Aerospace & Defense — 2.0%

United Technologies Corp.

Automobiles — 0.2%

Bayerische Motoren Werke AG

Beverages — 1.3%

Anheuser-Busch InBev NV

Building Products — 0.5%

Compagnie de Saint-Gobain

Chemicals — 4.8%

Air Products and Chemicals, Inc.

BASF SE

Linde AG

LyondellBasell Industries NV, Class A

PPG Industries, Inc.

Commercial Banks — 6.7%

Fifth Third Bancorp

PNC Financial Services Group, Inc.

Toronto-Dominion Bank (The)

Wells Fargo & Co.

Computers & Peripherals — 2.5%

Apple, Inc.⁽²⁾

Construction & Engineering — 0.8%

Vinci SA

Consumer Finance — 1.3%

American Express Co.

Diversified Financial Services — 2.1%

Citigroup, Inc.

JPMorgan Chase & Co.

Diversified Telecommunication Services — 7.8%

CenturyLink, Inc.

Deutsche Telekom AG

France Telecom SA

Koninklijke KPN NV

TeliaSonera AB

Telstra Corp., Ltd.

Vivendi SA

Electric Utilities — 0.7%

SSE PLC

Energy Equipment & Services — 2.6%

Schlumberger, Ltd.

Seadrill, Ltd.

Food & Staples Retailing — 0.3%

Casino Guichard-Perrachon SA

Food Products — 2.9%

D.E Master Blenders 1753 NV⁽²⁾

Hillshire Brands Co.

Nestle SA ADR

Health Care Providers & Services — 1.7%

Fresenius Medical Care AG & Co. KGaA

Humana, Inc.

Hotels, Restaurants & Leisure — 3.0%

Carnival Corp.

McDonald’s Corp.

Industrial Conglomerates — 1.0%

Orkla ASA

Insurance — 6.8%

Aflac, Inc.

AXA SA

MetLife, Inc.

Old Mutual PLC

Prudential Financial, Inc.

Swiss Reinsurance Co., Ltd.⁽²⁾

IT Services — 4.9%

Accenture PLC, Class A

International Business Machines Corp.

Machinery — 1.7%

Deere & Co.

PACCAR, Inc.

Media — 1.5%

Walt Disney Co. (The)

Metals & Mining — 3.7%

BHP Billiton PLC

Freeport-McMoRan Copper & Gold, Inc.

Multi-Utilities — 4.1%

E.ON AG

National Grid PLC

RWE AG

Sempra Energy

Oil, Gas & Consumable Fuels — 9.0%

Chevron Corp.

ENI SpA

Exxon Mobil Corp.

Occidental Petroleum Corp.

Phillips 66

Royal Dutch Shell PLC, Class A

Pharmaceuticals — 5.2%

Johnson & Johnson

Pfizer, Inc.

Sanofi

Real Estate Investment Trusts (REITs) — 1.2%

AvalonBay Communities, Inc.

Road & Rail — 2.6%

Canadian National Railway Co.

Union Pacific Corp.

Semiconductors & Semiconductor Equipment — 1.3%

Taiwan Semiconductor Manufacturing Co., Ltd. ADR

Software — 4.0%

Microsoft Corp.

Oracle Corp.

Specialty Retail — 3.3%

Home Depot, Inc. (The)

Industria de Diseno Textil SA

Kingfisher PLC

Textiles, Apparel & Luxury Goods — 1.1%

Adidas AG

Tobacco — 4.0%

British American Tobacco PLC

Japan Tobacco, Inc.

Philip Morris International, Inc.

Water Utilities — 2.7%

Severn Trent PLC

United Utilities Group PLC

Wireless Telecommunication Services — 2.3%

Millicom International Cellular SA SDR

Vodafone Group PLC ADR

Total Common Stocks
(identified cost $277,306,861)

