series B, 6.25% to 12/15/22(2)		10.55	$	1,181,676
KKR Financial Holdings, LLC, Series A, 7.375%		66,100		1,698,274
Morgan Stanley, Series G, 6.625%		85,300		2,157,664
PPTT, 2006-A GS, Class A, 5.99%(3)(4)		22.71		4,032,249
			$	9,069,863
Electric Utilities — 0.5%
AES Gener SA, 8.375% to 6/18/19(2)(3)		1,260	$	1,430,104
Entergy Arkansas, Inc., 4.90%		34,570		798,999
NextEra Energy Capital Holdings, Inc., Series I, 5.125%		56,072		1,230,921
Southern California Edison Co., Series E, 6.25% to 2/1/22(2)		1,016		1,139,097
			$	4,599,121
Food Products — 0.2%
Ocean Spray Cranberries, Inc., 6.25%(3)		16,860	$	1,521,615
			$	1,521,615
Insurance — 0.2%
American Overseas Group, Ltd., Series A, 7.50% to 12/15/16(2)		5,000	$	2,000,312
			$	2,000,312
Machinery — 0.2%
Stanley Black & Decker, Inc., 5.75%		86,069	$	2,126,119
			$	2,126,119
Multi-Utilities — 0.1%
DTE Energy Co., Series C, 5.25%		60,168	$	1,423,575
			$	1,423,575
Pipelines — 0.3%
NuStar Logistics LP, 7.625% to 1/15/18(2)		99,305	$	2,691,414
			$	2,691,414

5

Security	Shares		Value
Real Estate Investment Trusts (REITs) — 0.6%
American Realty Capital Properties, Inc., Series F, 6.70%		12,889	$	299,669
Cedar Realty Trust, Inc., Series B, 7.25%		65,600		1,671,488
Chesapeake Lodging Trust, Series A, 7.75%		26,779		700,807
DDR Corp., Series K, 6.25%		90,500		2,215,666
Sunstone Hotel Investors, Inc., Series D, 8.00%		21,907		585,410
Taubman Centers, Inc., Series K, 6.25%		24,800		607,600
			$	6,080,640
Telecommunications — 0.1%
Centaur Funding Corp., 9.08%(3)		745	$	933,578
			$	933,578
Thrifts & Mortgage Finance — 0.4%
Elmira Savings Bank FSB (The), 8.998% to 12/31/17(2)		1,880	$	1,804,800
EverBank Financial Corp., Series A, 6.75%		80,759		1,997,978
			$	3,802,778
Total Preferred Stocks (identified cost $85,838,063)			$	85,934,787
Corporate Bonds & Notes — 3.0%
Security	Principal Amount (000’s omitted)		Value
Banks — 0.9%
Banco do Brasil SA, 6.25% to 4/15/24, 10/29/49(2)(3)	$	800	$	626,080
Caixa Economica Federal, 7.25% to 7/23/19, 7/23/24(2)(3)		1,705		1,727,421
Credit Agricole SA, 7.875% to 1/23/24, 1/29/49(2)(3)		2,371		2,521,558
Credit Suisse Group AG, 6.25% to 12/18/24, 12/29/49(2)(3)		2,229		2,238,808
Groupe BPCE, 12.50% to 9/30/19, 8/29/49(2)(3)		950		1,313,375
Regions Financial Corp., 7.375%, 12/10/37		195		247,019
			$	8,674,261
Chemicals — 0.1%
Sinochem Group, 5.00% to 11/2/18, 12/29/49(2)(3)	$	820	$	848,700
			$	848,700
Diversified Financial Services — 0.4%
Odebrecht Oil & Gas Finance, Ltd., 7.00% to 6/17/24, 12/29/49(2)(3)	$	1,173	$	1,167,135
Textron Financial Corp., 6.00% to 2/15/17, 2/15/67(2)(3)		2,721		2,476,110
			$	3,643,245
Diversified Telecommunication Services — 0.2%
Koninklijke KPN NV, 7.00% to 3/28/23, 3/28/73(2)(3)	$	2,232	$	2,338,020
			$	2,338,020
Electric Utilities — 0.5%
Enel SpA, 8.75% to 9/24/23, 9/24/73(2)(3)	$	1,908	$	2,260,980
PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67(2)		2,603		2,663,171
			$	4,924,151
Insurance — 0.7%
MetLife, Inc., 10.75% to 8/1/39, 8/1/69(2)	$	713	$	1,147,039
QBE Capital Funding II, LP, 6.797% to 6/1/17, 6/29/49(2)(3)		1,700		1,789,250
QBE Capital Funding III, Ltd., 7.25% to 5/24/21, 5/24/41(2)(3)		530		574,499
XL Capital, Ltd., Series E, 6.50% to 4/15/17, 12/29/49(2)		3,127		3,072,277
			$	6,583,065

6

Security	Principal Amount (000’s omitted)		Value
Pipelines — 0.2%
DCP Midstream, LLC, 5.85% to 5/21/23, 5/21/43(2)(3)	$	1,469	$	1,432,275
Energy Transfer Partners, LP, 3.243%, 11/1/66(4)		50		47,000
			$	1,479,275
Total Corporate Bonds & Notes (identified cost $26,513,650)			$	28,490,717
Short-Term Investments — 0.2%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(5)	$	2,354	$	2,354,273
Total Short-Term Investments (identified cost $2,354,273)			$	2,354,273
Total Investments — 99.3% (identified cost $891,152,445)			$	958,344,146
Other Assets, Less Liabilities — 0.7%			$	6,639,055
Net Assets — 100.0%			$	964,983,201

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

PC	-	Participation Certificate
PPTT	-	Preferred Pass-Through Trust

(1) Non-income producing security.

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

(3) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. These securities may be sold in certain transactions (normally to qualified institutional buyers) and remain exempt from registration. At July 31, 2014, the aggregate value of these securities is $39,379,869 or 4.1% of the Fund’s net assets.

(4) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $14,567.

Country Concentration of Portfolio

Country	Percentage of Total Investments			Value
United States		58.3	%	$	558,854,779
United Kingdom		8.7			83,029,734
Japan		6.2			59,853,772
France		4.5			42,764,589
Germany		3.8			36,810,240
Switzerland		3.5			33,175,412
Netherlands		3.0			28,389,880
Sweden		2.7			25,804,455
Australia		1.9			18,114,203
Italy		1.6			15,520,940

7

Country	Percentage of Total Investments			Value
Belgium		1.3	%	$	12,560,129
Norway		1.3			12,443,083
Spain		1.0			9,702,726
Ireland		0.8			7,585,777
Hong Kong		0.5			5,056,587
Denmark		0.4			4,223,626
Brazil		0.3			2,353,501
Cayman Islands		0.2			2,100,713
Total Investments		100.0	%	$	958,344,146

The cost and unrealized appreciation (depreciation) of investments of the Fund at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	892,090,704
Gross unrealized appreciation	$	86,158,259
Gross unrealized depreciation		(19,904,817	)
Net unrealized appreciation	$	66,253,442

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	48,419,601	$	44,907,802		$	—	$	93,327,403
Consumer Staples		36,354,900		41,651,130			—		78,006,030
Energy		52,225,774		26,445,069			—		78,670,843
Financials		83,716,137		89,649,437			—		173,365,574
Health Care		53,550,458		48,782,949			—		102,333,407
Industrials		66,557,280		38,283,917			—		104,841,197
Information Technology		93,331,239		20,779,547			—		114,110,786
Materials		27,893,595		14,250,461			—		42,144,056
Telecommunication Services		13,663,820		15,437,896			—		29,101,716
Utilities		14,852,745		10,810,612			—		25,663,357
Total Common Stocks	$	490,565,549	$	350,998,820	*	$	—	$	841,564,369
Preferred Stocks
Consumer Staples	$	—	$	1,521,615		$	—	$	1,521,615
Energy		—		2,691,414			—		2,691,414
Financials		17,996,103		54,643,262			—		72,639,365
Industrials		—		2,126,119			—		2,126,119
Telecommunication Services		—		933,578			—		933,578
Utilities		1,423,575		4,599,121			—		6,022,696
Total Preferred Stocks	$	19,419,678	$	66,515,109		$	—	$	85,934,787
Corporate Bonds & Notes	$	—	$	28,490,717		$	—	$	28,490,717
Short-Term Investments		—		2,354,273			—		2,354,273
Total Investments	$	509,985,227	$	448,358,919		$	—	$	958,344,146

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

8

The Fund held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

9

Eaton Vance

Tax-Managed Multi-Cap Growth Fund

July 31, 2014 (Unaudited)

Eaton Vance Tax-Managed Multi-Cap Growth Fund (the Fund), a diversified 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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $64,073,208 and the Fund owned 58.0% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Multi-Cap Growth Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 95.6%

Security	Shares		Value
Aerospace & Defense — 1.5%
Precision Castparts Corp.		7,300	$	1,670,240
			$	1,670,240
Airlines — 1.0%
Copa Holdings SA, Class A		7,300	$	1,108,651
			$	1,108,651
Banks — 2.4%
Citigroup, Inc.		38,100	$	1,863,471
Regions Financial Corp.		78,500		795,990
			$	2,659,461
Beverages — 2.3%
Anheuser-Busch InBev NV ADR		12,700	$	1,371,346
Constellation Brands, Inc., Class A(1)		13,728		1,142,993
			$	2,514,339
Biotechnology — 7.0%
Biogen Idec, Inc.(1)		6,700	$	2,240,413
Celgene Corp.(1)		17,200		1,498,980
Gilead Sciences, Inc.(1)		33,500		3,066,925
Vertex Pharmaceuticals, Inc.(1)		10,400		924,664
			$	7,730,982
Building Products — 2.2%
Armstrong World Industries, Inc.(1)		21,079	$	1,026,126
Fortune Brands Home & Security, Inc.		35,900		1,356,661
			$	2,382,787
Capital Markets — 2.6%
Affiliated Managers Group, Inc.(1)		6,300	$	1,255,275
Charles Schwab Corp. (The)		58,000		1,609,500
			$	2,864,775
Chemicals — 4.1%
Celanese Corp., Series A		16,700	$	972,107
Monsanto Co.		21,739		2,458,464
Praxair, Inc.		8,900		1,140,446
			$	4,571,017
Commercial Services & Supplies — 1.5%
Waste Connections, Inc.		34,450	$	1,630,863
			$	1,630,863
Communications Equipment — 1.1%
Riverbed Technology, Inc.(1)		67,800	$	1,213,620
			$	1,213,620
Consumer Finance — 0.8%
Discover Financial Services		14,900	$	909,794
			$	909,794
Electrical Equipment — 1.5%
AMETEK, Inc.		34,300	$	1,670,067
			$	1,670,067