Preferred Stocks — 23.9%

Capital Markets — 0.4%

Charles Schwab Corp. (The), 7.00%⁽³⁾

Commercial Banks — 11.1%

Bank of America Corp., 8.125%⁽³⁾

Barclays Bank PLC, Series 3, 7.10%

BNP Paribas, 7.195%⁽³⁾⁽⁴⁾

Countrywide Capital V, 7.00%

Deutsche Bank Contingent Capital Trust III, 7.60%

Farm Credit Bank of Texas, Series 1, 10.00%

First Niagara Financial Group, Inc., Series B, 8.625%⁽³⁾

First Republic Bank, Series A, 6.70%

First Republic Bank, Series B, 6.20%

HSBC Capital Funding LP, 10.176%⁽³⁾⁽⁴⁾

JPMorgan Chase & Co., Series 1, 7.90%⁽³⁾

KeyCorp, Series A, 7.75%

Landsbanki Islands HF, 7.431%^{(2)(3)(4)(5)(6)}

Lloyds Banking Group PLC, 6.267%⁽³⁾⁽⁴⁾

Lloyds Banking Group PLC, 6.657%⁽³⁾⁽⁴⁾

PNC Financial Services Group, Inc., Series P, 6.125%⁽³⁾

Royal Bank of Scotland Group PLC, Series F, 7.65%

Royal Bank of Scotland Group PLC, Series Q, 6.75%

Royal Bank of Scotland Group PLC, Series S, 6.60%

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

Standard Chartered PLC, 6.409%⁽³⁾⁽⁴⁾

Standard Chartered PLC, 7.014%⁽³⁾⁽⁴⁾

U.S. Bancorp, Series F, 6.50%⁽³⁾

Wells Fargo & Co., Series L, 7.50%

Consumer Finance — 0.9%

Ally Financial, Inc., Series A, 8.50%⁽³⁾

Diversified Financial Services — 0.7%

Citigroup Capital XI, 6.00%

RBS Capital Funding Trust VII, Series G, 6.08%

Electric Utilities — 2.8%

Entergy Arkansas, Inc., 6.45%

Entergy Louisiana, LLC, 6.95%

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

Southern California Edison Co., Series C, 6.00%

Southern California Edison Co., Series D, 6.50%

Southern California Edison Co., Series E, 6.25%⁽³⁾

Virginia Electric and Power Co., 6.12%

Food Products — 0.9%

Dairy Farmers of America, 7.875%⁽⁴⁾

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

Insurance — 3.4%

Allianz SE, 8.375%

Aspen Insurance Holdings, Ltd., 7.25%

Aspen Insurance Holdings, Ltd., 7.401%⁽³⁾

AXA SA, 6.379%⁽³⁾⁽⁴⁾

Axis Capital Holdings, Ltd., Series C, 6.875%

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

Montpelier Re Holdings, Ltd., 8.875%

PartnerRe, Ltd., Series E, 7.25%

Prudential PLC, 6.50%

Machinery — 0.8%

Stanley Black & Decker, Inc., 5.75%⁽²⁾

Oil, Gas & Consumable Fuels — 0.3%

Nexen, Inc., 7.35%

Real Estate Investment Trusts (REITs) — 2.1%

CapLease, Inc., Series A, 8.125%

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

DDR Corp., Series I, 7.50%

Regency Centers Corp., Series 6, 6.625%

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

Telecommunications — 0.3%

Centaur Funding Corp., 9.08%⁽⁴⁾

Thrifts & Mortgage Finance — 0.2%

Elmira Savings Bank FSB (The), 8.998%⁽³⁾

Total Preferred Stocks
(identified cost $70,316,038)

Corporate Bonds & Notes — 8.9%

Commercial Banks — 1.9%

ABN Amro North American Holding Preferred Capital Repackage Trust I, 6.523% to 11/8/12, 12/29/49⁽⁴⁾⁽⁷⁾

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

Capital One Capital III, 7.686% to 8/15/36, 8/1/66⁽⁷⁾

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

Groupe BPCE, 12.50% to 9/30/19, 8/29/49⁽⁴⁾⁽⁷⁾

Mellon Capital IV, 4.00%, 6/29/49⁽³⁾

SunTrust Preferred Capital I, 4.00%, 6/29/49⁽³⁾

Diversified Financial Services — 2.0%

General Electric Capital Corp., Series A, 7.125% to 6/15/22, 12/15/49⁽⁷⁾

General Electric Capital Corp., Series B, 6.25% to 12/15/22, 12/15/49⁽⁷⁾

HSBC Finance Capital Trust IX, 5.911% to 11/30/15, 11/30/35⁽⁷⁾

Textron Financial Corp., 6.00% to 2/15/17, 2/15/67⁽⁴⁾⁽⁷⁾

Electric Utilities — 1.3%

Energisa SA, 9.50%, 1/29/49⁽⁴⁾

PPL Capital Funding, Inc., Series A, 6.70% to 3/30/17, 3/30/67⁽⁷⁾

Industrial Conglomerates — 0.4%

Hutchison Whampoa International 12, Ltd., 6.00% to 5/7/17, 5/29/49⁽⁴⁾⁽⁷⁾

Insurance — 2.2%

MetLife, Inc., 10.75% to 8/1/34, 8/1/39, 8/1/69⁽⁷⁾⁽⁸⁾

QBE Capital Funding II, LP, 6.797% to 6/1/17, 6/29/49⁽⁴⁾⁽⁷⁾

QBE Capital Funding III, Ltd., 7.25% to 5/24/21, 5/24/41⁽⁴⁾⁽⁷⁾

Swiss Re Capital I, LP, 6.854% to 5/25/16, 5/25/49⁽⁴⁾⁽⁷⁾

XL Capital, Ltd., Series E, 6.50% to 4/15/17, 12/29/49⁽⁷⁾

Pipelines — 1.1%

Enterprise Products Operating, LLC, 7.00% to 6/1/17, 6/1/67⁽⁷⁾

Southern Union Co., 3.483%, 11/1/66⁽³⁾

Total Corporate Bonds & Notes
(identified cost $25,510,778)

Exchange-Traded Funds — 0.5%

iShares S&P Index Fund

Total Exchange-Traded Funds
(identified cost $1,565,651)

Short-Term Investments — 1.8%

Interest

(000’s omitted)

Eaton Vance Cash Reserves Fund, LLC, 0.11%⁽⁹⁾

Total Short-Term Investments
(identified cost $5,706,139)

Total Investments — 136.7%
(identified cost $380,405,467)

Interest

(000’s omitted)

Other Assets, Less Liabilities — (36.7)%

Net Assets — 100.0%

ADR

SDR

United States

United Kingdom

France

Germany

Canada

Switzerland

Bermuda

Netherlands

Sweden

Ireland

Italy

Norway

Spain

Cayman Islands

Taiwan

Japan

Belgium

Australia

Brazil

Iceland

Total Investments

Aggregate cost

Gross unrealized appreciation

Gross unrealized depreciation

Net unrealized appreciation

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)