1

Security	Shares		Value
Electronic Equipment, Instruments & Components — 1.1%
InvenSense, Inc.(1)		51,400	$	1,182,714
			$	1,182,714
Energy Equipment & Services — 2.5%
FMC Technologies, Inc.(1)		18,869	$	1,147,235
Schlumberger, Ltd.		14,900		1,615,011
			$	2,762,246
Food Products — 3.7%
Hain Celestial Group, Inc. (The)(1)		12,710	$	1,086,705
Hershey Co. (The)		14,800		1,304,620
Mondelez International, Inc., Class A		46,000		1,656,000
			$	4,047,325
Health Care Equipment & Supplies — 3.2%
Analogic Corp.		10,400	$	747,864
Medtronic, Inc.		18,033		1,113,358
Stryker Corp.		20,400		1,627,308
			$	3,488,530
Health Care Providers & Services — 1.4%
Brookdale Senior Living, Inc.(1)		44,500	$	1,541,925
			$	1,541,925
Household Durables — 0.9%
Mohawk Industries, Inc.(1)		7,921	$	988,303
			$	988,303
Household Products — 0.8%
Colgate-Palmolive Co.		14,200	$	900,280
			$	900,280
Internet & Catalog Retail — 5.9%
Amazon.com, Inc.(1)		8,529	$	2,669,492
Netflix, Inc.(1)		3,200		1,352,704
Priceline Group, Inc. (The)(1)		2,043		2,538,325
			$	6,560,521
Internet Software & Services — 6.8%
Facebook, Inc., Class A(1)		31,800	$	2,310,270
Google, Inc., Class A(1)		4,500		2,607,975
Google, Inc., Class C(1)		4,500		2,572,200
			$	7,490,445
IT Services — 2.0%
Visa, Inc., Class A		10,500	$	2,215,605
			$	2,215,605
Leisure Products — 2.5%
Brunswick Corp.		23,620	$	952,595
Polaris Industries, Inc.		12,134		1,790,250
			$	2,742,845
Machinery — 0.9%
Colfax Corp.(1)		16,200	$	1,020,114
			$	1,020,114
Media — 1.9%
Twenty-First Century Fox, Inc., Class B		31,653	$	1,002,134
Walt Disney Co. (The)		13,353		1,146,756
			$	2,148,890

2

Security	Shares		Value
Oil, Gas & Consumable Fuels — 2.8%
Devon Energy Corp.		9,950	$	751,225
EOG Resources, Inc.		13,394		1,465,839
Range Resources Corp.		12,100		914,639
			$	3,131,703
Personal Products — 0.8%
Estee Lauder Cos., Inc. (The), Class A		11,246	$	826,131
			$	826,131
Pharmaceuticals — 3.3%
Jazz Pharmaceuticals PLC(1)		5,974	$	834,747
Perrigo Co. PLC		10,400		1,564,680
Roche Holding AG ADR		35,600		1,293,170
			$	3,692,597
Road & Rail — 2.8%
Avis Budget Group, Inc.(1)		15,370	$	863,640
J.B. Hunt Transport Services, Inc.		14,100		1,089,366
Kansas City Southern		10,732		1,170,432
			$	3,123,438
Semiconductors & Semiconductor Equipment — 5.3%
Avago Technologies, Ltd.		36,400	$	2,525,432
Monolithic Power Systems, Inc.		32,100		1,323,804
NXP Semiconductors NV(1)		20,785		1,295,945
Teradyne, Inc.		40,529		738,438
			$	5,883,619
Software — 5.6%
Adobe Systems, Inc.(1)		24,954	$	1,724,571
Guidewire Software, Inc.(1)		30,200		1,223,100
salesforce.com, inc.(1)		33,800		1,833,650
VMware, Inc., Class A(1)		14,200		1,410,912
			$	6,192,233
Specialty Retail — 3.4%
Home Depot, Inc. (The)		13,877	$	1,121,955
TJX Cos., Inc. (The)		20,286		1,081,041
Tractor Supply Co.		25,600		1,591,552
			$	3,794,548
Technology Hardware, Storage & Peripherals — 6.8%
Apple, Inc.		59,738	$	5,709,161
EMC Corp.		59,600		1,746,280
			$	7,455,441
Trading Companies & Distributors — 3.2%
United Rentals, Inc.(1)		19,100	$	2,022,690
W.W. Grainger, Inc.		6,200		1,457,930
			$	3,480,620
Total Common Stocks (identified cost $74,397,356)			$	105,596,669
Short-Term Investments — 4.5%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(2)	$	4,996	$	4,995,598
Total Short-Term Investments (identified cost $4,995,598)			$	4,995,598

3

	Value
Total Investments — 100.1% (identified cost $79,392,954)	$	110,592,267
Other Assets, Less Liabilities — (0.1)%	$	(65,805	)
Net Assets — 100.0%	$	110,526,462

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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $4,000.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	79,406,695
Gross unrealized appreciation	$	32,030,585
Gross unrealized depreciation		(845,013	)
Net unrealized appreciation	$	31,185,572

Written options activity for the fiscal year to date ended July 31, 2014 was as follows:

	Number of Contracts			Premiums Received
Outstanding, beginning of period		435		$	24,509
Options exercised		(187	)		(8,278	)
Options expired		(248	)		(16,231	)
Outstanding, end of period		—		$	—

The Portfolio did not have any open financial instruments at July 31, 2014.

The Portfolio is subject to equity price risk in the normal course of pursuing its investment objective. During the fiscal year to date ended July 31, 2014, the Portfolio entered into option transactions on individual securities that it holds to generate premium income.

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	105,596,669	*	$	—	$	—	$	105,596,669
Short-Term Investments		—			4,995,598		—		4,995,598
Total Investments	$	105,596,669		$	4,995,598	$	—	$	110,592,267

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

4

The Portfolio held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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 Small-Cap Fund

July 31, 2014 (Unaudited)

Eaton Vance Tax-Managed Small-Cap Fund (the Fund), a diversified 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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $102,910,293 and the Fund owned 71.4% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Small-Cap Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 96.4%
Security	Shares		Value
Auto Components — 2.3%
Dana Holding Corp.		149,840	$	3,353,419
			$	3,353,419
Banks — 5.7%
PacWest Bancorp		37,130	$	1,547,207
Signature Bank(1)		23,960		2,740,784
South State Corp.		26,318		1,529,339
Texas Capital Bancshares, Inc.(1)		45,052		2,344,957
			$	8,162,287
Building Products — 1.6%
Armstrong World Industries, Inc.(1)		48,650	$	2,368,282
			$	2,368,282
Capital Markets — 5.9%
Cohen & Steers, Inc.		56,157	$	2,331,077
HFF, Inc., Class A		68,790		2,336,108
Lazard, Ltd., Class A		72,200		3,776,060
			$	8,443,245
Chemicals — 4.9%
Balchem Corp.		69,170	$	3,458,500
Cytec Industries, Inc.		35,910		3,621,524
			$	7,080,024
Commercial Services & Supplies — 3.3%
Interface, Inc.		123,120	$	1,951,452
Team, Inc.(1)		69,754		2,762,956
			$	4,714,408
Communications Equipment — 1.4%
Riverbed Technology, Inc.(1)		109,280	$	1,956,112
			$	1,956,112
Diversified Consumer Services — 0.8%
ServiceMaster Global Holdings, Inc.(1)		66,176	$	1,162,712
			$	1,162,712
Electrical Equipment — 1.7%
Generac Holdings, Inc.(1)		57,900	$	2,512,860
			$	2,512,860
Electronic Equipment, Instruments & Components — 7.3%
FEI Co.		40,160	$	3,076,256
FLIR Systems, Inc.		75,890		2,525,619
Methode Electronics, Inc.		87,510		2,798,570
National Instruments Corp.		65,165		2,074,854
			$	10,475,299
Energy Equipment & Services — 1.5%
Seventy Seven Energy, Inc.(1)		93,920	$	2,106,626
			$	2,106,626
Food & Staples Retailing — 1.8%
United Natural Foods, Inc.(1)		44,300	$	2,596,866
			$	2,596,866

1

Security	Shares		Value
Health Care Equipment & Supplies — 6.3%
Analogic Corp.		39,260	$	2,823,187
ICU Medical, Inc.(1)		29,970		1,745,752
West Pharmaceutical Services, Inc.		54,940		2,238,805
Wright Medical Group, Inc.(1)		73,670		2,270,509
			$	9,078,253
Health Care Providers & Services — 3.7%
AmSurg Corp.(1)		48,438	$	2,313,399
Team Health Holdings, Inc.(1)		52,460		2,966,613
			$	5,280,012
Hotels, Restaurants & Leisure — 1.5%
Krispy Kreme Doughnuts, Inc.(1)		143,180	$	2,192,086
			$	2,192,086
Household Durables — 1.3%
Ryland Group, Inc. (The)		57,520	$	1,846,392
			$	1,846,392
Household Products — 1.7%
Church & Dwight Co., Inc.		38,060	$	2,442,691
			$	2,442,691
Independent Power and Renewable Electricity Producers — 0.5%
NextEra Energy Partners LP(1)		22,360	$	761,134
			$	761,134
Insurance — 6.3%
Aspen Insurance Holdings, Ltd.		26,029	$	1,041,420
Endurance Specialty Holdings, Ltd.		28,340		1,498,903
HCC Insurance Holdings, Inc.		48,370		2,257,912
Horace Mann Educators Corp.		79,150		2,267,647
Stewart Information Services Corp.		67,140		1,978,616
			$	9,044,498
IT Services — 5.4%
Cardtronics, Inc.(1)		23,090	$	890,350
Euronet Worldwide, Inc.(1)		73,050		3,655,422
WEX, Inc.(1)		30,180		3,257,026
			$	7,802,798
Life Sciences Tools & Services — 1.8%
Bruker Corp.(1)		112,420	$	2,555,307
			$	2,555,307
Machinery — 4.3%
RBC Bearings, Inc.		53,186	$	2,950,759
Valmont Industries, Inc.		22,540		3,282,500
			$	6,233,259
Marine — 1.8%
Kirby Corp.(1)		22,120	$	2,576,095
			$	2,576,095
Multiline Retail — 1.5%
Burlington Stores, Inc.(1)		22,550	$	738,062
Tuesday Morning Corp.(1)		89,690		1,476,297
			$	2,214,359
Oil, Gas & Consumable Fuels — 5.5%
Goodrich Petroleum Corp.(1)		156,930	$	3,022,472
Kodiak Oil & Gas Corp.(1)		150,930		2,345,452
PDC Energy, Inc.(1)		45,700		2,479,682
			$	7,847,606

2

Security	Shares		Value
Paper & Forest Products — 0.7%
Boise Cascade Co.(1)		37,181	$	1,046,645
			$	1,046,645
Real Estate Investment Trusts (REITs) — 5.0%
Gramercy Property Trust, Inc.		206,078	$	1,217,921
PS Business Parks, Inc.		39,521		3,260,483
Sovran Self Storage, Inc.		16,170		1,240,562
Terreno Realty Corp.		82,580		1,544,246
			$	7,263,212
Road & Rail — 1.9%
Avis Budget Group, Inc.(1)		49,200	$	2,764,548
			$	2,764,548
Semiconductors & Semiconductor Equipment — 3.4%
Cypress Semiconductor Corp.(1)		247,360	$	2,500,810
Teradyne, Inc.		134,570		2,451,865
			$	4,952,675
Software — 2.1%
Mentor Graphics Corp.		154,950	$	3,060,263
			$	3,060,263
Specialty Retail — 2.0%
Restoration Hardware Holding, Inc.(1)		35,280	$	2,885,551
			$	2,885,551
Transportation Infrastructure — 1.5%
Wesco Aircraft Holdings, Inc.(1)		112,200	$	2,126,190
			$	2,126,190
Total Common Stocks (identified cost $102,465,644)			$	138,905,714
Special Warrants — 0.0%
Security	Shares		Value
Metals & Mining — 0.0%
Western Exploration and Development, Ltd.(1)(2)(3)		600,000	$	0
Total Special Warrants (identified cost $480,000)			$	0
Short-Term Investments — 3.1%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Reserves Fund, LLC, 0.14%(4)	$	4,513	$	4,513,318
Total Short-Term Investments (identified cost $4,513,318)			$	4,513,318
Total Investments — 99.5% (identified cost $107,458,962)			$	143,419,032
Other Assets, Less Liabilities — 0.5%			$	725,315
Net Assets — 100.0%			$	144,144,347

3

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

(1) Non-income producing security.

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

(3) Restricted 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 July 31, 2014. Net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 was $4,716.

The Portfolio did not have any open financial instruments at July 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	107,416,219
Gross unrealized appreciation	$	38,778,643
Gross unrealized depreciation		(2,775,830	)
Net unrealized appreciation	$	36,002,813

Restricted Securities

At July 31, 2014, the Portfolio owned the following security (representing 0.0% of net assets) which was 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 this security. The value of this security is determined based on valuations provided by brokers when available, or if not available, it is valued at fair value using methods determined in good faith by or at the direction of the Trustees.

Description	Date of Acquisition		Shares		Cost		Value
Special Warrants
Western Exploration and Development, Ltd.		12/21/98		600,000	$	480,000	$	0
Total Special Warrants					$	480,000	$	0
Total Restricted Securities					$	480,000	$	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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level  3**			Total
Common Stocks	$	138,905,714	*	$	—	$	—		$	138,905,714
Special Warrants		—			—		0	*		0
Short-Term Investments		—			4,513,318		—			4,513,318
Total Investments	$	138,905,714		$	4,513,318	$	0		$	143,419,032

4

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

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Portfolio.

Level 3 investments at the beginning and/or end of the period in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the fiscal year to date ended July 31, 2014 is not presented. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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 Small-Cap Value Fund

July 31, 2014 (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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $43,858,881 and the Fund owned 54.3% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Small-Cap Value Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 94.1%

Security	Shares		Value
Aerospace & Defense — 1.8%
Ducommun, Inc.(1)		53,114	$	1,468,602
			$	1,468,602
Airlines — 2.1%
Spirit Airlines, Inc.(1)		26,185	$	1,713,023
			$	1,713,023
Auto Components — 2.0%
Dana Holding Corp.		71,838	$	1,607,734
			$	1,607,734
Banks — 15.6%
1st Source Corp.		31,672	$	899,168
Bridge Capital Holdings(1)		32,896		701,672
ConnectOne Bancorp, Inc.		131,003		2,489,049
Eagle Bancorp, Inc.(1)		65,627		2,186,035
First Business Financial Services, Inc.		24,477		1,067,687
German American Bancorp, Inc.		21,072		544,711
Peoples Bancorp, Inc.		25,284		589,876
Prosperity Bancshares, Inc.		39,780		2,312,411
South State Corp.		13,268		771,004
Texas Capital Bancshares, Inc.(1)		19,134		995,925
			$	12,557,538
Building Products — 3.3%
A.O. Smith Corp.		57,776	$	2,698,139
			$	2,698,139
Chemicals — 4.6%
Calgon Carbon Corp.(1)		53,770	$	1,139,924
Innophos Holdings, Inc.		23,076		1,394,483
RPM International, Inc.		26,400		1,166,352
			$	3,700,759
Construction & Engineering — 3.1%
EMCOR Group, Inc.		28,605	$	1,170,803
MasTec, Inc.(1)		48,813		1,327,225
			$	2,498,028
Containers & Packaging — 1.9%
AptarGroup, Inc.		25,148	$	1,536,543
			$	1,536,543
Distributors — 2.4%
Core-Mark Holding Co., Inc.		40,886	$	1,929,819
			$	1,929,819
Electric Utilities — 4.3%
Cleco Corp.		32,704	$	1,822,921
Portland General Electric Co.		52,565		1,678,400
			$	3,501,321
Energy Equipment & Services — 1.9%
Hornbeck Offshore Services, Inc.(1)		35,012	$	1,530,024
			$	1,530,024

1

Security	Shares		Value
Food Products — 4.4%
Darling Ingredients, Inc.(1)		83,167	$	1,556,886
Inventure Foods, Inc.(1)		164,955		1,987,708
			$	3,544,594
Health Care Equipment & Supplies — 4.0%
Analogic Corp.		16,005	$	1,150,919
Teleflex, Inc.		19,367		2,086,601
			$	3,237,520
Insurance — 5.7%
Federated National Holding Co.		91,769	$	1,850,980
Horace Mann Educators Corp.		40,269		1,153,707
Protective Life Corp.		23,402		1,623,631
			$	4,628,318
IT Services — 1.4%
MAXIMUS, Inc.		26,402	$	1,091,987
			$	1,091,987
Machinery — 7.0%
Barnes Group, Inc.		53,432	$	1,830,046
Crane Co.		22,107		1,516,761
EnPro Industries, Inc.(1)		34,016		2,327,375
			$	5,674,182
Oil, Gas & Consumable Fuels — 4.9%
Stone Energy Corp.(1)		71,065	$	2,704,023
VAALCO Energy, Inc.(1)		179,165		1,236,239
			$	3,940,262
Pharmaceuticals — 2.3%
Prestige Brands Holdings, Inc.(1)		61,045	$	1,880,186
			$	1,880,186
Road & Rail — 4.5%
Old Dominion Freight Line, Inc.(1)		22,916	$	1,454,708
Saia, Inc.(1)		47,212		2,155,228
			$	3,609,936
Semiconductors & Semiconductor Equipment — 9.1%
Entegris, Inc.(1)		153,815	$	1,767,335
Photronics, Inc.(1)		241,556		1,925,201
Silicon Motion Technology Corp. ADR		71,777		1,655,178
Synaptics, Inc.(1)		27,305		1,972,240
			$	7,319,954
Software — 1.8%
NICE Systems, Ltd. ADR		36,325	$	1,436,291
			$	1,436,291
Specialty Retail — 1.1%
Stage Stores, Inc.		49,714	$	895,846
			$	895,846
Textiles, Apparel & Luxury Goods — 3.6%
Hanesbrands, Inc.		8,458	$	826,431
Iconix Brand Group, Inc.(1)		49,700		2,098,831
			$	2,925,262
Thrifts & Mortgage Finance — 1.3%
First Defiance Financial Corp.		38,241	$	1,032,889
			$	1,032,889
Total Common Stocks (identified cost $50,229,235)			$	75,958,757

2

Short-Term Investments — 4.9%
Description	Principal Amount (000’s omitted)		Value
State Street Bank and Trust Euro Time Deposit, 0.01%, 8/1/14	$	3,995	$	3,994,926
Total Short-Term Investments (identified cost $3,994,926)			$	3,994,926
Total Investments — 99.0% (identified cost $54,224,161)			$	79,953,683
Other Assets, Less Liabilities — 1.0%			$	793,199
Net Assets — 100.0%			$	80,746,882

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.

The Portfolio did not have any open financial instruments at July 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	54,283,938
Gross unrealized appreciation	$	25,834,071
Gross unrealized depreciation		(164,326	)
Net unrealized appreciation	$	25,669,745

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1			Level 2		Level 3		Total
Common Stocks	$	75,958,757	*	$	—	$	—	$	75,958,757
Short-Term Investments		—			3,994,926		—		3,994,926
Total Investments	$	75,958,757		$	3,994,926	$	—	$	79,953,683

* 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, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

3

Eaton Vance

Tax-Managed Value Fund

July 31, 2014 (Unaudited)

Eaton Vance Tax-Managed Value Fund (the Fund), a diversified 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 July 31, 2014, the value of the Fund’s investment in the Portfolio was $624,901,989 and the Fund owned 84.0% of the Portfolio’s outstanding interests. The Portfolio’s Portfolio of Investments is set forth below.

Tax-Managed Value Portfolio

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 97.8%

Security	Shares		Value
Aerospace & Defense — 4.6%
Boeing Co. (The)		120,000	$	14,457,600
Honeywell International, Inc.		85,000		7,805,550
United Technologies Corp.		113,000		11,881,950
			$	34,145,100
Banks — 19.2%
Bank of America Corp.		1,646,702	$	25,112,205
Citigroup, Inc.		469,250		22,951,018
Fifth Third Bancorp		340,000		6,963,200
JPMorgan Chase & Co.		375,000		21,626,250
KeyCorp		700,000		9,478,000
PNC Financial Services Group, Inc. (The)		168,900		13,944,384
Regions Financial Corp.		1,025,000		10,393,500
SunTrust Banks, Inc.		130,000		4,946,500
U.S. Bancorp		190,000		7,985,700
Wells Fargo & Co.		386,390		19,667,251
			$	143,068,008
Biotechnology — 0.8%
Gilead Sciences, Inc.(1)		67,219	$	6,153,899
			$	6,153,899
Capital Markets — 3.9%
Ameriprise Financial, Inc.		80,000	$	9,568,000
Goldman Sachs Group, Inc. (The)		35,660		6,164,544
Morgan Stanley		200,000		6,468,000
State Street Corp.		100,000		7,044,000
			$	29,244,544
Chemicals — 2.6%
LyondellBasell Industries NV, Class A		93,156	$	9,897,825
Syngenta AG ADR(2)		127,993		9,079,823
			$	18,977,648
Communications Equipment — 0.8%
QUALCOMM, Inc.		85,000	$	6,264,500
			$	6,264,500
Consumer Finance — 2.8%
American Express Co.		236,960	$	20,852,480
			$	20,852,480
Diversified Telecommunication Services — 1.9%
Verizon Communications, Inc.		279,450	$	14,089,869
			$	14,089,869
Electric Utilities — 2.1%
NextEra Energy, Inc.		165,000	$	15,491,850
			$	15,491,850
Electrical Equipment — 1.5%
Eaton Corp. PLC		80,000	$	5,433,600
Emerson Electric Co.		85,000		5,410,250
			$	10,843,850
Energy Equipment & Services — 0.9%
Cameron International Corp.(1)		90,000	$	6,381,900
			$	6,381,900

1

Security	Shares		Value
Food & Staples Retailing — 2.4%
CVS Caremark Corp.		235,175	$	17,957,963
			$	17,957,963
Food Products — 1.4%
Nestle SA		145,000	$	10,735,800
			$	10,735,800
Health Care Equipment & Supplies — 1.3%
Covidien PLC		114,290	$	9,887,228
			$	9,887,228
Health Care Providers & Services — 1.6%
UnitedHealth Group, Inc.		148,550	$	12,039,978
			$	12,039,978
Household Durables — 0.5%
Mohawk Industries, Inc.(1)		30,000	$	3,743,100
			$	3,743,100
Insurance — 4.9%
MetLife, Inc.		240,000	$	12,624,000
Prudential Financial, Inc.		122,300		10,636,431
Travelers Companies, Inc. (The)		65,000		5,821,400
XL Group PLC		220,000		7,092,800
			$	36,174,631
Internet Software & Services — 1.5%
Google, Inc., Class A(1)		10,000	$	5,795,500
Google, Inc., Class C(1)		10,000		5,716,000
			$	11,511,500
IT Services — 1.1%
International Business Machines Corp.		40,910	$	7,841,220
			$	7,841,220
Life Sciences Tools & Services — 1.7%
Thermo Fisher Scientific, Inc.		105,000	$	12,757,500
			$	12,757,500
Machinery — 0.9%
Caterpillar, Inc.		67,500	$	6,800,625
			$	6,800,625
Media — 4.3%
Comcast Corp., Class A		200,000	$	10,746,000
Time Warner, Inc.		55,000		4,566,100
Time, Inc.(1)		6,875		165,688
Walt Disney Co. (The)		190,000		16,317,200
			$	31,794,988
Multi-Utilities — 2.2%
Sempra Energy		165,000	$	16,452,150
			$	16,452,150
Multiline Retail — 1.6%
Dollar General Corp.(1)		75,000	$	4,142,250
Macy’s, Inc.		128,350		7,417,347
			$	11,559,597
Oil, Gas & Consumable Fuels — 13.9%
Apache Corp.		50,000	$	5,133,000
Chevron Corp.		150,000		19,386,000
ConocoPhillips		215,000		17,737,500
EOG Resources, Inc.		100,000		10,944,000
Exxon Mobil Corp.		200,000		19,788,000
Occidental Petroleum Corp.		184,590		18,036,289
Phillips 66		155,000		12,572,050
			$	103,596,839

2

Security	Shares		Value
Pharmaceuticals — 7.2%
Johnson & Johnson		45,000	$	4,504,050
Merck & Co., Inc.		385,000		21,844,900
Pfizer, Inc.		644,840		18,506,908
Roche Holding AG PC		30,000		8,706,167
			$	53,562,025
Real Estate Investment Trusts (REITs) — 3.6%
AvalonBay Communities, Inc.		70,000	$	10,365,600
Boston Properties, Inc.		60,000		7,167,000
Simon Property Group, Inc.		55,000		9,250,450
			$	26,783,050
Road & Rail — 2.1%
Union Pacific Corp.		156,080	$	15,344,225
			$	15,344,225
Semiconductors & Semiconductor Equipment — 1.3%
Intel Corp.		275,000	$	9,319,750
			$	9,319,750
Software — 1.7%
Microsoft Corp.		150,000	$	6,474,000
Oracle Corp.		161,770		6,533,890
			$	13,007,890
Technology Hardware, Storage & Peripherals — 1.0%
Apple, Inc.		81,606	$	7,799,085
			$	7,799,085
Tobacco — 0.5%
Reynolds American, Inc.		70,000	$	3,909,500
			$	3,909,500
Total Common Stocks (identified cost $372,255,420)			$	728,092,292
Short-Term Investments — 2.2%
Description	Interest (000’s omitted)		Value
Eaton Vance Cash Collateral Fund, LLC, 0.04%(3)(4)	$	1,440	$	1,440,159
Eaton Vance Cash Reserves Fund, LLC, 0.14%(4)		14,846		14,846,452
Total Short-Term Investments (identified cost $16,286,611)			$	16,286,611
Total Investments — 100.0% (identified cost $388,542,031)			$	744,378,903
Other Assets, Less Liabilities — (0.0)%(5)			$	(125,251	)
Net Assets — 100.0%			$	744,253,652

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

ADR	-	American Depositary Receipt
PC	-	Participation Certificate

(1) Non-income producing security.

(2) All or a portion of this security was on loan at July 31, 2014.

3

(3) The amount invested in Eaton Vance Cash Collateral Fund, LLC represents cash collateral received for securities on loan at July 31, 2014. Other Assets, Less Liabilities includes an equal and offsetting liability of the Portfolio to repay collateral amounts upon the return of loaned securities. At July 31, 2014, the Portfolio loaned securities having a market value of $1,414,047 and received $1,440,159 of cash collateral for the loans.

(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 July 31, 2014. Income earned from investments in Eaton Vance Cash Collateral Fund, LLC (excluding loan rebate fees) and net income allocated from the investment in Eaton Vance Cash Reserves Fund, LLC for the fiscal year to date ended July 31, 2014 were $494 and $11,640, respectively.

(5) Amount is less than (0.05)%.

The Portfolio did not have any open financial instruments at July 31, 2014.

The cost and unrealized appreciation (depreciation) of investments of the Portfolio at July 31, 2014, as determined on a federal income tax basis, were as follows:

Aggregate cost	$	392,485,616
Gross unrealized appreciation	$	353,990,263
Gross unrealized depreciation		(2,096,976	)
Net unrealized appreciation	$	351,893,287

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At July 31, 2014, the hierarchy of inputs used in valuing the Portfolio’s investments, which are carried at value, were as follows:

Asset Description	Level 1		Level 2			Level 3		Total
Common Stocks
Consumer Discretionary	$	47,097,685	$	—		$	—	$	47,097,685
Consumer Staples		21,867,463		10,735,800			—		32,603,263
Energy		109,978,739		—			—		109,978,739
Financials		256,122,713		—			—		256,122,713
Health Care		85,694,463		8,706,167			—		94,400,630
Industrials		67,133,800		—			—		67,133,800
Information Technology		55,743,945		—			—		55,743,945
Materials		18,977,648		—			—		18,977,648
Telecommunication Services		14,089,869		—			—		14,089,869
Utilities		31,944,000		—			—		31,944,000
Total Common Stocks	$	708,650,325	$	19,441,967	*	$	—	$	728,092,292
Short-Term Investments	$	—	$	16,286,611		$	—	$	16,286,611
Total Investments	$	708,650,325	$	35,728,578		$	—	$	744,378,903

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments 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, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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

U.S. Government Money Market Fund

July 31, 2014

PORTFOLIO OF INVESTMENTS (Unaudited)

U.S. Government Agency Obligations — 94.1%

Security	Principal Amount (000’s omitted)		Value
Federal Agricultural Mortgage Corp.:
Discount Note 0.01%, 8/1/14	$	13,607	$	13,607,000
			$	13,607,000
Federal Farm Credit Bank:
0.19%, 9/29/14(1)	$	1,000	$	1,000,149
			$	1,000,149
Federal Home Loan Bank:
0.091%, 8/19/14(1)	$	5,000	$	4,999,987
0.096%, 8/21/14(1)		2,000		2,000,000
3.25%, 9/12/14		5,035		5,052,932
0.18%, 10/1/14		1,750		1,750,114
0.122%, 11/6/14(1)		1,500		1,500,045
0.104%, 11/26/14(1)		2,000		1,999,943
0.131%, 12/9/14(1)		5,500		5,500,381
0.20%, 1/9/15		2,000		2,000,000
0.10%, 1/23/15		2,000		1,999,837
0.101%, 2/5/15(1)		5,000		5,000,000
0.106%, 3/20/15(1)		3,000		2,999,913
Discount Note, 0.066%, 8/4/14		3,500		3,499,981
Discount Note, 0.061%, 8/6/14		1,500		1,499,988
Discount Note, 0.066%, 8/8/14		2,500		2,499,968
Discount Note, 0.051%, 8/13/14		2,300		2,299,962
Discount Note, 0.061%, 8/15/14		2,300		2,299,946
Discount Note, 0.071%, 8/22/14		1,740		1,739,929
Discount Note, 0.081%, 8/27/14		3,000		2,999,827
Discount Note, 0.081%, 8/29/14		2,500		2,499,844
Discount Note, 0.086%, 9/3/14		900		899,930
Discount Note, 0.076%, 9/4/14		2,800		2,799,802
Discount Note, 0.081%, 9/5/14		1,300		1,299,899
Discount Note, 0.08%, 9/10/14		940		939,916
Discount Note, 0.071%, 9/17/14		2,000		1,999,817
Discount Note, 0.081%, 9/19/14		2,000		1,999,782
Discount Note, 0.081%, 10/3/14		1,420		1,419,801
Discount Note, 0.091%, 10/8/14		1,300		1,299,779
Discount Note, 0.086%, 10/10/14		2,000		1,999,669
Discount Note, 0.091%, 10/17/14		2,010		2,009,613
Discount Note, 0.091%, 10/22/14		900		899,816
Discount Note, 0.101%, 11/5/14		1,700		1,699,547
			$	73,409,968
Federal Home Loan Mortgage Corp.:
0.75%, 11/25/14	$	1,445	$	1,447,815
Discount Note, 0.051%, 8/1/14		1,900		1,900,000
Discount Note, 0.075%, 9/2/14		527		526,965
Discount Note, 0.091%, 10/15/14		800		799,850
			$	4,674,630
Federal National Mortgage Association:
0.875%, 8/28/14	$	1,500	$	1,500,825
0.625%, 10/30/14		3,764		3,768,858
Discount Note, 0.071%, 8/18/14		1,384		1,383,954
Discount Note, 0.071%, 9/4/14		2,200		2,199,855

1

Security	Principal Amount (000’s omitted)		Value
Discount Note, 0.066%, 9/8/14	$	1,669	$	1,668,885
Discount Note, 0.071%, 10/1/14		5,137		5,136,361
Discount Note, 0.081%, 10/6/14		1,566		1,565,770
Discount Note, 0.081%, 10/7/14		2,800		2,799,583
			$	20,024,091
Total U.S. Government Agency Obligations (amortized cost $112,715,838)			$	112,715,838
Total Investments — 94.1% (amortized cost $112,715,838)(2)			$	112,715,838
Other Assets, Less Liabilities — 5.9%			$	7,051,966
Net Assets — 100.0%			$	119,767,804

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

(1) Variable rate security. The stated interest rate represents the rate in effect at July 31, 2014.

(2) Cost for federal income taxes is the same.

The Fund did not have any open financial instruments at July 31, 2014.

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)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. 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 July 31, 2014, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at amortized cost, were as follows:

Asset Description	Level 1		Level 2		Level 3		Total
U.S. Government Agency Obligations	$	—	$	112,715,838	$	—	$	112,715,838
Total Investments	$	—	$	112,715,838	$	—	$	112,715,838

The Fund held no investments or other financial instruments as of October 31, 2013 whose fair value was determined using Level 3 inputs. At July 31, 2014, there were no investments transferred between Level 1 and Level 2 during the fiscal year to date then ended.

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.

2

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/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 22, 2014

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/ Payson F. Swaffield
	Payson F. Swaffield
	President
Date:	September 22, 2014

By:	/s/ James F. Kirchner
	James F. Kirchner
	Treasurer
Date:	September 22, 2014